RE: FpML-Com rounding update

["Brian Lynn" <brian.lynn@xxxxxxxxxxxxxxxxxxx>]

When get feedback on this it might be worth making sure that the guidelines
address several different components of rounding:
1) rounding on the commodity prices
- typically done to multiple digit precision
- may be done before or after averaging, units conversion, fx conversion,
etc.
2) rounding on the exchange rates (if any), e.g. after averaging several
observations
3) rounding on the settlement amount (after multiplication of the price
times the volume)
- typically done to a currency specific precision, e.g. 0 or 2 decimals. 

When we say "what are the rules for rounding?" we may miss some of this
detail.  

- Brian

-----Original Message-----
From: commwg@xxxxxxxx [mailto:commwg@xxxxxxxx] On Behalf Of Piers Evans
Sent: Wednesday, June 18, 2008 1:27 PM
To: commwg@xxxxxxxx
Subject: FpML-Com rounding update

All,

Joanna Coelho from GS has given the following feedback on rounding in
response to the action from last week's call:

1. LEAP did some initial work on rounding and then handed this over to
ISDA in order to gain industry consensus.

2. ISDA are due to put out a proposal on this, but have not yet stated
when this will happen.

3. This is being followed up with ISDA to try and find out where the
process has got to.

The group should probably await further news before deciding on the best
rounding implementation using the information available at the time.

Thanks,

Piers Evans
+44 20 7071 0109



The content of this e-mail is confidential and may be privileged. It may be
read, copied and used only by the intended recipient and may not be
disclosed, copied or distributed. If you received this email in error,
please contact the sender immediately by return e-mail or by telephoning +44
20 7260 2000, delete it and do not disclose its contents to any person. You
should take full responsibility for checking this email for viruses. Markit
reserves the right to monitor all e-mail communications through its network.
Markit and its affiliated companies make no warranty as to the accuracy or
completeness of any information contained in this message and hereby exclude
any liability of any kind for the information contained herein. Any opinions
expressed in this message are those of the author and do not necessarily
reflect the opinions of Markit.
For full details about Markit, its offerings and legal terms and conditions,
please see Markit's website at http://www.markit.com
<http://www.markit.com/> .

----------------------------------------------------------------------------
---
To unsubscribe: Email majordomo@xxxxxxxx with a blank subject line
In the body include the line: unsubscribe commwg youremail@address
To view archives: http://www.fpml.org/_wgmail/_commwgmail/threads.html


-------------------------------------------------------------------------------
To unsubscribe: Email majordomo@xxxxxxxx with a blank subject line
In the body include the line: unsubscribe commwg youremail@address
To view archives: http://www.fpml.org/_wgmail/_commwgmail/threads.html