FpML Collateral Working Group

bullet Group Charter

Title of Working Group FpML Collateral Working Group

Chair of Working Group TBD

Mission:

To extend the current FpML standard with the definition of the appropriate messages to support the collateral processes, building on the defined messaging framework.

Scope:

The FpML Collateral Working Group will extend the FpML standard with a definition of the standard messages to support the Collateral business processes, building on the work done by the ISDA Collateral Committee http://www.isda.org/c_and_a/pdf/Electronic-Messaging.pdf, which described the business processes to support:
  • Margin Call
  • Interest Payment
  • Substitution

The Working Group may also work on additional collateral processes (e.g., flow to custodians) depending on industry and regulatory priorities, however the main focus of the working group will be to cover business processes described by the ISDA Collateral Committee. This is part of the broader collateral efforts committed to the regulators by the OTC derivatives industry. ISDA will keep the working group updated on these commitments as more information becomes available.

The group may propose appropriate amendments / additions to the product working groups in order to fit the appropriate product content within the messages. For proposed changes to the messaging framework, the group will work with the Architecture Working Group. The FpML messages are expected to be ISO compliant, a submission will be made to cover the business model in ISO 20022.



Milestones Date for completion:
Kick-Off Meeting January 2010
Working Draft for review February 2010
Working Draft published TBD
Recommendation Released TBD
Dissolution of the Products Working Group TBD

Meeting Schedule

The whole group should meet weekly by telephone (up to 2 hours).
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 Rules of Operation (Working Groups section). 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 1/2 day per week. 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.

Experience has shown that occasional face-to-face meetings can expedite the process so members should be aware that some travel and full-day meetings might be required.

Target Participants:

Collateral business specialists, business analysts, technical architects.





bullet Chair Contact Information

Chair of Working Group: TBD
Chair Email Contact: