Re: FpML-BP FW: FpML-VAL formal response regarding product type rules

[andrew.p.parry@xxxxxxxxxxxx]

Does the information contained in the spreadsheet represent the views of 
each asset class working group ? 

Andrew Parry
+44 20 7325 1486
Exotics and Hybrids Architecture
JP Morgan




"Marc Gratacos" <MGratacos@xxxxxxxx> 
Sent by: bpwg@xxxxxxxx
14/08/2007 10:50
Please respond to
bpwg@xxxxxxxx


To
<bpwg@xxxxxxxx>
cc
"Simon Heinrich" <simon.heinrich@xxxxxxxx>
Subject
FpML-BP FW: FpML-VAL formal response regarding product type rules






See below the response from the validation working regarding the 
validation rules for product type scheme. 
 
However, I think this is a useful document so in the meantime, the 
document has been published in the working groups section of the website 
http://www.fpml.org/documents/groupdocs.html
 

From: valwg@xxxxxxxx [mailto:valwg@xxxxxxxx] On Behalf Of Andrew Jacobs
Sent: Monday, August 06, 2007 2:32 PM
To: valwg@xxxxxxxx
Subject: RE: FpML-VAL formal response regarding product type rules
 
I don't think rules relating product features to the value of the 
<productType> element are useful.
 
1. In a real system you must be able to determine the product type from 
the document structure if the type is not provided so the <productType> is 
duplicate data at best and a source of ambiguity at worst.
 
2. How detailed would we want to go with the classifications? Should 
vanilla products be recognisable compared to more exotic ones (e.g. simple 
options vs barrier options, single currency vs cross currency, straddle vs 
strangles, etc.)
 
3. A simple product extension may render the rule inappropriate but may 
not be detected by a simple implementation.
 
Product classification calls for a more complex taxonomic approach that 
can handle extension/abstraction and provide more useful algorithmic 
information to the processing application (e.g. is the production an 
option?). Once you can classify the product accurately checking the value 
of the <productType> (using any code value system) is a breeze.
 
Andrew
 
 
From: valwg@xxxxxxxx [mailto:valwg@xxxxxxxx] On Behalf Of Marc Gratacos
Sent: 31 July 2007 11:10
To: valwg@xxxxxxxx
Subject: FpML-VAL formal response regarding product type rules
All,
 
I had an action on my side to ask the group about a formal response 
regarding the product type rules and check on the rationale for not
including validation rules for product type scheme. See attached.
 
Kind Regards,
-Marc
+13472846531
 
 
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