FpML-IM-Custodian conference call minutes - 2008-03-05

["Iida, Lucio BGI SF" <Lucio.Iida@xxxxxxxxxxxxxxxxxx>]

Attendees:
ISDA - Marc Gratacos
ISDA - Irina Yermakova
SSC - Neil Wright
SWIFT - Francoise Massin
SWIFT - Marie-Paule Dumont
BGI - Steve Goswell
BGI - Lucio Iida
Brook Path Partners - Robert Stowsky
HandCoded- Andrew Jacobs
Northern - Scott Hyatt
SSC - Norman Papazian
BBH - Christian Unger
SSC - Randy Magdaluyo
Western - Mark Soussan

Agenda and minutes:
1) Tax lot information in notification messages.
Randy's action item from the previous call was to provide an example.
He posted a document in swiftcommunity and asked for feedback.  A
discussion based on a simple case, initiation (1MM) -> increase (500M)
->partial termination (750M), identified two lots for gain/loss
tracking.  If the IM and custodian track the initiation and increase as
separate contracts, then the IM would send separate termination
notifications for each contract it wants reduced.  But if the IM and
custodian track a single aggregate contract (1.5MM), then it may not be
clear which of the two lots are reduced by the partial termination.  It
was agreed to continue the discussion and seek feedback on actual
community practices.

2) Clean or dirty pricing processing indicator in a trade notification.
This discussion was continued from the last meeting.  Robert Stowsky
referred to the document he emailed to the IM-Custodian WG.  His
proposal is to use the existing QuotationCharacteristics FpML type in a
new optional element in the Contract notification suite of messages.
The option of extending FpML schemas was raised as a possibility.
SwiftNet FpML currently does not support extensions.  Randy, Christian,
and Robert will continue work on this.

3) Recommended elements in a long-form contract notification.
This topic was brought up by Blackrock in the last SwiftNet FpML call.
They asked for lists of recommended elements beyond the FpML
product-specific business validation rules.  Marc will ask product
groups for feedback.

4) Comment on proposal to use a fixed party->account->accountIdScheme on
SwiftNet FpML to identify the account number at the custodian.
This topic came from the last SwiftNet FpML call.  We agreed this
SwiftNet standard was a good practice.  The usefulness of a similar
standard on party->account->acccountBeneficiary was discussed briefly.
Francoise Massin from SWIFT will document further.

5) Frequency of conference calls.
We agreed to meet every two weeks on Wed at 11am Eastern.  Depending on
the size of the agenda, we may occasionally schedule an extra 30
minutes.

6) AOB
None.

Please let me know of any corrections/additions to the minutes.  Thanks.

Regards,
Lucio Iida
Barclays Global Investors
lucio.iida@xxxxxxxxxxxxxxxxxx
(415) 597-2288 
 
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