Author: Admin

The file invalid-ln-7-01.xml is failing on ln-3 twice. According to the VWG Specification Rules the example should only fail on ln-8. The example needs fixing so this is the case. See issue #746.

The file invalid-ln-8-01.xml is failing on ln-3 twice. According to the VWG Specification Rules the example should only fail on ln-8. The example needs fixing so this is the case. The first failure is: 2003-08-01 2003-07-01 2003-07-03 PRIME 0.04 0.03 0.07 ACT/ACT 2 D The second failure is: 2003-08-01 2003-07-03 2003-07-05 USD-LIBOR-LIBO 0.02 0.03 0.05 … Continued

There are three loan preconditions that are very simple and used only once. They aren’t justified as needing to be preconditions. With the change in the way FpML VWG specifies rules, they should now be written out as plain conditions upon the rules. The preconditions are: ” Precondition: MultipleInterestRatePeriod (context: InterestAccrualSchedule) More than one interestRatePeriod … Continued

The new Loan rules define a precondition/function named “SameCurrency”. So do the new FX rules. The problem is that the function SameCurrency is already defined in the EQD rules and the CD rules. The function names collide. Namespaces don’t help as there is no namespace given for functions. The options are: 1. Explicit Namespace –Declare … Continued

ln-8 has the following problems with its definition: 1. The rule is incorrect because it does not apply to the last lenderLoandContractPeriod. The last period’s endDate does not match the next period’s startDate because there is no next period. 2. The terms “[n]th” and “[n+1]th” are undefined. In accordance with the FpML VWG Specification Rules … Continued

Please add the xsd namespace to the namespace declaration in the validation examples. This makes testing and development much easier because tools will recognize the namespace. version=”4-3″ xmlns=”http://www.fpml.org/2007/FpML-4-3″ xmlns:fpml=”http://www.fpml.org/2007/FpML-4-3″ xmlns:xsi=”http://www.w3.org/2001/XMLSchema-instance” xmlns:xsd=”http://www.w3.org/2001/XMLSchema” xsi:schemaLocation=”http://www.fpml.org/2007/FpML-4-3 fpml-main-4-3.xsd http://www.w3.org/2000/09/xmldsig# xmldsig-core-schema.xsd” xsi:type=”RequestTradeConfirmation” … It is the line xmlns:xsd=”http://www.w3.org/2001/XMLSchema” that needs adding to the examples. Take a look at ln-8 as an … Continued

The loan preconditions use the term “exist” rather than the correct terms “exists”. Correct the preconditions by changing the term to “exists”. This is a problem for 3 reasons. 1. Incorrect use of the English language. 2. Inconsistency with the rest of the validation rules which use exists. 3. “Exists” is a defined term and … Continued

The phrase “if and only if” is used frequently in the FpML Validation Rules. This phrase does not have its plain English definition, and consequently the phrase needs defining precisely. This is as per the VWG rules that terms must be defined. Following the VWG’s specification on how to define rules, this should be defined … Continued

The namespace declaration is missing for the XML Schema types in the FpML Validation Rules. For example cd-4b states: ” cd-4b (Mandatory) Preconditions: ISDA2003 Every documentation/ContractualTermsSupplement must not begin with the string ISDA1999Credit. ” The term “string” in this rule is the XML Schema string which is defined in the namespace “http://www.w3.org/2001/XMLSchema” which is usually … Continued

The FpML Validation Rules include a namespace section at the top of each page that defines the Rules. This needs to indicate what the given namespace is. The given namespace is the default element namespace. Today we have: ” Namespace http://www.fpml.org/2007/FpML-4-4 ” This would be: ” Namespace default element namespace =http://www.fpml.org/2007/FpML-4-4 ” This will clear … Continued