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FpML-IM-Custodian FW: BOUNCE im-custodian@xxxxxxxx: Admin request of type /\bcancel\b/i at line 9
-----Original Message-----
From: im-custodian [mailto:im-custodian@xxxxxxxx]
Sent: Tuesday, October 30, 2007 8:07 PM
To: im-custodian-approval@xxxxxxxx
Subject: BOUNCE im-custodian@xxxxxxxx: Admin request of type
/\bcancel\b/i at line 9
Approved: im-custodian.admin
>From webmaster@xxxxxxxx Wed Oct 31 00:06:39 2007
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Subject: RE: FpML-IM-Custodian FW: minutes meeting October 29 - message
cancellations
Date: Tue, 30 Oct 2007 20:05:45 -0400
Message-ID:
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Thread-Topic: FpML-IM-Custodian FW: minutes meeting October 29 - message
cancellations
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AcgbHs8RmUV3sMrhRiWaEep2PnbDXgAABvaAAADzAcAAADSCQAAAcD8wAAsRPZA=
References:
<B7C16C1424A7CE40981DA74035F88A8001D1E6AE@xxxxxxxxxxxxxxxxxxxxx>
From: "Dever, Michael J" <mjdever@xxxxxxxxxxxxxxx>
To: <im-custodian@xxxxxxxx>
Cc: "Andrew Jacobs" <andrew@xxxxxxxxxxxxx>,
"MASSIN Francoise" <Francoise.MASSIN@xxxxxxxxx>,
"Matthew Rawlings" <matthew@xxxxxxxxxxxxxxx>
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As a directed custodian we don't need permission to allow the Inv Mgr to
cancel a trade that they instructed us on. This might be relevant
between the buy side and the sell side, but as a custodian we don't need
permission
________________________________
From: im-custodian@xxxxxxxx [mailto:im-custodian@xxxxxxxx] On Behalf Of
Marc Gratacos
Sent: Tuesday, October 30, 2007 2:54 PM
To: im-custodian@xxxxxxxx
Cc: Andrew Jacobs; MASSIN Francoise; Matthew Rawlings
Subject: FpML-IM-Custodian FW: minutes meeting October 29 - message
cancellations
See below response from Matthew. This is relevant to the discussion we
had yesterday.
=20
________________________________
From: Matthew Rawlings [mailto:matthew@xxxxxxxxxxxxxxx]=20
Sent: Tuesday, October 30, 2007 2:36 PM
To: Marc Gratacos
Subject: RE: minutes meeting October 29 - message cancellations
=20
To advise a custodian you would use Notification, because there is no
permission sought.
=20
To request the cancel of an Order or a TradeAllegation, you need
permission from the other side that might have acted upon it.
=20
Matthew Rawlings
+44 791 539 7824
________________________________
From: Marc Gratacos [mailto:MGratacos@xxxxxxxx]=20
Sent: 30 October 2007 18:32
To: Matthew Rawlings
Subject: RE: minutes meeting October 29 - message cancellations
=20
Matthew,
=20
When would you use notification and when request/response?
=20
Thanks,
Marc
=20
________________________________
From: Matthew Rawlings [mailto:matthew@xxxxxxxxxxxxxxx]=20
Sent: Tuesday, October 30, 2007 2:03 PM
To: Marc Gratacos
Subject: RE: minutes meeting October 29 - message cancellations
=20
"JPM proposal was discussed. This seems to be the preferred approach in
the long-term but currently everything is a notification and there is no
desire to use a request/response scenario in the short term. It seems
that the request/response approach should be extended also for all the
current notification messages in the future."
=20
There was both notification and request/response in the proposal.
=20
=20
Matthew Rawlings
+44 7915 397 824
________________________________
From: Marc Gratacos [mailto:MGratacos@xxxxxxxx]=20
Sent: 30 October 2007 18:01
To: im-custodian@xxxxxxxx; Matthew Rawlings; Andrew Jacobs; MASSIN
Francoise
Subject: minutes meeting October 29 - message cancellations
=20
=20
Lucio Iida (BGI)
Mark Soussan (Western Asset)
Steven West (State Street)
Randy Magdaluyo (State Street)
Ivan Djurkin (BGI)
Steve Goswell (BGI)
Karel Engelen (ISDA)
Irina Yermakova (ISDA)
Francoise Massin (SWIFT)
John Booth (Northern Trust)
Sudhakar Balagurusamy (State Street)
Kishore Saokar (State Street)
Robin Moyer (BBH)
Marc Gratacos (ISDA)
=20
Message cancellations http://www.fpml.org/issues/view.php?id=3D330=20
=20
* Participants agreed that there is a need to introduce a specific
message for cancellations.=20
* They expressed that the preferred approach is to have a generic
notification for cancelling a message.=20
* JPM proposal was discussed. This seems to be the preferred
approach in the long-term but currently everything is a notification and
there is no desire to use a request/response scenario in the short term.
