RE: FpML-IRD firstPaymentDate

["Guy Gurden" <guy.gurden@xxxxxxxxxxxxx>]

No we don't reject it on input. But the resulting output message we'll
generate for the trade will have the element removed if there is no
stub.

-----Original Message-----
From: irdwg@xxxxxxxx [mailto:irdwg@xxxxxxxx] On Behalf Of Robert Stowsky
Sent: Wednesday, February 27, 2008 10:28 AM
To: irdwg@xxxxxxxx
Subject: Re: FpML-IRD firstPaymentDate

Thank you Guy.  Will SwapsWire reject an incoming message that uses 
firstPaymentDate with no stub as invalid?

Robert

Guy Gurden wrote:
> 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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---------------------------------------------------------------------
This is a commercial communication sent by SwapsWire Limited.

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.

Company Details
SwapsWire Limited is regulated by the Financial Services Authority
and is entered in the FSA's Register (FSA Reference Number 207294).
SwapsWire Limited is subject to Value Added Tax
(VAT Registration No 761 4444 34).
SwapsWire Limited is registered in England at Companies House, no: 4027741.
Registered Office: One Silk Street, London, EC2Y 8HQ


Contact information
If you have any questions in relation to this policy please contact us at:

Fountain House
130 Fenchurch Street 
London EC3M 5DJ
Attn: Rachel Cunningham-Day, General Counsel
Email: Rachel.cunningham-day@xxxxxxxxxxxxx

If you currently receive marketing information from us which you would
prefer not to receive in the future please email us at info@xxxxxxxxxxxxxx 
All email messages sent to and from info@xxxxxxxxxxxxx may be monitored to
ensure compliance with internal policies and to protect our business.

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