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FpML-Com 2009-05-22 Minutes


* Present
Marc Gratacos, ISDA
Owen King, Markit (Chair)
Farzad Moshfeghi, Standard Bank
Peter Stockman, DTCC
Alicia Szybillo, DTCC
William Wise, Markit
Irina Yermakova, ISDA

* Apologies
Raphael Iyageh, GS

* Review outstanding actions

>> ALL to find out more details on averaging-in options.
Awaiting feedback. [Carried Forward]

>> ALL To send example confirmations for power trades documented under
ISDA/EEI/GTMA.
No further confirms received. [Closed]

>> ALL to provide sample coal confirmations.
Some example confirms were received. [Closed]

>> ALL to provide feedback on the physical coal questions paper.
No feedback has been received yet, though several group members have
distributed the paper for comments. [Carried Forward]

>> FM to circulate revised coal product schema
FM sent the proposal to the group on 2009-05-21. [Closed]

>> PS to collate and circulate list of US power delivery locations.
PS has drafted the list and will circulate it to the group prior to the
next call. [Carried Forward]


* Minutes

1. Physical COAL

  - Review of coal product attributes proposal from Farzad Moshfeghi.

FM talked the group through the proposal, explaining that it took the
two previously separate structures for Standard Content and Rejection
Limits and merged them in such a way that the Standard Content and/or
Rejection Limit are contained within each individual product property.

The group agreed that this was a good approach. OK noted that it would
be technically possible to have a valid instance document with an empty
element (e.g. "ash") and suggested that CoalAttributeDecimal.model and
CoalAttributePercentage.model be enhanced to provide schema validation
that either one or both of standardContent and rejectionLimit must be
present if the parent element is present. MG and FM agreed.

  - Review of proposed changes to the schema to support non-US coal
transactions.

OK explained the changes, primarily the addition of USCoalDelivery.model
and USCoalProduct.model, that allow for International Coal transactions
to be supported. It was noted that USCoalDelivery.model should be
optional.

FM suggested that having deliveryAtSource as an href may be
unnecessarily complex if there is not a requirement to pick one source
out of several as the delivery point - a Boolean element could be used
instead. OK agreed, suggesting that feedback from the questions paper
should clarify this.

2. AOB

  - The group agreed there would be no call next week due to
vacations/holidays.

The next working group call will therefore take place on Friday 5th
June.

  - MG drew the group's attention to an email he had just circulated
(attached) regarding changes to the FpML representation of business
events that will be necessary for commodities, specifically around
notional quantities. The group is invited to provide feedback on this
proposal and also as to whether special considerations are required when
these events apply to physically settled transactions.


* Actions

[Carried Forward] ALL to find out more details on averaging-in options.

[Carried Forward] ALL to provide feedback on the physical coal questions
paper (attached).

[Carried Forward] PS to collate and circulate list of US power delivery
locations.

[New] FM to update CoalAttributePercentage.Model and
CoalAttributeDecimal.Model validation.

* Next meeting 15:00 UK / 10:00 US *Fri 5th June* 2009



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FpML has a set of business events such as novations, terminations, increases,...that I think are applicable to commodity transactions as well. In general, these events may affect somehow the notional amount of the trade. Within these events, right now the way the notional is expressed is either as a monetary amount (FpML type Money) or as number of options (type decimal) for option products. I think that the way commodities express quantity/notional should be added in order to support commodity trades within these events. I'd propose the inclusion of the following elements within the existing business events:

·        notionalQuantity (e.g. increaseInNotionalQuantity) of type CommodityNotional for financial trades

·        deliveryQuantity (e.g. increaseInDeliveryQuantity) of type CommodityPhysicalQuantity for physical trades

 

http://www.fpml.org/spec/fpml-4-6-3-wd-3/html/images/messaging/Increase.jpg

 

http://www.fpml.org/spec/fpml-4-6-3-wd-3/html/images/messaging/partial.jpg

 

http://www.fpml.org/spec/fpml-4-6-3-wd-3/html/images/messaging/Novation.jpg

 


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Title: FpML-Com Reminder: FpML Commodity Working Group call today (Friday 22 May) at 15:00 LON / 10:00 NYC

All,

Please note that there is a call today at 15:00 London / 10:00 New York.


AGENDA:

1. Minutes / Actions from last call (attached)

2. Physical COAL

  - Discussion of questions document (attached).

  - Review of coal product attributes proposal from Farzad Moshfeghi
(attached).

  - Review of proposed changes to the schema to support non-US coal
transactions (to follow).

3. AOB


Dial in details:

US: 1 888 481 3032

UK: 0 800 904 7961

Intl: 1 617 801 9600

Participant Code: 52016709


Regards,

Owen King
+44 20 7071 0137



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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/> .


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