FpML Version 3.0 Trial Recommendation, 27 June 2003 Errata

FpML Version 3.0 Trial Recommendation, 27 June 2003 Errata

About this document

This document lists the known errata to the FpML Version 3.0 Trial Recommendation.

How this document is organized

Each erratum entry below has the following information:

A unique entry number.
The date that it was added to the errata page.
Whether the entry is considered an important error, a minor typographical error, a clarification, or a known problem with the document itself.
The document version and section referred to.
A description of the problem and correction if applicable.

The following issues are known in the FpML 3.0 trial recommendation.

Scheme attribute inconsistencies

ID: 1
Date Added: 2003-07-31
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

There are inconsistencies with the following pairs of scheme attribute and scheme default attribute names:

routingIdScheme

routingIdTypeSchemeDefault

nationalisationOrInsolvencyOrDelistingScheme

nationalisationOrInsolvencySchemeDefault

masterAgreementSchemeDefault

masterAgreementTypeScheme

exchangeIdScheme

exchangeIdTypeSchemeDefault

The names should be routingIdScheme and routingIdSchemeDefault or routingIdTypeScheme and routingIdTypeSchemeDefault similarly for the others.

The following scheme default attributes on on the FpML root element are declared but never used.

callPutSchemeDefault
potentialAdjustmentEventSchemeDefault
securityIdSchemeDefault

There are missing scheme default attributes on the FpML/root element for the following schemes:

instrumentIdScheme used on the instrumentId element.
optionTypeScheme used on the optionType element.
partyContactFunctionScheme
producIdScheme

Disposition:

Because these are not considered to be serious implementation issues and because scheme default attributes are eliminated in FpML 4.0, the FpML Standards Committee has decided to take no action on this issue.

ISO currency code URI needs to be more precise

ID: 2
Date Added: 2003-07-31
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

The default ISO currency code URI does not include any date information. This makes it theoretically impossible to determine which currencies are available for the given document. For example, there is no way to specify whether the list of currencies is before or after the introduction of the Euro.

Disposition:

The currency code URI will be extended with a date indicator in FpML 4.0. No action is planned for FpML 3.0.

Scheme URI inconsistencies

ID: 3
Date Added: 2003-07-31
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

Some FpML default schemes use the "-scheme-" as part of the URI, while others do not.

Disposition:

Because this is not considered to be a serious implementation issue, and because introducing a change is more likely to create issues, the FpML Standards Committee has decided to take no action on this issue.

IMMCAD/CADIMM scheme value

ID: 4
Date Added: 2003-07-31
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

In the RollConvention Scheme, IMMCAD in v 1/2 of FpML has inadvertently changed to CADIMM.

Disposition:

The correct value should be IMMCAD. This will be corrected on the next release of this specification.

Errors in Examples

ID: 5
Date Added: 2003-07-31
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

In IRD examples #17 and #18, calculationAgentParty should be "NonExercisingParty", not "NonExerciseingParty"
The IRD examples #9-21 and 25-26 use the time format hh:mm instead of the documented time format hh:mm:ss

Disposition:

This will be corrected on the next release of this specification.

Year digits definition

ID: 6
Date Added: 2003-07-31
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

In the discussion of coding schemes, FpML dates are described as having "at least 4 digits" and as being in the range 0000-9999. This is inconsistent.

Disposition:

This will be corrected to "having exactly 4 digits" on the next release of this specification.

Errors in IRD Examples #12/13

ID: 7
Date Added: 2003-08-19
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

In IRD examples #12 and #13, the dateRelativeTo in cashSettlementValuationDate should point to "europeanExercise0", not "cashSettlement0"

Disposition:

This will be corrected on the next release of this specification.

Error in rate treatment scheme documentation

ID: 8
Date Added: 2003-08-22
Severity: Low
Version: tr-fpml-3-0-2003-06-27

Description:

The documentation for rateTreatmentScheme has been overwritten by that for negativeInterestRateScheme. The correct documentation is as follows:
Bond Equivalent Yield. Per Annex to the 2000 ISDA Definitions (June 2000 Version), Section 7.3. Certain General Definitions Relating to Floating Rate Options, paragraph (g).
Money Market Yield. Per Annex to the 2000 ISDA Definitions (June 2000 Version), Section 7.3. Certain General Definitions Relating to Floating Rate Options, paragraph (h).

Disposition:

This will be corrected on the next release of this specification.

businessCenterScheme

ID: 9
Date Added: 2004-03-17
Severity: Low
Version: tr-fpml-3-0-2003-06-27
Location: http://www.fpml.org/spec/2003/tr-fpml-3-0-2003-06-27/html/schemeDefinitions.html

Description:

The scheme value “SGSI FpML Warsaw” should be changed to “SGSI FpML Singapore”.

Disposition:

This has been corrected in the Trial Recommendation.

Last updated on: 22 August, 2003