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 updated schema (to follow).
3. Physical BULLION
- Update to commodityForward annotation: "This can only be used where
the forward product can consist only of a single period, i.e. a single
date is agreed on which delivery will occur. If multiple periods can
potentially be supported for the commodity, commoditySwap should be
used. The use of commodityForward is therefore currently limited to
Bullion."
4. Financial Options
- It has been noted that optionType within commodityOption contains
values that are not currently appropriate in the context of the
commodities schema: "Forward", "Payer", "Receiver", "Straddle".
+ This element is part of OptionBase which is extended by
CommodityOption. Does the group feel it is worth re-architecting this
part of the schema? Could OptionBase itself extend a simpler type that
does not contain optionType?
5. Readiness for 4.6 Trial Recommendation
6. 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
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.
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Attachment:
Physical Commodities Questions - Coal v1.doc
Description: Physical Commodities Questions - Coal v1.doc
--- Begin Message ---
- To: <commwg@xxxxxxxx>
- Subject: FpML-Com
- From: "Owen King" <owen.king@xxxxxxxxxx>
- Date: Fri, 5 Jun 2009 17:46:03 +0100
- Reply-to: <commwg@xxxxxxxx>
- Sender: <commwg@xxxxxxxx>
- Thread-index: Acnl/RzqjtMpW7qhSy6AgHZZF4B0mw==
- Thread-topic:
* 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 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/> .
--- End Message ---