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FpML-BP FW: BOUNCE coord@xxxxxxxx: Non-member submission from ["Matthew Rawlings" <matthew@xxxxxxxxxxxxxxx>]
See below feedback from Matthew:
-----Original Message-----
From: coord@xxxxxxxx [mailto:coord@xxxxxxxx]
Sent: Monday, July 09, 2007 4:10 PM
To: coord-approval@xxxxxxxx
Subject: BOUNCE coord@xxxxxxxx: Non-member submission from ["Matthew
Rawlings" <matthew@xxxxxxxxxxxxxxx>]
Feedback:
This needs doing, and thanks for making a proposal.
"TradeModified" - the problem with the name of the message is that you
are
not modifying the trade; you are modifying the report of the trade. Why
not
call it "TradeExecutedModified"? The problem I have seen is people using
modifications of the report to modify the trade (economic amendments),
in
error.
"TradeCancelled" - this has the same problem that it does not cancel a
trade, but cancels the notification of the trade. Why not call it
"TradeExecutedCancelled"? The problem I have seen is people using
cancels of
notification to represent cancels (unwinds, counter-bookings), in error.
How does the TradeExecuted message differ from TradeAffirmed or
ConfirmQuoteAccepted? All three provide notification of an execution.
Why
not just have one message to notify of execution?
Why do these have two parties rather than two trade sides? Presumably
this
is because this will need to wait until FpML 5.0?
To what extent is this process consistent with the Contract messages?
Most
usage of Trade A2A I have seen has been really messaging of Contracts
(resultant from allocations).
Matthew Rawlings
+44 791 539 7824
_____
From: awg@xxxxxxxx [mailto:awg@xxxxxxxx] On Behalf Of Brian Lynn
Sent: 09 July 2007 19:04
To: coord@xxxxxxxx; bpwg@xxxxxxxx; awg@xxxxxxxx
Subject: FpML-AWG Trade Execution messages
At today's coordination committee meeting I promised to write up the
proposal to add trade execution messages in more detail.
I've attached a write-up with diagrams, and a preliminary schema.
Note that this write up doesn't contain anything on enhancements to the
pre-trade process; I'm working on another short document to discuss the
options in that area.
Regards,
Brian Lynn
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<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>Feedback:<o:p></o:p></span></font><
/=
p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>This needs doing, and thanks for =
making a
proposal.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>“TradeModified” –
=
the
problem with the name of the message is that you are not modifying the =
trade;
you are modifying the report of the trade. Why not call it =
“TradeExecutedModified”?
The problem I have seen is people using modifications of the report to =
modify
the trade (economic amendments), in error.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>“TradeCancelled” =
– this has
the same problem that it does not cancel a trade, but cancels the =
notification
of the trade. Why not call it “TradeExecutedCancelled”? The
=
problem
I have seen is people using cancels of notification to represent cancels
(unwinds, counter-bookings), in error.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>How does the TradeExecuted message
=
differ
from TradeAffirmed or ConfirmQuoteAccepted? All three provide =
notification of
an execution. Why not just have one message to notify of =
execution?<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>Why do these have two parties =
rather than
two trade sides? Presumably this is because this will need to wait until
=
FpML
5.0?<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'>To what extent is this process =
consistent
with the Contract messages? Most usage of Trade A2A I have seen has been
=
really
messaging of Contracts (resultant from =
allocations).<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 color=3Dnavy face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial;color:navy'><o:p> </o:p></span></font></p>
<div>
<p class=3DMsoNormal><b><font size=3D2 color=3D"#003366" =
face=3DArial><span lang=3DEN-US
style=3D'font-size:10.0pt;font-family:Arial;color:#003366;font-weight:bo
l=
d'>Matthew
Rawlings</span></font></b><font color=3Dnavy><span lang=3DEN-US =
style=3D'color:navy'><o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D1 color=3D"#003366" face=3DArial><span
=
lang=3DEN-US
style=3D'font-size:7.5pt;font-family:Arial;color:#003366'>+44 791 539 =
7824</span></font><font
color=3D"#003366"><span lang=3DEN-US =
style=3D'color:#003366'><o:p></o:p></span></font></p>
</div>
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<p class=3DMsoNormal><b><font size=3D2 face=3DTahoma><span lang=3DEN-US
style=3D'font-size:10.0pt;font-family:Tahoma;font-weight:bold'>From:</sp
a=
n></font></b><font
size=3D2 face=3DTahoma><span lang=3DEN-US =
style=3D'font-size:10.0pt;font-family:Tahoma'>
<st1:PersonName w:st=3D"on">awg@xxxxxxxx</st1:PersonName> =
[mailto:<st1:PersonName
w:st=3D"on">awg@xxxxxxxx</st1:PersonName>] <b><span =
style=3D'font-weight:bold'>On
Behalf Of </span></b>Brian Lynn<br>
<b><span style=3D'font-weight:bold'>Sent:</span></b> 09 July 2007 =
19:04<br>
<b><span style=3D'font-weight:bold'>To:</span></b> <st1:PersonName =
w:st=3D"on">coord@xxxxxxxx</st1:PersonName>;
bpwg@xxxxxxxx; <st1:PersonName =
w:st=3D"on">awg@xxxxxxxx</st1:PersonName><br>
<b><span style=3D'font-weight:bold'>Subject:</span></b> FpML-AWG Trade =
Execution
messages</span></font><span lang=3DEN-US><o:p></o:p></span></p>
</div>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span =
style=3D'font-size:
12.0pt'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'>At today’s coordination committee =
meeting I
promised to write up the proposal to add trade execution messages in =
more
detail.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'>I’ve attached a write-up with diagrams,
=
and a
preliminary schema.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'>Note that this write up doesn’t contain
anything on enhancements to the pre-trade process; I’m working on
=
another
short document to discuss the options in that =
area.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'>Regards,<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span lang=3DEN-US =
style=3D'font-size:
10.0pt;font-family:Arial'>Brian Lynn<o:p></o:p></span></font></p>
</div>
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------=_NextPart_000_0043_01C7C26D.767C4D30--
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