January 22, 2014

ISDA has published FpML 5.6 Recommendation

ISDA has published the Recommendation for FpML version 5.6 (build 5). This version includes the following changes compared with FpML 5.6 Second Trial Recommendation published on November 6, 2013:
  • Business Process:
    • Confirmation/Reporting/Recordkeeping Views: Added the value "PartialExercise" to the ExerciseActionEnum. See the business process examples 121 and 122 in Option Exercise and Expiry in Confirmation view. This is used for cases where the amount of the exercise is denoted elsewhere in the message, e.g. in the physical settlement information.
    • All Views: Enhanced the Approval structure to include the approved party for the specified item.
    • Pretrade View: Corrected fpml-business-event.xsd->"Events.model" to leave only "trade" in pretrade view and remove the rest. The now removed elements were erroneously added to the pretrade view. Removed: "originatingEvent","amendment", "increase", "terminatingEvent", "termination", "novation", "change", "additionalEvent" elements and associated types.
    • Pretrade View Deprecated components: Within fpml-pretrade-processes ->"RequestLimitCheck" and "OriginalRequestDetails", reinstated deprecation of the "requestingPartyReference" element. It was deprecated in 5-5 in favor of existing onBehalfOf element, but lost its deprecation attribute during the 5-6 development.
  • FX:
    • All Views: Allowed the tradeIdentifierReference in FxSwapLeg to have unbounded multiplicity. This allows reporting of several trade IDs (e.g. USI and UTI) for each leg of an FX swap. See products example 59 in Recordkeeping View.
  • Strategy All Views except Pretrade View:
    • Allowed tradeIndentifierReference in strategyComponentIdentifier to have unbounded multiplicity. This allows reporting of several trade IDs (e.g. USI and UTI) for each component of a strategy. See FX example 25 in Confirmation view for an example.
  • Shared:
    • Pretrade View: Non-backward Compatible change. Within Pretrade view -> fpml-shared.xsd -> Removed "settlementInformation", "discountFactor", "presentValueAmount" elements and attribute "href" within the Payment structure.
For a detailed overview of the changes, see the section CHANGES IN THIS VERSION in a specific view of the Specification. The Recommendation is available on the FpML website in the Specifications section at: http://www.fpml.org/spec/fpml-5-6-5-rec-1 More information on the timing of version 5.6 and the coverage and timing of future versions can be found in the FpML roadmap:http://www.fpml.org/roadmap/roadmap.pdf Please send us any comments by filling in the form at http://www.fpml.org/issues . The FpML Team