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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

In ln-6 the term period is undefined. The term is not defined as an element nor a function, so it remains undefined and ambiguous. There is no element of that name in context. The rule today is: ” Context: InterestAccrualSchedule (complex type) ln-6 (Mandatory) interestRatePeriod/startDate,lenderLoanContractPeriod/startDate, interestAccrualPeriod/startDate must be equal in each period. ” There are … Continued

ln-4 refers to mlaCost which doesn’t exist in the schema. The rule today is: ” ln-4 (Mandatory) If mlaCost doesn’t exist and interestRate and margin and allInRate exist, then allInRate = margin + interestRate. “

ln-5 refers to mlaCost which is not in context. The loan today is: ” Context: InterestRatePeriod (complex type) ln-5 (Mandatory) If mlaCost and interestRate and margin and allInRate exist, then allInRate = margin + interestRate + mlaCost ” mlaCost doesn’t even exist in the schema.

ln-2 requires fixes for the missing else clause, and for the missing type of the keyword. The missing else clause is solved by adding the correct condition as per the VWG’s approved way of writing the rules. The FpML Rules when quoting a literal value have always given its type. For example cd-3 has “…must … Continued

Please add the following as a valid example for ln-1.