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Thanks for attending today’s call -- a summary appears
below. Attendees: Marc Gratacos (ISDA) Ben Lis (T-Zero) Lyteck Lynhiavu (ISDA) Rupali Parab (GS) Andrew Parry (JPM) Henri Pegeron (DTCC) Irina Yermakova (ISDA) Meeting Recap: 1. ISDA2003CreditFixedRecoverySwap Proposal
The group moved to add the ISDA2003CreditFixedRecoverySwap
value to the contractualSupplementScheme. The new version of this scheme will
appear in the next published version of the FpML schema. Ben, Henri, Jamie Orme
and Marc will verify that the examples of Fixed Recovery Swaps are updated to
reflect this additional scheme value. 2. ELCDS Proposal Henri walked the group through his proposal for adding
support the ISDA European Loan CDS template (i.e. “CDS on Leveraged Loans”).
There was general support for moving this proposal forward. The proposal does call
for new elements to be added to the Obligations complex type. This raised the question
as to whether we should go with the 4.x empty element approach or the MTF
endorsed explicit Boolean type that we are adopting in 5.0. After the call, Ben
contacted the coordination group for guidance on how to move forward. 3. Wrapping up MTF Work Marc provided us a status report on his efforts to
incorporate all MTF changes in the current subschema. This involves not only
structural changes to the schema but also changes to the annotations. When this
work is completed, Marc will circulate to the CDWG for review. 4. Loan CDS and CDS on MBS Validation and
the Examples Marc has discovered that there are validation errors arising
with our current Loan CDS and CDS on MBS examples. He feels we probably need to
revise our validation rules (i.e. rules are being triggered that should not be
applied to a Loan CDS or CDS on MBS). Marc and Rupali will investigate further
and suggest validation rule changes back to the CDWG.
5. AOB Marc reminded the group that the extended use of entityType
suggest by GS is still under consideration. We still need to raise these
concerns addressed by Karel: “The entity type for FTD baskets has exactly the
same role as the transaction type for the matrix or the
MCA’s. It has been suggested in the legal groups that this should be
standardized and that the FTD elections should be the same as the matrix
transaction types. There seems to be agreement on the principle but it was
never prioritized on the legal side. Next meeting is scheduled for July 30th, 2008. Ben Lis Head of Product Management &
Integration T-Zero 212.323.6041 www.tzero.com From: Time: 9:00 –
10:30AM, NY 2:00 –
3:30PM, LDN Call-In details: US: 1 888 - 481 –
3032 Intl: 1 617- 801- 9600 Part. Code: 52016709 Agenda: 1.
ISDA2003CreditFixedRecoverySwap Proposal from Karel Engelen of ISDA (see 1st
attachment) 2. ELCDS Proposal
from Henri Pegeron of DTCC (see 2nd attachment) 3. Wrapping up MTF
Work 4. Loan CDS and CDS
on MBS Validation and the Examples 5. AOB Please let me know if you think anything else needs
to be added to the agenda. Thanks very much, Ben Lis Head of Product Management &
Integration T-Zero 212.323.6041 www.tzero.com |