Re: Re: FpML-VALID Validation Working Group call - Tomorrow July 27 @ 9am New York / 2pm London

VWG Meeting 27 July 2010

Attending:
Daniel Dui
Mark Addison
Adrian Miley
Andrew Dingwall-Smith
Tony Coates
Irina Yermakova
Lyteck Lynhiavu
Marc Gratacos

Apologies:
Andrew Jacobs
Jim Brous

Agenda:
- Updates on issues and actions
- Points multiplier in FX draft.
- Restart discussion on rule format
- AOB

Discussion points:

Issue 1010: Irina converted and released the confirmation rules for 5.0 . The reporting rules have been commented out and not released for the moment. They may be released in the future. Some examples need to be created.

Issue 979: Need clarification on shared 25. 23 and 24 done. Rule shared 25 appears to be redundant. Because it’s included by ird-50-54. Irina/Daniel to confirm. If redundant, it can be removed and examples are not needed. Otherwise Lyteck will should implement example with assistance from Harry. Daniel is to add, if necessary, a section about overlapping/redundant rules in the architecture document.

Issue 1014: FX WG question about points multiplier in FX draft answer. See email with title Points Multiplier in FX send by Irina on 27 July. We discussed the options. Either change the schema so that the “points multiplier” is expressed as an integer. Or leave the schema structure unchanged and use a facet to constrain the value. Don’t restrict to “up to 6 decimals”. This is a rule that in practice may be implemented rarely in the back office as it’s enforced at trade capture. Daniel to send to the list draft of proposed solutions.

Issue 933 - Assigned to Lyteck - On hold until rule format is agreed.

Upcoming work: Addition of collateral business process.

Rule format:

We had a discussion on how we want to move forward with regards to updating the rule format. The purpose of the discussion is to brainstorm on features that we think the rules should have (or not) and have a rationale for the revised rule format.

Adrian mentioned that bracket-matching is something that makes the rule difficult to read. He also noted that he normally needs to translate the rules to a less technical format to make them understandable to a business user. He volunteered to circulate his “translation” of the rules within the group.

Lyteck, and also others, observed that XPath should still be used in the rules. As it reflects the document structure and many users are familiar with it. It was also observed that complex XPath expressions (in particular XPath 2.0) should be avoided, as although expressive they are difficult to read and check for correctness. Perhaps validation architecture could mention which sections of the XPath specs should be used and which should be avoided.

The group found useful to keep an xquery implementation of the rules. Tony Coates volunteered to maintain the xquery/xpath implementation of the rules.

Irina noted that Andrew Jacobs has contributed to the FpML repositry a Java implementation of the rules. The Java implementation is not part of a standard FpML release and is not currently in synch with the latest version of the rules. Should this implementation be brought in synch with the new rules? Marc Gratacos commented that these rules are not part of a release and the VWG should not require them to be kept up to date or released. Andrew is invited to comment further.

Actions:

Irina: Issue 1010. Ensure that commented out reporting rules remain visible. Maybe create other issue and/or put rules in a separate file in the repository. Also create separate issue(s) for missing examples.
Irina/Daniel: Issue 979 check that shared 25 is redundant.
Tony: Maintain xquery rules (ongoing)
Adrian: Circulate “non-technical translation” of the rules within the group.
Andrew J: Issue 942
Andrew J: Comment on Java implementation of the rules.
Daniel: Look at examples mentioned in issue 1010. Also 1012, 1013.
Daniel: Check redundant rule in Issue 979. Add, if necessary, a section about overlapping/redundant rules in the architecture document.
Daniel: Synch with EQD about multiple exercise paper and comments.
Daniel: Issue 682 - Propose update of equity multiple exercise rules - later this week
Daniel: Updates to validation architecture - later this week
Daniel: Issue 1014 - Send to list draft proposed solutions about fx forward points multiplier