Commodity Reporting Working Group
Mission: Extend the current FpML standard to define reports covering the CFTC's 17 CFR Part 20 regulations, which require reporting of positions in a number of covered commodities resulting from OTC swaps and options trading activity. Note: the working group builds on initial work done in this area by a Task Force
Chairs of Working Group
Brian Lynn (Global Electronic Markets)
CFTC ISDA ARK Edi Solutions Bank of America Barclays Capital BNP Paribas BP CitiGroup CME Group Credit Suisse Deutsche Bank DTCC Enovatus Ernst & Young FIA Goldman Sachs ICE IFM- Institute for Financial Markets Ion Trading Macquarie Morgan Stanley New Edge NGX RBC Capital Markets RCG - Rosenthal Collins Group LLC Shell Societe Generale Sungard UBS Bank of Montreal Ernst & Young TD Securities Wells Fargo
Scope: Develop FpML schemas and examples, coding schemes, and supporting documentation to support the Part 20 reporting effort. Specific objectives will include:
- Review Part 20 reporting requirements published* by the CFTC and identify any gaps or areas of lack of clarity.
- Develop and review schemas and examples corresponding to the CFTC regulations .
- Identify any additional product types or scenarios that would require additional examples.
- Resolve any representation issues that would prevent the efficient production and effective use of the report.
- Ensure that all necessary coding scheme have been identified, initial values defined, and process for maintenance defined.
Meeting Schedule: The group will meet once a week for one hour by teleconference: Wednesdays (at 12pm New York / 11am central / 5pm London) We'll have additional thread meetings as needed. Rules of Operation: The working group will adopt the FpML Working Group Rules of Operation. These outline best-practices for meetings, managing member participation, reaching group consensus and voting. Estimated time commitment from Participants: Members should be prepared to commit approximately 2-4 hours per week for meeting participation and document review. Full members must have the agreement and support of their management before signing up to the Working Group. It is expected that participants will be signing up for action items and proposals, and will generally be participating in discussions during the week. Participants will also need to liaise with other working group members to ensure the consistency of the standard. Experience has shown that occasional face-to-face meetings can expedite the process so members should be aware that some travel and full-day meetings might be required Target Participants: Business analysts, technical architects, business specialists