FpML-Com 2009-07-24 Minutes

["Owen King" <owen.king@xxxxxxxxxx>]

* Present
Marc Gratacos, ISDA
Raphael Iyageh, GS
Lyteck Lynhiavu, ISDA
Owen King, Markit (Chair)
William Wise, Markit
Irina Yermakova, ISDA

* Apologies
Peter Stockman, DTCC

* Review outstanding actions

>> ALL to find out more details on averaging-in options.
The group decided to close this action as no feedback had been received.
[Closed]

>> ALL to provide feedback on the physical coal questions paper.
[Closed]

>> All to provide copies of physically-settled option confirmations
[Carried forward]


* Minutes

1. Final changes to 4.6 schema

OK summarised the final changes that had been made to the schema that
will be included in the FpML 4.6 Trial Recommendation. There were no
objections.


2. Physical OPTIONS

RI agreed with the proposed schedule of work.

OK asked participants for feedback on whether physical gas options can
be confirmed under the NBP 97 terms.

The high-level design considerations outlined in the minutes were
discussed, there were no specific comments at this stage.

In order to allow the group sufficient time to prepare meaningful
proposals for physically settled bullion options, OK suggested that the
next call should be in two weeks time and asked that participants tried
to gather the following and share either with the group or directly with
him:

  - Physically settled bullion option confirmations

  - Internal trade schemas or messages for bullion options

  - Specific proposals for additions to the FpML schema to optional
physical settlement

The next working group call will therefore be on Friday 7th August.

* Actions

[Carried Forward] All to provide copies of physically-settled option
confirmations


* Next meeting 15:00 UK / 10:00 US Fri 7th August 2009



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