Trial Recommendation for FpML Version 4.5, Architecture 3.0 Second Working Draft, and Architecture 2.2 First Working Draft

ISDA has published a Trial Recommendation for FpML Version 4.5 build 5.
 
The Trial Recommendation is available on the FpML website in the Specifications section at: http://www.fpml.org/spec/fpml-4-5-5-tr-1/
The following is an overview of the changes compared with the Last Call Working Draft for FpML Version 4.5, which was published on November 26, 2008.

Commodity Derivatives:
o Amended the Commodity Fx Type structure, the commodityFxTypeScheme element has been made optional and a default URI has been added.
o Amended the Commodity Notional Quantity model structure. The totalNotionalQuantity element has been made optional.

Credit Derivatives:
o Amended the FeeLeg structure by adding an optional id attribute.

Interest Rate Derivatives:
o A bug has been fixed within the RelevantUnderlyingDateReference complex type. This type was missing an "href" attribute to be used as a pointer to a relevant underlying date. The attribute has been added.

Syndicated Loan:
o Amended Letter of Credit Balance Notice, Letter of Credit Termination Notice, Letter of Credit Issuance Notice, and Rollover Notice.
o Added Support for Letter of Credit Amendment Notice.
o Added support for a notice used to notify changes in the pricing of a given facility (Pricing Change Notice).
o Removed support for a report message of the lender position history (Lender Position History Report). It will be published with the next version of FpML.

Coding Schemes:
o Business Center scheme has been updated.
o Day Count Fraction scheme has been updated.
o Commodity Fx Type scheme has been updated.
o Commodity Fx Type scheme has been updated.
o Contractual Definitions scheme has been updated.
o Price Quote Units scheme has been updated.

Validation Rules:
o Syntax for validation rules has been updated based on the new validation rule specification.

A number of issues have been resolved. 

In addition ISDA has published a second Working Draft for the Architecture 3.0 (http://www.fpml.org/spec/fpml-arch-3-0-wd-2/) and a first Working Draft for the Architecture 2.2 Specifications (http://www.fpml.org/spec/fpml-arch-2-2-wd-1/)

More information on the timing of version 4.5 and the 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