First Working Draft of FpML Version 4.5

ISDA has published a first Working Draft for FpML Version 4.5.

This Working Draft is available on the FpML website in the Specifications section at: http://www.fpml.org/spec/fpml-4-5-1-wd-1/
The following is an overview of the changes compared with the Recommendation for FpML Version 4.4, which was published on August 20, 2008.

Commodity Derivatives:

1. Added support for commodity underlyer, commodity swaps, and commodity options.

Interest Rate Derivatives:

1. Added NDS clause for supporting a schedule of valuation dates.

Commercial Loan:

1. Added support for Letter of Credit balance notice, Letter of Credit cancellation notice, Letter of Credit issuance notice, and Rollover notice.

Coding Schemes:

• Commodity Frequency Type scheme has been added.
• Commodity Market Disruption Fallback scheme has been added.
• Commodity Market Disruption scheme has been added.
• Quantity Unit scheme has been added.
• Price Quote Units scheme has been updated.

Validation Rules:

• A new validation rule specification has been added to the Validation Architecture section.
• Syntax for validation rules has been updated based on the new validation rule specification.

A number of issues, associated with the new validation rules syntax, has been resolved.

More information on the timing of version 4.5 and coverage and timing of future versions can be found in the FpML roadmap: http://www.fpml.org/roadmap/roadmap.pdf

Please send your comments to us by filling in the form at http://www.fpml.org/issues

The FpML team