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eqd-4 states: “Context: EquityBermudanExercise (complex type)” This is incorrect. The additional “n” in “Bermudan” is an error. It should be: “Context: EquityBermudaExercise (complex type)”

There is a problem today with some of the validation rules – they define a narrow context and then test constraints on elements that are out of scope for that context. For example, take eqd-1: ” Context: EquityAmericanExercise (complex type). commencementDate/adjustableDate/unadjustedDate must be equal to ../../../tradeHeader/tradeDate” The problem with this is that tradeHeader/tradeDate is out … Continued

The word “contains” needs to be defined for the validation rules. I suggest we adopt the XPath definition in the fn:contains without the use of a collation. This is significant for alphabets with accents, diaresis, etc.

The Validation Preconditions only apply when specific rules reference them. This is not defined in the Manual or the rules. Add a definition of when the preconditions apply. At the moment this is very unclear. I have seen preconditions applied incorrectly. If the preconditions apply selectively then they are not preconditions, but just a library … Continued

The documentation precondition on the EQD rules is out of date. It currently states: “Precondition: ISDA1999 The documentation/contractualDefinitions element or the documentation/masterConfirmation/masterConfirmationType element contains ISDA1999Credit.” 1. This shouldn’t be a precondition, because the rules should apply to all usage of the schema. 2. Most contracts are now ISDA20002, but anyway all should be covered (see … Continued

All references to “present” in the validation rules must be changed to “exists”. For example, from: “If firstPeriodStartDate is present, @href must match the @id attribute of a party element.” To: “If firstPeriodStartDate exists, @href must match the @id attribute of a party element.” The distinction between present and exists is significant. Take the example … Continued

The rule states: ” Context: Novation. If firstPeriodStartDate is present, @href must match the @id attribute of a party element.” It should be rewritten to state: ” Context: //element(*, Novation). When firstPeriodStartDate is present, then firstPeriodStartDate/@href must correlate to a //element(*, Party)/@partyId”. The changes here are: 1. We need to know it is the href … Continued

http://www.fpml.org/spec/2007/wd-fpml-4-3-2007-07-30/html/validation-rules/fragments/invalid-bp-1-01-fragment.html Please add the missing fragments. Currently the HTML page for business process rules resolves to nothing.

All examples have a correct relative path for validation except for Validation examples. Please add a relative path so they can be validated. This is especially important as validation uses the schema type information in its rules.

The 2006 ISDA Inflation Derivatives Definitions define the concept of a Fallback Bond in addition to a Related Bond and more crucially the ability for Fallback Bond: Not applicable to be specified in the confirmation. As of the latest working draft (July 30th 2007) this is not supported in FpML 4.3. Details are in the … Continued