FpML-BP minutes bpwg call 2010-05-14

[Marc Gratacos <MGratacos@xxxxxxxx>]

Participants
------------
Chris Funck (Chatham Financial)
Peter Stockman (DTCC)
John Avery (Sungard)
Santanu Chakraborty (Citigroup)
Lucio Iida (BlackRock)
Chito Jovellanos (ForwardLook)
Jonathan Viljoen (Standard Bank)
John Whelan (LCH)
Sreedhar Segu (DTCC)
Christian Unger (BBH)
MP Dumont (SWIFT)
Harry McAllister (BNPParibas)
Marc Gratacos (ISDA)

Apologies
----------
Martin Sexton (London Market Systems)
Brian Lynn (GEM)


Logistics
---------
If anyone is interested in chairing the Business Process Working Group, please let me know.

The conference calls will be biweekly at 11 h NYT. This was the usual schedule of the Modeling Task Force.

Review of charter
------------------
Marc updated that Option Exercise (and Expiry) is one of the processes that will be discussed in the upcoming meetings. There has been a proposal outstanding for a long time, that now with the new messaging framework in place, should be added to the standard.
There were comments on the addition of the following processes to the charter:
* Peter Stockman suggested the addition of physical dispatch of physical commodities as process to cover. There isn't a standard for the moment for this process.
* Securities transfering and resets were also mentioned as processes to be covered (I forgot to mention that the Reporting WG created a message for rate reset. This is published in version 5.0)
* There was some discussion around settlement but FpML has always been kept outside the settlement scope. FpML may contain all the information to calculate the payment but doesn't contain any messages for the actual payments. There are other standards that cover such processes.

Scope of WGs
---------------
There was some discussion regarding the scope of the working group and whether cash flow matching, portfolio reconciliation should be covered by the BPWG or the Reporting WG. There may be some overlap of scope.

As the current charter stands, the BPWG takes care of the Confirmation view processes and the Reporting WG takes care of the reporting view processes. However, Cash flow matching and Portfolio rec are not really reporting processes.

Marc will check with Brian and Karel to see if this needs to be reviewed.

Cash Flow Matching Issue
---------------------------
DTCC wants to include a reference to the trade (tradeId) within the GrossCashflow complex type. This is part of the Cash Flow Matching messages. The proposal needs to be reviewed by the appropriate working group, either the Business Process or the Reporting WG.


Please let me know if I missed anything.

Thanks and Regards,
Marc

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