It seems that the request/response approach should be extended also for
all the current notification messages in the future.=20
* Content of the message needs to be discussed in the next
meeting. If a notification message is generic, it should not only be
applicable to contracts.=20
* The new message will be introduced in version 4.3. Version 4.2
is in Recommendation status and cannot be reopened.=20
=20
ACTIONS:
* Marc/Randy: to work on proposal for message cancellations.=20
=20
Let me know if I missed anything.
=20
Kind Regards,
-Marc
+13472846531
=20
=20
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<DIV dir=3Dltr align=3Dleft><SPAN class=3D390080400-31102007><FONT =
face=3DArial=20
color=3D#0000ff size=3D2>As a directed custodian we don't need =
permission to allow=20
the Inv Mgr to cancel a trade that they instructed us on. This =
might be=20
relevant between the buy side and the sell side, but as a custodian we =
don't=20
need permission</FONT></SPAN></DIV><BR>
<DIV class=3DOutlookMessageHeader lang=3Den-us dir=3Dltr align=3Dleft>
<HR tabIndex=3D-1>
<FONT face=3DTahoma size=3D2><B>From:</B> im-custodian@xxxxxxxx=20
[mailto:im-custodian@xxxxxxxx] <B>On Behalf Of </B>Marc =
Gratacos<BR><B>Sent:</B>=20
Tuesday, October 30, 2007 2:54 PM<BR><B>To:</B>=20
im-custodian@xxxxxxxx<BR><B>Cc:</B> Andrew Jacobs; MASSIN Francoise; =
Matthew=20
Rawlings<BR><B>Subject:</B> FpML-IM-Custodian FW: minutes meeting =
October 29 -=20
message cancellations<BR></FONT><BR></DIV>
<DIV></DIV>
<DIV class=3DSection1>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">See below =
response from=20
Matthew. This is relevant to the discussion we had=20
yesterday.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<DIV class=3DMsoNormal style=3D"TEXT-ALIGN: center" align=3Dcenter><FONT
=
face=3D"Times New Roman" size=3D3><SPAN style=3D"FONT-SIZE: 12pt">
<HR tabIndex=3D-1 align=3Dcenter width=3D"100%" SIZE=3D2>
</SPAN></FONT></DIV>
<P class=3DMsoNormal><B><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma">From:</SPAN></FONT></B><FONT=20
face=3DTahoma size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma"> Matthew=20
Rawlings [mailto:matthew@xxxxxxxxxxxxxxx] <BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> Tuesday, October 30, 2007 =
2:36=20
PM<BR><B><SPAN style=3D"FONT-WEIGHT: bold">To:</SPAN></B> Marc=20
Gratacos<BR><B><SPAN style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> RE:
=
minutes=20
meeting October 29 - message =
cancellations</SPAN></FONT><o:p></o:p></P></DIV>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">To advise a =
custodian=20
you would use Notification, because there is no permission=20
sought.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">To request =
the cancel=20
of an Order or a TradeAllegation, you need permission from the other =
side that=20
might have acted upon it.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=3DMsoNormal><B><FONT face=3DArial color=3D#003366 =
size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #003366; =
FONT-FAMILY: Arial">Matthew=20
Rawlings</SPAN></FONT></B><FONT color=3Dnavy><SPAN=20
style=3D"COLOR: navy"><o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3D#003366
size=3D1><SPAN=20
style=3D"FONT-SIZE: 7.5pt; COLOR: #003366; FONT-FAMILY: Arial">+44 791 =
539=20
7824</SPAN></FONT><FONT color=3D#003366><SPAN=20
style=3D"COLOR: #003366"><o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<DIV class=3DMsoNormal style=3D"TEXT-ALIGN: center" align=3Dcenter><FONT
=
face=3D"Times New Roman" size=3D3><SPAN style=3D"FONT-SIZE: 12pt">
<HR tabIndex=3D-1 align=3Dcenter width=3D"100%" SIZE=3D2>
</SPAN></FONT></DIV>
<P class=3DMsoNormal><B><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma">From:</SPAN></FONT></B><FONT=20
face=3DTahoma size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma"> Marc=20
Gratacos [mailto:MGratacos@xxxxxxxx] <BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> 30 October 2007 =
18:32<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">To:</SPAN></B> Matthew
Rawlings<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> RE: minutes meeting =
October 29 -=20
message cancellations</SPAN></FONT><o:p></o:p></P></DIV>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Matthew,<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">When would =
you use=20
notification and when request/response?<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Thanks,<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Marc<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<DIV class=3DMsoNormal style=3D"TEXT-ALIGN: center" align=3Dcenter><FONT
=
face=3D"Times New Roman" size=3D3><SPAN style=3D"FONT-SIZE: 12pt">
<HR tabIndex=3D-1 align=3Dcenter width=3D"100%" SIZE=3D2>
</SPAN></FONT></DIV>
<P class=3DMsoNormal><B><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma">From:</SPAN></FONT></B><FONT=20
face=3DTahoma size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma"> Matthew=20
Rawlings [mailto:<st1:PersonName=20
w:st=3D"on">matthew@xxxxxxxxxxxxxxx</st1:PersonName>] <BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> Tuesday, October 30, 2007 =
2:03=20
PM<BR><B><SPAN style=3D"FONT-WEIGHT: bold">To:</SPAN></B> Marc=20
