Credit Derivatives Working Group

Group Information

Mission:

Expand and adjust the Credit Derivatives product architecture and provide input to define the necessary business processes.

Chairs of Working Group

John Booth (MarkitServ)

Participants

See section 1 of a particular Recommendation for the list of contributors.

Group Charter

Scope:

Specifically for version 5.9 the group will look to:

  • extend the current FpML standard by defining the necessary data elements for supporting a cash flow representation for Credit Derivatives
  • Improve Credit Derivatives product Architecture documentation and examples to support the ISDA 2014 Credit definitions.
  • Deliverables:
  • Updated CD product Architecture document and instance documents to support the 2014 ISDA Credit definitions.
  • Schema changes and corresponding documentation for Cash flow representation

The scope of this working group is limited to version 5.9 of the FpML standard. Version 5.9 is expected to become a Recommendation in December 2015. Any expansion of the scope beyond the above mentioned will require Standards Committee approval.

Meeting Schedule

The group will meet on bi-weekly basis and adjust to weekly when necessary.

A group discussion list will be used to manage group communication and to provide an archive of discussions and decisions.

Rules of Operation:

The working group will adopt the FpML Working Group Rules of Operation. These outline best-practices for meetings, managing member participation, reaching group consensus and voting.

Estimated time commitment from Participants:

Members should be prepared to commit approximately 4 hours per week for meeting participation and document review. Full members must have the agreement and support of their management before signing up to the Working Group.

It is expected that participants will be signing up for action items and proposals, and will generally be participating in discussions during the week. Participants will also need to liaise with other working group members to ensure the consistency of the standard.

Target Participants:

Derivatives dealers, buy-side institutions, execution facilities, trade repositories, others as interested.

Milestones

Date for completion

Kick-Off Meeting
N/A
Working Draft for review
TBA

Mailing List