My apologies after the fact but had
an unavoidable issue to attend to at this time.
Best regards,
Bob
______________________________________
Bob Green
Vice President - Systems
Phone: 813 470-2800 FAX: 212 908-2255
E-mail: rgreen@xxxxxxxx
Depository Trust & Clearing Corporation
18301 Bermuda Green Dr, Tampa FL 33647
"Karel Engelen"
<KEngelen@xxxxxxxx> Sent by: im-custodian@xxxxxxxx
08/02/2007 01:48 PM
Please respond to
im-custodian@xxxxxxxx
To
<im-custodian@xxxxxxxx>
cc
Subject
FpML-IM-Custodian Meeting Minutes 20070801
Thank you for participating in the meeting.
Below are the minutes and action items
Attendees:
Dan Eckert –Elliot Associates
John Booth – Northern Trust
Michael Burg – Bank of New York/Mellon
Mark Reuter – State Street
Matthew Hawkings – State Street
Randy Magdaluyo – State Street
Steve Goswell – BGI
Malene McMahon – Swift
Marie-Paule Dumont – Swift
Francoise Massin – Swift
Robert Stowsky – Brookpath partners
Marc Gratacos – ISDA
Irina Yermakova-
ISDA
Karel Engelen – ISDA
Meeting dates, times and admin
The group agreed going forward to meet
every other Wednesday at 11:00 a.m. NY time on alternating Wednesday’s
from the business process working group. The next regular meeting dates
are August 8 and August 22. The dial-in details are fixed:
Us: 888 481 3032
Non US: 617 801 9600
Code: 28413758
The e-mail address:
im-custodian@xxxxxxxx
can be used to send materials to the working group. The history of the
e-mails to the working group can be consulted on the FpML website in the
working group section: http://www.fpml.org/wg/mailarch.html
Update on ISITC discussions:
Karel updated the group on the discussions
with Steve Goswell. Work related to the market practice, specifically for
investment managers and custodians will be dealt with in the ISITC OTC
derivatives group.
Future topics for discussion
The group went over the different topics
for discussion that have been brought forward. (see “Future agenda items”
below).
- Settlement information:
This has been discussed in the CUG group
recently. From the IM-custodian side there is not immediate need to have
this information covered. Karel clarified that settlement information in
FpML would cover all information needed to do a settlement of a trade but
FpML will not cover actual payment messages. Marc specified that FpML currently
provides settlement information for some upfront payments. In addition,
recent discussions on this topic within the FpML community go in the direction
of keeping the settlement information separate from the trade/contract
information. ISDA will provide an overview to the group where currently
in FpML it is possible to specify settlement information with the payment
information (upfront payments).
- Definition and treatment of amendments,
cancellations and corrections:
This falls within a broader discussion
that currently takes place in the FpML business process working group and
the coordination committee. The group indicated that for purposes of the
CUG a work around (contract id versioning) has been defined but the expectation
is that a more robust solution will be developed in the standard. The IM-cust
working group should be involved in these discussions.
Feedback on the use of the contract
notification messages
Besides the point noted above on the
amendments, there is no immediate feedback. We will keep this as a regular
agenda point. The meeting with the Swift CUG on August 23 will likely provide
additional input as well.
Processing of block trades
In FpML there is currently a way to
make the link, in the trade structure, between a block trade and the allocated
trades, using partyTradeIndentifier. For the strict purpose of the contract
notification process the group indicated that this happens on the allocated
trade level and that there is no need to communicate block trade information.
Robert Stowsky mentioned a case where an IM communicates both the block
trade and the allocated trade information for trade events e.g. novations
and terminations. Robert will distribute more information on the specific
use cases. One could think of a case where the IM outsources the Middle
Office function to a custodian and for that purpose would send block and
allocated trade information to the custodian. Although in a different process
than contract notification, this is still communication between an IM and
a custodian. Karel asked if the ISITC group would be interested to put
together a description of the different possible cases, Steve will take
it back to the ISITC otc derivatives group.
