The original definition was written in that way to discourage use of the
element for vanilla interest rate trades with no stub. The main
rationale was to prevent it being necessary to do any date calculations
in order to define a vanilla interest rate trade in FpML, i.e. in order
to generate the firstPaymentDate element correctly requires a cashflow
generation algorithm to be implemented.
In SwapsWire we adhere to the original definition.
There is similar wording in the element lastRegularPayment for the same
reason "This element must only be included if there is a final stub".
Guy
-----Original Message-----
From: irdwg@xxxxxxxx [mailto:irdwg@xxxxxxxx] On Behalf Of Robert Stowsky
Sent: Wednesday, February 27, 2008 9:55 AM
To: irdwg@xxxxxxxx
Subject: FpML-IRD firstPaymentDate
The definition reads for firstPaymentDate reads:
"This element must only be included if there is an initial stub"
There is no validation rule enforcing this.
Should it read:
If there is an initial stub this element must be included. Otherwise, it
is optional." ?
I have a number of clients who use this element without an initial stub.
Thanks,
Robert
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