RE: FpML-REPO minutes - meeting 10/31

With regard to Action item: Members of the group will send examples of (scrambled) paper confirmations to map them to JPMorgan REPO proposal. , we’ve attached a file outlining our required/optional fields for trade input/confirmation.

Thanks,

John Singler

Jeff Stephens

Danny Moeller

Helix Financial Systems L.P.

Cantor Fitzgerald

From: repowg@xxxxxxxx [mailto:repowg@xxxxxxxx] On Behalf Of Irina Yermakova
Sent: Friday, November 03, 2006 8:44 AM
To: repowg@xxxxxxxx
Subject: FpML-REPO minutes - meeting 10/31

REPOWG Meeting – 10/31/2006

Next REPOWG Meeting – 11/14/2006

Participants:

Sylvain Benoist – Chair (JPMorgan)

Danny Moeller (Helix FS)

Irina Yermakova (ISDA)

Jeffrey Stephens (Helix FS)

John Singler (Helix FS)

Marc Gratacos (ISDA)

Rob Longridge (RBC)

James Hogan (Sunguard)

Discusión:

Review some of the current and outstanding actions
Review Helix’s comments on JPM FpML Repo Proposal.
Repo WG members’ parties/purpose:

RBC:

Parties: brokers, matching service
Purpose: Confirmations from brokers, Notification (receive Trade messages, send Amendments), send Settlement information (outside of the process itself), Reporting Valuations as Matching and Confirmation process.
Notes: RBC needs also take a look at FpML Confirmation messages

Helix:

Parties: some counterparty, banks
Purpose: Notification from counterparty to Helix ‘s internal system (Trade Created / Trade Amended), send Settlement information to the banks.
Gap analyses: in general is satisfied with JPMorgan proposal.
Notes: Helix needs to take a look at how error messages handled in FpML

Sungard:

Purpose: Exchange positions between counterparty (Position Reporting). Security landing
Goal – Provide standard API to make sure it works with Sungard’s clients ( be in the position to support clients’ standard Repo and Security Landing messages). Standardize Sungard’s internal applications.
Gap analyses: JPMorgan proposal does not work well for Security Landing.
Notes: Sungard needs to take a look at FpML “Pricing and Risk Reconciliation”

Security Landing (Collateral vs. collateral) is not part of discussion right now and it is not represented by FpML due to small number of people representing it. Although, collateral vs. cash (fees) can be created using FpML.
To see actual gap in the JPM representation, Repo WG needs to see examples of paper confirmations first, create XML presentations of them and test it against existing and proposed schemas.
It was not mentioned on the meeting, however, “tradeId “in FpML can not be constrained, due to its general use. For specific firm’s use, that firm’s internal constraints or rules could be implemented.

Actions

Review current and outstanding actions
Next meeting to focus on exclusively on “confirmation” massages
Members of the group will send examples of (scrambled) paper confirmations to map them to JPMorgan REPO proposal.
Sylvain will create XML examples of confirmation massages
Sylvain will put togerther a list of ”message validation error” messages

· Robert will send his info to Irina to gain an access to REPO repository

Outstanding Actions:

· Ben Glicher (EquiLend) will prepare (DTD based model) presentation for the next REPO group meeting

· Group will work on JPMorgan REPO proposal and business requirements Gap analyses

· Sylvain will be a cetral poin for gathering all information from the group and putting it in one document

· Rob will update buisness process on REPO side.

Since the majority of the group is unfamiliar with ISO format messages, Erica will create and presented to the group during the next meeting a high level of ISO Message representation.

· Sylvain and Erica will map specific needs of the SMPG Repo Market Practice requirements to JPMorgan REPO proposal.

Feel free to send your comments if I missed any points of discussion.

Regards,

-Irina

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