Actions:
-ISDA
- distribute info on settlement information
-Robert
Stowsky – provide examples of use of block and allocated trade information
-Steve/ISITC
– consider a description of block trade - allocation scenarios that could
be used as the basis to define the process and messages in FpML
From:im-custodian@xxxxxxxx [mailto:im-custodian@xxxxxxxx]
On Behalf Of Karel Engelen
Sent: Tuesday, July 31, 2007
5:55 PM
To: im-custodian@xxxxxxxx
Cc: MCMAHON Malene
Subject: FpML-IM-Custodian FpML
IM custodian - meeting agenda
Dial in details for the meeting tomorrow,
Wednesday August 1 at 11:00 a.m.:
Us: 888 481 3032
Non US: 617 801 9600
Code: 28413758
Agenda:
-regular
meeting schedule –time and frequency
-update
on discussions with ISITC
-feedback
on use of contract notification messages
-processing
of block trades
Future agenda items:
-feedback
on use of contract notification messages
-processing
of block trades
-use
of short form versus need of MCA information
-payment
information
-Other
IM-custodian business processes
-definition
and treatment of amendments, cancellations, corrections
-Pricing
information flows between IM - custodian and third party vendors
-Valuations
and reconciliations between IM-Custodian and third party vendors
From:Karel Engelen
Sent: Wednesday, July 25, 2007
11:17 AM
To: 'im-custodian@xxxxxxxx'
Subject: FpML IM custodian -
next meeting
All,
The next working group meeting is next
week Wednesday, August 1 at 11:00 a.m. NY time. I will circulate
an agenda later this week.
Regards,
Karel
From:Karel Engelen
Sent: Wednesday, July 11, 2007
5:16 PM
To: im-custodian@xxxxxxxx
Subject: FpML IM custodian call
- meeting minutes
Thank you all for your participation
in the meeting today
Attendees:
Dan Eckert –Elliot Associates
Fitnan Akahan – Morgan Stanley
John Booth – Northern Trust
Bradley Kuehn – Northern Trust
Lucio Iida – BGI
Mark Reuter – State Street
Bob Green- DTCC
Andrew Jacobs–
BGI
Ivan Djurkin – BGI
Malene McMahon – Swift
Marie-Paule Dumont – Swift
Francoise Massin – Swift
Cherie Graham - BBH
Marc Gratacos–
ISDA
Karel Engelen – ISDA
Minutes
Karel gave an overview of the discussions
leading to the formation of the working group. The intended goals of the
working group include a decoupling of the standards discussions with regard
to contract notification from the Swift CUG working group. The FpML group
however is potentially broader both with regard to participants (not limited
to CUG participants) as with regard to the scope. The Swift CUG implementation
requirements form one set of inputs with regard to prioritization and is
one of the areas to receive feedback from. Comments received during the
call for participation are that the scope should be broadened to cover
parties active in the IM –custodian world and their processes (e.g. dealers
and their interaction with IMs and custodians), rather than only IM and
custodians.
Previous discussions with Steve Goswell
– ISITC have indicated a concern of overlap between the work and the participants
in this group and the ISITC OTC derivatives working group. Two distinctive
features of the FpML working group brought forward on the call today are
the fact that FpML work (as opposed to broader best practices work) only
can happen in an FpML working group and that FpML is better positioned
to bring in or link into derivatives expertise. Coordination with existing
group like ISITC but also work that Swift and DTCC are doing is important.
The IM custodian working group is a
subgroup of the business process working group (BPWG - chaired by Marc
Gratacos). The IM custodian working group will have its own agenda and
separate meetings but coordination needs to happen with the agenda and
priorities of the BPWG as this last one looks at business processes across
asset classes and impacting all potential FpML users. E.g. Discussion on
amendment and cancellation messages needs to happen in coordination with
the BPWG. Through the BPWG the IM-custodian working group links into the
work happening in the other FpML working groups.
Karel and Malene will co-chair the initial
set of meetings, with a goal to transition to industry co-chairs for the
group.
Next steps:
The group will reconvene in 2 weeks
time. The goal of that meeting will be to set a priority for the issues
to cover and to further discuss industry dependencies as well as to agree
on a schedule of meetings and targets for a period of 4 months.
Some of the issues to potentially cover
and prioritize:
-feedback
on use of contract notification messages
-processing
of block trades
-definition
and treatment of amendments, cancellations, corrections
-use
of short form versus need of MCA information
-payment
information
-other
– please let us know.
.
If you have any questions, do not hesitate
to contact Malene ( Malene.McMahon@xxxxxxxxx) and/or myself (kengelen@xxxxxxxx).
For groups discussions you can use the e-mail address above (im-custodian@xxxxxxxx).
Regards,
Karel
212 901 6012
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