Re: FpML-BP minutes 5/23

[vjain@xxxxxxxxxxxx]

Marc,
Small correction, I am Vinod K Jain from Bank of New York (BNY). I think
some mistake with same name from WIpro. Please correct.
Thanks
---------------------------------------------------------
Vinod Jain
Client Information Services
The Bank of New York
New York, NY 10286
 vjain@xxxxxxxxxxxx
-------------------------------------------------------


                                                                        
             "Marc Gratacos"                                            
             <MGratacos@isda.                                           
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                                                                Subject 
             05/29/2007 06:28         FpML-BP minutes 5/23              
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Present
=======
Brian Lynn (GEM)
Irina Yermakova (ISDA)
Michael Fitzgerald (SWIFT)
Pierre Lamy (GS)
Vinod Jain (Wipro)
Christian Unger (BBH)
John Booth (Northern Trust)
Steve Ross-Talbot (Hattrick)
Marc Gratacos (ISDA), chair

Minutes
=======
Review of Actions
1. Review of actions
>>> Action (OPEN): MG to document scenarios where lack of message
rejected/timeout for cash flow matching messages this is required.
>>> Action (OPEN): IY to propose a message or messages for responding to
a request or a notification, with the ability to:
- indicate that the message was received (but not necessarily processed)
- indicate that the message was processed successfully.
>>> Action: BL/MG to document that generic product is intended to be
used only for portfolio composition reporting and reconciliation
(deferred to Generic Product discussion)
>>> Action (DONE): BL to identify the new fields that would be required
to meet the list in the spreadsheet for the portfolio reconciliation
data standards (attached)
>>> Action (DONE): IY circulate the existing portfolio reconciliation
Documentation

2. Product types: disagreement on the fact that the Validation Working
doesn't agree to include product type rules as validation rules. These
rules should applicable to the FpML scheme. If it is not included, it
can be published as separate document with links from the values
description.

3. Generic product: GS uses a very skinny representation for complex
products. Agreement that there are benefits on including this generic
product. There is an open question on whether a more optional
representation based on the confirmation view is better than a generic
representation. Brian mentioned that from his experience, in some cases,
the data is so poor that it is even hard to fill out the elements that
you'd require for generic product. Agreement to include generic product
for reconciliation. Need to update elements based on the analysis that
Brian did.

AOB
Issues with choreography and fixing identities. We'll talk about it in
the next meeting. People can continue discussions in the mailing list.

Actions
=======
MG Check with validation Working group on rationale for not including
validation rules for product type scheme.
BL Update generic product representation.

Kind Regards,
-Marc
+13472846531

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