FpML Issues Tracker

667: ISDA 1999 Precondition unhandled condition with optional elements

April 16, 2008

closed

Minor

Always

Validation Rules

Admin

None

Summary

The ISDA1999 Precondition doesn't cope with optional elements.

http://www.fpml.org/spec/fpml-4-4-5-lcwd-1/html/index.html " Precondition: ISDA1999 (context: Trade) (context: Contract) The documentation/contractualDefinitions element or the documentation/masterConfirmation/masterConfirmationType element contains ISDA1999Credit. "

This is clear when either both or either element exists, but undefined when neither element exists. If neither element exists is the result true, false, or undefined?

Notes:

  • matthewdr

    04/16/08 9:54 am

    The XPath for the current ‘Precondition’ is:

    (//element(*, Trade)|//element(*, Contract))/documentation[contains(contractualDefinitions, “ISDA1999Credit”) or contains(masterConfirmation/masterConfirmationType, “ISDA1999Credit”)] or false()

    The proposed XPath for the solution is:

    some $document in (//element(*, Trade)|//element(*, Contract))/documentation/(contractualDefinitions|masterConfirmation/masterConfirmationType) satisfies contains($document, “ISDA1999Credit”)

    The proposed rule for this XPath is:

    Precondition: ISDA1999Credit
    (context: Trade) (context: Contract) At least one of documentation/contractualDefinition element and documentation/masterConfirmation/masterConfirmationType element exists and contains the string “ISDA1999Credit”, otherwise false().

    This contains a change in name so as not to overlap with other preconditions of the same name, such as as the former EQD precondition.

  • matthewdr

    04/29/08 1:50 pm

    Discussed at the VWG. Agreed in principle subject to AJ having a look at it. AJ will send a yes/no note after reviewing it.

  • iyermakova

    05/20/08 1:46 pm

    ValWG 2008-05-20: agreement to make the change.

  • lyteck

    12/11/08 3:39 pm

    – changed condition name from “ISDA1999” to “ISDA1999Credit”
    (updated references in validation rules cd-3, cd-3b, cd-19 accordinly )

    – implemented agreed definition:

    “At least one of documentation/contractualDefinition element and documentation/masterConfirmation/masterConfirmationType element exists and contains the string “ISDA1999Credit”, otherwise false().”

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