* Present
Marc Gratacos, ISDA
Raphael Iyageh, GS
Owen King, Markit (Chair)
Farzad Moshfeghi, Standard Bank
Michael Schifferdecker, DB
William Wise, Markit
Irina Yermakova, ISDA
* Apologies
Peter Stockman, DTCC
* Review outstanding actions
>> ALL to find out more details on averaging-in options.
Awaiting feedback. [Carried Forward]
>> 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]
>> PS to collate and circulate list of US power delivery locations.
PS sent the list [Closed]
>> FM to update CoalAttributePercentage.Model and
CoalAttributeDecimal.Model validation.
FM updated these structures [Closed]
* Minutes
1. Global commodity underlyer element
- MG explained that the creation of a global commodity under element
within fpml-asset would allow, for instance, equity baskets to contain a
reference to a Commodity Reference Price. MG will circulate the original
proposal for this to the group.
2. Physical COAL
- MS agreed to circulate the coal questions document within DB.
- FM outlined the changes to CoalAttributePercentage.Model and
CoalAttributeDecimal.Model. These ensure that either standardContent,
rejectionLimit or both must be present.
- OK noted that he would incorporate these changes into the next
version of the schema to be sent to the group.
3. Physical BULLION
- There were no specific objections to the proposals. However, RI
noted that GS do trade periodic physically-settled bullion trades which
would not be supported by the current schema. OK asked what
documentation these were confirmed under noting that the ISDA Bullion
Trade confirmation template does not support periodic transactions - RI
will investigate.
- FM noted that the CommodityForward and CommoditySwap types should be
more clearly annotated to explain their intended usage.
4. Physical POWER
- There were no objections to making the delivery element mandatory
and adding "AsPerMasterAgreement" to a default coding scheme.
- The group agreed not to provide a default coding scheme for
CommodityDeliveryPoint and that the scheme attribute should be made
optional.
5. Physical OIL
- There were no objections to the proposal to use Incoterms as a
default coding scheme for pipeline risk.
6. AOB
- MG asked whether the group felt the schema was complete enough to be
included in the Last Call Working Draft.
+ OK felt that there were still outstanding questions on coal but
was optimistic that these would be closed off soon.
+ FM agreed.
* 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).
[New] MG to circulate the original proposal for the creation of a global
commodity underlyer.
[New] MS to distribute the physical coal questions document within DB
for feedback.
[New] RI to find out what documentation physically-settled periodic
bullion trades are confirmed under.
[New] OK to update the CommodityForward and CommoditySwap annotations to
clarify their intended usage.
* Next meeting 15:00 UK / 10:00 US Fri 12th June 2009
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Attachment:
Physical Commodities Questions - Coal v1.doc
Description: Physical Commodities Questions - Coal v1.doc