Minutes of WG meeting held on Thursday 30th September Attendees: Steven Lord John Aldridge Jeff Valentino (for Keri Jackson) Guy Gurden Bob Green Marc Gratacos RelativeSwap Proposal There was general agreement that the proposal was ok. The changes that Guy suggested via email should be incorporated. Early Termination Provision Proposal Guy talked the group through his proposal. - If the optionalEarlyTerminationParameters element is included it is assumed to be a mutual put - Guy had tried to get a structure that would ensure that the mandatory elements could not be included in a document with the optional ones. ACTION: Marc to look at possible ways of achieving this - There was agreement that this structure covered the use case that prompted it - namely Broker Confirmations - There was some discussion around whether these additional parameters combined with the existing elements would be sufficient for confirmations that include this parameterised view. ACTION: Bob to look at how confirmation examples will fit into this structure. Bond Reference Proposal Bob talked the group through his proposal. It was clarified that these parameters were included for two purposes: 1. They indicated that the swap transaction was contingent on this bond issue being completed 2. If the swap parameters differed from the bond then the bond would take precedence. There was alot of discussion around where this element should be placed - there was agreement on the usefulness of including it. The agreement was that it should be placed on the swap as this best reflected the wording in a confirmation. It was agreed that a more generic structure should be put in place to allow for over such contingencies to be included. ACTION: Bob to revamp proposal reflect the above and circulate to the group for discussion at the next meeting. Visit our website at http://www.ubs.com This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments. --------------------------------------------------------------------- To unsubscribe, e-mail: ird-unsubscribe@xxxxxxxxxxxxxxxxxxxxx For additional commands, e-mail: ird-help@xxxxxxxxxxxxxxxxxxxxx
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