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Participant
Code: 28413758
Agenda
-
Review minutes/actions from the previous WG meeting
-
Review trade settlement updates from the latest
requirements document – v1.36 (attached)
Regards,
Bhavik Katira
CEO
TenDelta™
Fresh insight.
Pure logic.
www.tendelta.com
+1.917.582.4574 new york
+44.(0).7780.808732 london
TenDelta™
provides business process consulting, technology design/implementation &
education services, specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions, we endeavor to deliver timely,
robust, cutting-edge solutions.
TenDelta™
Limited is a company registered in England & Wales. The Company registered
number is 06285903. The registered office is 3 Francis Road, Harrow, Middlesex,
HA1 2QZ, United Kingdom.
Minutes from Previous WG Meeting:
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Lender Position deferring agreed.
-
Business requirements update discussed at high-level
o
New Deal and Facility capture
-
Schema design presented
o
Deal
o
Facility
o
Deal Trade Notice
o
Deal Trade
o
Facility Trade
o
Par Confirm Notice
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Feedback: Make the borrower and guarantor array names at the deal
and facility level, singular.
Questions:
- When are we due
to cover Commitment Adjustments, PIK scenarios…?
These are all covered in upcoming phases of work. Please see the scope
matrix in the requirements document.
- For L/C notices,
why have we not allowed a choice between describing either the L/C summary
and the full L/C structure – just like in the loan contract-based
notices…?
It never came up as a requirement. Investigate whether there is a
business case to make the (l/c and loan contract) notices consistent with
each other.
- From a practical
implementation perspective, how should vendors manage cancellations…?
Cancellation notices have not been covered by the standard as yet.
Maybe we should scope them into a particular phase…?
Most vendors are extending basic FpML structures and implementing their
own cancellation methodology.
Other asset classes within FpML do define business event specific messages
to allow cancellation and potential re-statement of the event. We would need
to create a cancellation message for each business event created so far.
It was also noted that there may be two cancellation scenarios: a business
cancellation and a protocol-transmission error.
This work should be scoped.
- When describing
sub-limits should we consider just borrower limits or other kinds of
limits…?
We should be considering all kinds of limits on the deal structure and
the best way to represent them in the deal/facility structure. This is not
necessarily a trade-related requirement and can be complex. It is
currently scoped for an upcoming phase of work.
- Should we
include any expected settlement date…?
The business working group agreed to remove those fields from the
confirmation.
- Delayed
compensation. Are there any fields on the confirmation that describe the
way in which delayed comp would be calculated…?
Not on the confirmation. There is a delayed compensation structure
which when defined will exist on the funding memo structure and will
define arrays of accruals for each type of ‘income stream’ (e.g. fees,
interest).
- Facility Trade /
Upfront Fee. Should this be removed…?
Need to check with the business working group.
- Facility Trade /
On Risk Until Date. Should this be removed…?
Need to check with the business working group.
- Trade allocations.
What other information will need to be captured at the trade allocation
level…?
Are there additional data points that need to be captured here in
addition to the counterparty and the amount (e.g. any settlement details
etc…?)