Gratacos<BR><B><SPAN style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> RE:
=
minutes=20
meeting October 29 - message =
cancellations</SPAN></FONT><o:p></o:p></P></DIV>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.25in"><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">“</SPAN></FONT><st1:stockticker=20
w:st=3D"on"><I><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: =
Arial">JPM</SPAN></FONT></I></st1:stockticker><I><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"> =
proposal was=20
discussed. This seems to be the preferred approach in the long-term
but=20
currently everything is a notification and there is no desire to use
a=20
request/response scenario in the short term. It seems that the =
request/response=20
approach should be extended also for all the current notification =
messages in=20
the future</SPAN></FONT></I><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">.”<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.25in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.25in"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">There was both =
notification and=20
request/response in the proposal.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Matthew</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"> <st2:Sn=20
w:st=3D"on">Rawlings</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
color=3Dnavy><SPAN=20
lang=3DEN-GB style=3D"COLOR: navy"><o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">+44 7915
397=20
824</SPAN></FONT><SPAN lang=3DEN-GB><o:p></o:p></SPAN></P></DIV>
<DIV>
<DIV class=3DMsoNormal style=3D"TEXT-ALIGN: center" align=3Dcenter><FONT
=
face=3D"Times New Roman" size=3D3><SPAN style=3D"FONT-SIZE: 12pt">
<HR tabIndex=3D-1 align=3Dcenter width=3D"100%" SIZE=3D2>
</SPAN></FONT></DIV>
<P class=3DMsoNormal><B><FONT face=3DTahoma size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma">From:</SPAN></FONT></B><FONT=20
face=3DTahoma size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Tahoma">=20
<st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on">Marc</st2:GivenName> <st2:Sn=20
w:st=3D"on">Gratacos</st2:Sn></st1:PersonName> =
[mailto:MGratacos@xxxxxxxx]=20
<BR><B><SPAN style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> 30 October =
2007=20
18:01<BR><B><SPAN style=3D"FONT-WEIGHT: bold">To:</SPAN></B> =
<st1:PersonName=20
w:st=3D"on">im-custodian@xxxxxxxx</st1:PersonName>; <st2:GivenName=20
w:st=3D"on">Matthew</st2:GivenName> <st2:Sn =
w:st=3D"on">Rawlings</st2:Sn>;=20
<st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on">Andrew</st2:GivenName>=20
<st2:Sn w:st=3D"on">Jacobs</st2:Sn></st1:PersonName>; <st1:PersonName=20
w:st=3D"on"><st2:GivenName w:st=3D"on">MASSIN</st2:GivenName> <st2:Sn=20
w:st=3D"on">Francoise</st2:Sn></st1:PersonName><BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> minutes meeting October
=
29 -=20
message cancellations</SPAN></FONT><o:p></o:p></P></DIV>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN =
lang=3DEN-GB=20
style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Lucio</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Iida</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(BGI)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Mark</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Soussan</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">
(Western=20
Asset)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Steven</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">West</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial"> =
(<st1:Street=20
w:st=3D"on"><st1:address w:st=3D"on">State=20
Street</st1:address></st1:Street>)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Randy</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Magdaluyo</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial"> =
(<st1:Street=20
w:st=3D"on"><st1:address w:st=3D"on">State=20
Street</st1:address></st1:Street>)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Ivan</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Djurkin</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(BGI)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Steve</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Goswell</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(BGI)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Karel</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Engelen</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(ISDA)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Irina</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Yermakova</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(ISDA)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st2:GivenName w:st=3D"on"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Francoise</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> Massin=20
(SWIFT)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName=20
w:st=3D"on"><st1:PersonName w:st=3D"on"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Jo</SPAN></FONT></st1:PersonName><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">hn</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Booth</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">
(Northern=20
