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Standard Credit Support Annex Working Group Charter

bullet Group Charter

Title of Working Group Standard Credit Support Annex Working Group

Chair of Working Group TBD

Mission:

Extend the current FpML standard to support an electronic data representation for the Standard Credit Support Annex (SCSA).In addition define a framework to support an electronically executable platform for this SCSA agreement.

Scope:

The mandate of the Standard CSA Working Group (the “Working Group”) will be two-fold:

  • Develop, as part of the FpML standard, an electronic data representation for the SCSA. As an input to this work, the SCSA Working Group will use the legal document a draft of which is expected to be available in early 2012.
  • Actively participate, jointly with ISDA and SCSA Working Group members, in the definition of a framework to support an electronically executable platform for this SCSA agreement.


Any expansion of the scope will need standards committee approval

Background:

In July 2010 the ISDA Board decided to evaluate the feasibility of a Standard Credit Support Annex (“SCSA”).
The SCSA Working Group presented recommendations in the Fall of 2011, which were approved by the ISDA Board and consisted in having a two-phased implementation
  • A Pathfinder implementation for volunteer firms, with ISDA support, until mid-2012
  • A market-wide adoption thereafter.
This initiative has the explicit support from a number of prudential regulators internationally. It is a further step in the standardization of the market place.


Milestones Date for completion:
Kick-Off Meeting January 2012
Internal draft including sample reporting messages for review February 2012
Working draft published on FpML.org March 2012

Meeting Schedule

The group will meet once a week by teleconference (date and time TBD)

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 2-4 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.

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:

Business analysts, technical architects, business specialists





bullet Chair Contact Information

Chair of Working Group:TBD
Chair Email Contact:TBD