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RE: Loan WG Meeting - 13 May 2008: 1000EST / 1400GMT
- To: <loanwg@xxxxxxxx>
- Subject: RE: Loan WG Meeting - 13 May 2008: 1000EST / 1400GMT
- From: "Marc Gratacos" <mgratacos@xxxxxxxxx>
- Date: Tue, 13 May 2008 05:37:01 -0400
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Title: RE: Loan WG Meeting - 13 May 2008: 1000EST / 1400GMT
See updated version of the rules (.html)
and zip with testcases.
Some minor issues I’d like to close
today:
- rule
ln-11 needs to be updated -> are we talking about globalAmount or
shareAmount?
- rule
ln-12 needs to be updated -> are we talking about globalAmount or
shareAmount?
- rule
ln-22 example 10 is not valid according to this rule. The example needs to
be updated
If we close these issues I think we can go
ahead and publish these rules in the next publication of 4.4.
Best regards,
-Marc
From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik
Katira
Sent: Tuesday, May 13, 2008 4:04
AM
To: loanwg@xxxxxxxx
Cc: 'Bhavik Katira'
Subject: RE: Loan WG Meeting - 13
May 2008: 1000EST / 1400GMT
Updated version of the seminar notes and I
attached the business requirements (accidently
forgot in last email).
BK
<<...>>
<<...>>
_____________________________________________
From: Bhavik Katira [mailto:bhavik.katira@xxxxxxxxx]
Sent: Tuesday, May 13, 2008 3:56
AM
To: 'loanwg@xxxxxxxx'
Subject: Loan WG Meeting - 13 May
2008: 1000EST / 1400GMT
Could
I ask someone from the ISDA group to send out the latest version of the loan
schema to the group, thanks.
Dial-in
Details
US: + 1 (888) 481 -
3032
Intl: + 1 (617) 801- 9600
UK:
0800 904-7961
Part. Code: 28413758
Agenda
1.
Business validation
meeting update.
2.
Facility sub-limit
proposal from Bank of America.
3.
Review of European working
group feedback.
4.
Next steps.
Attachments
The
following documents are attached:
1.
Version 22 of business
requirements document.
2.
Full feedback from
European discussion regarding Phase 1 and 2 proposals.
Thanks,
BK
<<
File: EuroSeminarNotes_April2008.doc >>
|
Title: FpML 4.4 Validation Rules - 2008-04-04
FpML 4.4 Validation Rules - Rules for Loan Messages
This is the Loan part of the validation rule set accompanying the FpML 4.4 Last Call Working Draft. The introductory section
in the validation section of the specifications contains background information and documentation for this page.
The rules contained on this page contain links to cut down versions of valid and invalid test cases. The cut down test cases
are non-normative and are provided for the purpose of documentation only.
Content
Namespace
http://www.fpml.org/2007/FpML-4-4
Preconditions
The Validation Preconditions only apply when specific rules reference them. The following preconditions are always to be executed
relative to the root of the FpML document being validated. The context of the rule is NOT carried through to the precondition.
Precondition: SameCurrency
(context: FacilityNotice)
(context: DrawdownNotice)
(context: InterestPaymentNotice)
(context: LoanContractRepayment)
(context: Repayment)
All instances of currency values within the context of this rule must be identical.
Rules
Unique contexts:
Context:
LoanContract (complex type)
ln-1 (Mandatory)
currentInterestRatePeriod/startDate >= effectiveDate.
ln-2 (Mandatory)
If currentInterestRatePeriod/floatingRateIndex = PRIME then currentInterestRatePeriod/rateFixingDate = effectiveDate.
Context:
InterestRatePeriod (complex type)
ln-3 (Mandatory)
endDate >= startDate >= rateFixingDate.
ln-4 (Mandatory)
If mlaCost doesn't exist and interestRate and margin and allInRate exist, then allInRate = margin + interestRate.
ln-5 (Mandatory)
If mlaCost and interestRate and margin and allInRate exist, then allInRate = margin + interestRate + mlaCost
Context:
InterestAccrualSchedule (complex type)
ln-6 (Mandatory)
interestRatePeriod/startDate,lenderLoanContractPeriod/startDate, interestAccrualPeriod/startDate must be equal in each period.
ln-7 (Mandatory)
The [n]th interestRatePeriod/endDate must be the previous calendar day of the [n+1]th interestRatePeriod/startDate.
ln-8 (Mandatory)
The [n]th lenderLoanContractPeriod/endDate must be the previous calendar day of the [n+1]th lenderLoanContractPeriod/startDate.
ln-9 (Mandatory)
The [n]th interestAccrualPeriod/endDate must be the previous calendar day of the [n+1]th interestAccrualPeriod/startDate.
