Extend the current FpML standard to support an electronic data representation for the Standard Credit Support Annex (SCSA).In addition define a framework to support an electronically executable platform for this SCSA agreement.
Chairs of Working Group
Pierre Lamy (Goldman Sachs)/ Michael Will (Docgenix)
The mandate of the Standard CSA Working Group (the 'Working Group') will be two-fold:
- Develop, as part of the FpML standard, an electronic data representation for the SCSA. As an input to this work, the SCSA Working Group will use the legal document a draft of which is expected to be available in early 2012.
- Actively participate, jointly with ISDA and SCSA Working Group members, in the definition of a framework to support an electronically executable platform for this SCSA agreement.
In July 2010 the ISDA Board decided to evaluate the feasibility of a Standard Credit Support Annex ('SCSA'). The SCSA Working Group presented recommendations in the Fall of 2011, which were approved by the ISDA Board and consisted in having a two-phased implementation
- A Pathfinder implementation for volunteer firms, with ISDA support, until mid-2012
- A market-wide adoption thereafter.
The group will meet once a week by teleconference (date and time TBD) 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 hours per week for meeting participation and document review in addition to the meeting time. Full members must have the agreement and support of their management before signing up to the Working Group. It is expected that participants will sign up to complete action items and make 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
Internal draft including sample reporting messages for review
Working draft published on FpML.org