Section 4.6.1 states: “The context of the rule must be defined such that incorporates everything referred to in a rule. The rule must not use the ancestor or parent axis, or use them in cojunction with any other axis. For example “../../tradeHeader” is precluded.” This contradicts: eqd-2 (Mandatory) expirationDate/adjustableDate/unadjustedDate must be greater than or equal … Continued
Section 4.6.1 states: “The context of the rule must be defined such that incorporates everything referred to in a rule. The rule must not use the ancestor or parent axis, or use them in cojunction with any other axis. For example “../../tradeHeader” is precluded.” This contradicts: eqd-1 (Mandatory) commencementDate/adjustableDate/unadjustedDate must be equal to ../../../tradeHeader/tradeDate.
Rules shared-5 requires that the payerPartyReference and receiverPartyReference be disjoint. This is to ensure the payer and receiver are disjoint. The problem is this rule falsely assumes that any two parties are always disjoint. There is nothing in the schema or Architecture to require two parties to be disjoint. In practise I am seeing messages … Continued
Zero coupon swaps with payment frequencies of 1T fire ird-2 even though the examples are correct from a business perspective. See answer from Harry: Marc, Lucio, I think the use of 1T for payment frequency in this case is justified – it is consistent with use of the idiom in other contexts, and provides a … Continued
The FpML schema states that FxLeg is a kind of Product. A type that represents a single exchange of one currency for another. This is used for representing FX spot, forward, and swap transactions. This is not correct. A FxSwap is a kind of Product. An FxSwap has two or more Legs. Why is this … Continued
The FpML Architecture should define the criteria for an element to be a header or footer element. What is it that makes something a header or footer element? What is it that makes something a tradeHeader element? I suggest that there is no semantic significance to something being in a header or a body section, … Continued
Currently there are three views defined “Pre-Trade”, “Confirmation”, and “Reporting”. The problem I have is the schema file names clash across three views. For example fpml-5-0-main.xsd in Confirmation clashes with fpml-5-0-main.xsd in Pre-Trade. My suggestion is that each schema name is unique. This could be by a choice of: * Unique named generated using annotations … Continued
How do I know which leg of a Swap a partial termination notional applies to? And how do I know the remaining notional on the other leg? What happens when the Swap is cross-currency, or notionals are unbalanced, or legally balanced but economically unbalanced, etc.
In the FpML trunk the following messages exist: ContractCreated ContractCancelled ContractFullTermination ContractFullTerminationCancelled ContractIncreased ContractIncreasedCancelled ContractNovated ContractNovatedCancelled ContractPartialTermination ContractPartialTerminationCancelled The error in the sequence is that “ContractCancelled” should be “ContractCreatedCancelled”. A ContractCancelled gets confused with a ContractTermination. What is mean is the ContractCreation is cancelled.
Modeling change recommendation: Generalize the IRD swaption model to use the new generic option model.