Context:
FacilityNotice (complex type)
ln-10 (Mandatory)
If facilityIdentifier/originalCommitmentAmount and facilityCommitmentPosition/loanContractPosition/loanContractIdentifier/originalAmount/amount exist, then facilityIdentifier/originalCommitmentAmount >= facilityCommitmentPosition/loanContractPosition/loanContractIdentifier/originalAmount/amount.
ln-11 (Mandatory)
If facilityCommitmentPosition/loanContractPosition exists, then facilityCommitmentPosition/currentAmount >= facilityCommitmentPosition/loanContractPosition/currentAmount.
ln-12 (Mandatory)
If facilityCommitmentPosition/loanContractPosition exists, then facilityCommitmentPosition/priorAmount >= facilityCommitmentPosition/loanContractPosition/priorAmount.
Context:
DrawdownNotice (complex type)
ln-13 (Mandatory)
noticeDate <= drawdownPayment/paymentDate.
ln-14 (Mandatory)
If loanContract exists, then drawdownPayment/paymentDate >= loanContract/effectiveDate.
ln-15 (Mandatory)
If dealIdentifier/creditAgreementDate exists, then loanContract/effectiveDate and drawdownPayment/paymentDate >= dealIdentifier/creditAgreementDate.
ln-16 (Mandatory)
If facilityCommitmentPosition/priorAmount/shareAmount exists, then drawdownPayment/shareLoanContractAmount <= facilityCommitmentPosition/priorAmount/shareAmount.
ln-17 (Mandatory)
If loanContract exists, then loanContract/amount/amount >= drawdownPayment/shareLoanContractAmount/amount.
ln-18 (Mandatory)
If loanContractIdentifier exists, then loanContractIdentifier/originalAmount/amount >= drawdownPayment/shareLoanContractAmount/amount.
ln-19 (Mandatory)
If drawdownEventType = RateSetEvent and loanContract exists, then loanContract/currentInterestRatePeriod/interestRate and loanContract/currentInterestRatePeriod/margin and loanContract/currentInterestRatePeriod/allInRate and loanContract/currentInterestRatePeriod/interestDayBasis and loanContract/currentInterestRatePeriod/indexTenor must exist.
Context:
InterestPaymentNotice (complex type)
ln-20 (Mandatory)
interestPayment/amount/shareAmount/amount must be equal to the sum of all interestAccrualSchedule/interestAccrualPeriod/shareInterestAccrualAmount/amount.
ln-21 (Mandatory)
interestAccrualSchedule/interestRatePeriod/interestRate and interestAccrualSchedule/interestRatePeriod/margin and interestAccrualSchedule/interestRatePeriod/allInRate and interestAccrualSchedule/interestRatePeriod/interestDayBasis and interestAccrualSchedule/interestRatePeriod/indexTenor must exist.
Context:
LoanContractRepayment (complex type)
ln-22 (Mandatory)
If loanContractIdentifier/originalAmount exists, then loanContractIdentifier/originalAmount/amount >= amount/globalAmount/amount.
Context:
Repayment (complex type)
ln-23 (Mandatory)
facilityRepayment/amount/globalAmount/amount must be >= the sum of all loanContractRepayment/loanContractIdentifier/originalAmount/amount.
ln-25 (Mandatory)
facilityRepayment/amount/shareAmount/amount must be >= the sum of all loanContractRepayment/amount/shareAmount/amount.
ln-26 (Mandatory)
If loanContractRepayment/amount/globalAmount exists, then facilityRepayment/amount/globalAmount/amount must be >= the sum of all loanContractRepayment/amount/globalAmount/amount.
Context:
RepaymentNotice (complex type)
ln-24 (Mandatory)
If facilityCommitmentPosition exists, then facilityCommitmentPosition/priorAmount/shareAmount/amount >= repayment/facilityRepayment/amount/shareAmount/amount.
Context:
OneOffFeeNotice (complex type)
ln-27 (Mandatory)
If feePayment/feeType = BreakageFee then loanContractIdentifier must exist.
ln-28 (Mandatory)
If feePayment/feeType = AssignmentFee then loanContractIdentifier must not exist.
Context:
OneOffFeePayment (complex type)
ln-29 (Mandatory)
paymentDate >= effectiveDate.
Deprecated rules
Removed rules
Attachment:
invalid-loan-testcases.zip
Description: Zip compressed data