All,
The next im-custodian working group meeting is tomorrow, _September 5
at 11:00 a.m_. NY time.
Agenda
-----------
- Contract Novated issue http://www.fpml.org/issues/view.php?id=473
- Allocations
- AOB
Let me know if there anything else that you’d like to discuss.
US: 888 481 3032
Non US: 617 801 9600
Code: 28413758
Kind regards,
Marc
------------------------------------------------------------------------
*From:* im-custodian@xxxxxxxx [mailto:im-custodian@xxxxxxxx] *On
Behalf Of *Marc Gratacos
*Sent:* Tuesday, September 04, 2007 1:09 PM
*To:* im-custodian@xxxxxxxx
*Cc:* Karel Engelen
*Subject:* FpML-IM-Custodian minutes August 22
Apologies for sending this late. I thought I had already sent them.
* *
*Participants*
Robert Stowsky (BrookPath Partners)
Andrew Jacobs (BGI)
Lucio Iida (BGI)
Malene McMahon (SWIFT)
Francoise Massin (SWIFT)
David Campbell (CheckFree)
Norman Papazian (State Street)
Ivan Djurkin (BGI)
Steve Goswell (BGI)
Bob Green (DTCC)
Mike Burg (Mellon)
Vinod Jain (Wipro)
Marc Gratacos (ISDA)
*Regrets*
Karel Engelen (ISDA)
Marie-Paule Dumont (SWIFT)
*Discussion*
1. Party Id
Vinod sent a question to the group mailing list regarding the use of
party Id.
/Marc /
/Can we discuss the below , /
/The current schema do not allow for Broker DTC ID if the trade is
settled through DTCC./
/ Whether the above point is a valid requirement for other cistodians /
During the meeting it was clarified that since FpML version 4.2, the
schema allows specifying multiple party ids for the same party. So
besides the BIC code, one of the party id elements may contain the
DTCC party id. Bob Green said that DTCC has a standard scheme value to
identify a DTCC identifier so that value can be used to qualify the
party identifier being DTCC’s.
2. Allocations
Robert described the requirements from the client he is representing.
The main point is that his client wants to be able to send a
notification at the block level with the different allocations. This
is the format of notification they use. He distributed some examples
to the group.
There seems to be a difference between the US and Europe regarding
allocations. Europe seems to treat and process allocation as distinct
trades. Some US firms use the block trade and process that object for
notifications.
Mike Burg said that he’d like to discuss this format of notification
within the ISITC community.
There was some discussion on the current contract notification messages:
· The contract notification messages are assumed to send contracts at
the allocation level. That’s why there is no allocation node within
contract.
· Currently, there are no messages to send notifications at the block
level.
· The distinction between trade and contract is not clear. Some
participants were confused by the use of contract vs. trade.
Based on the discussion, the group agreed to define some requirements
around notifications of allocations before discussing any changes to
the existing messages.
Action: Robert will send a list of requirements regarding allocations.
Please, let me know if I missed anything or anyone.
Kind Regards,
-Marc
+13472846531
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