Trust)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Sudhakar</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Balagurusamy</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial"> =
(<st1:Street=20
w:st=3D"on"><st1:address w:st=3D"on">State=20
Street</st1:address></st1:Street>)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Kishore</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Saokar</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial"> =
(<st1:Street=20
w:st=3D"on"><st1:address w:st=3D"on">State=20
Street</st1:address></st1:Street>)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Robin</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Moyer</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(BBH)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><st1:PersonName w:st=3D"on"><st2:GivenName =
w:st=3D"on"><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Marc</SPAN></FONT></st2:GivenName><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <st2:Sn=20
w:st=3D"on">Gratacos</st2:Sn></SPAN></FONT></st1:PersonName><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">=20
(ISDA)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><B><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Message
=
cancellations <A=20
href=3D"http://www.fpml.org/issues/view.php?id=3D330";>http://www.fpml.or
g=
/issues/view.php?id=3D330</A>=20
<o:p></o:p></SPAN></FONT></B></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<UL style=3D"MARGIN-TOP: 0in" type=3Ddisc>
<LI class=3DMsoNormal style=3D"mso-list: l0 level1 lfo3"><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Participants agreed=20
that there is a need to introduce a specific message for=20
cancellations.<o:p></o:p></SPAN></FONT>=20
<LI class=3DMsoNormal style=3D"mso-list: l0 level1 lfo3"><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">They =
expressed that=20
the preferred approach is to have a generic notification for =
cancelling a=20
message.<o:p></o:p></SPAN></FONT>=20
<LI class=3DMsoNormal style=3D"mso-list: l0 level1 =
lfo3"><st1:stockticker=20
w:st=3D"on"><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">JPM</SPAN></FONT></st1:stockticker><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> proposal=20
was discussed. This seems to be the preferred approach in the =
long-term but=20
currently everything is a notification and there is no desire to use a
=
request/response scenario in the short term. It seems that the=20
request/response approach should be extended also for all the
current=20
notification messages in the future.<o:p></o:p></SPAN></FONT>=20
<LI class=3DMsoNormal style=3D"mso-list: l0 level1 lfo3"><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Content =
of the=20
message needs to be discussed in the next meeting. If a notification =
message=20
is generic, it should not only be applicable to=20
contracts.<o:p></o:p></SPAN></FONT>=20
<LI class=3DMsoNormal style=3D"mso-list: l0 level1 lfo3"><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">The new =
message will=20
be introduced in version 4.3. Version 4.2 is in Recommendation status
=
and=20
cannot be reopened.<o:p></o:p></SPAN></FONT> </LI></UL>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">ACTIONS:<o:p></o:p></SPAN></FONT></P>
<UL style=3D"MARGIN-TOP: 0in" type=3Ddisc>
<LI class=3DMsoNormal style=3D"mso-list: l1 level1 lfo6"><FONT =
face=3DArial=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Marc/Randy: to work=20
on proposal for message cancellations.<o:p></o:p></SPAN></FONT> =
</LI></UL>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Let me know if I missed=20
anything.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoAutoSig><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Kind=20
Regards,<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoAutoSig><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">-<st2:GivenName=20
w:st=3D"on">Marc</st2:GivenName><o:p></o:p></SPAN></FONT></P>
<P class=3DMsoAutoSig><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">+13472846531<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoAutoSig><FONT face=3DArial size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3D"Times New Roman" size=3D3><SPAN=20
style=3D"FONT-SIZE: =
12pt">******************************************************************
*=
*******************************************************=20
The information contained in either this email and, if applicable,
the=20
attachment, are confidential and are intended only for the recipient. =
The=20
contents of either the email or the attachment may not be disclosed or =
used by=20
anyone other than the addressee. If you are not the intended =
recipient(s), any=20
use, disclosure, copying, or distribution is prohibited and may be =
unlawful. If=20
you have received this communication in error, please notify us by =
e-mail at=20
isda@xxxxxxxx then delete the e-mail and all attachments and any copies
=
thereof.=20
This communication is part of an ISDA process and is not intended for=20
unauthorized use or distribution.=20
************************************************************************
*=
*************************************************<o:p></o:p></SPAN></FON
T=
></P></DIV></BODY></HTML>
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