* Present Owen King, MarkitSERV (Chair) Peter Stockman, DTCC Alicia Szybillo, DTCC * Apologies Marc Gratacos, ISDA Raphael Iyageh, GS Henri Van Den Boogaerde, Murex * Minutes Due to limited attendance this week the group restricted their discussion to Peter Stockman's paper on emissions transactions: 1. Multiple Delivery Dates In the draft of the ISDA International Emissions Allowance Transactions Schedule published on 2009-10-20, an additional section was added to provide support for multiple delivery dates. Support for this could be achieved by using the existing CommodityDeliveryPeriods type, though this is primarily intended for contiguous periods, or the shared AdjustableOrRelativeDates type which would support only single-day delivery periods (i.e. delivery dates). 2. Options Because the physical options schema "embeds" a CommoditySwap or CommodityForward component, the definition of the emissionsPhysicalLeg will automatically be available for both forwards and options. 3.1 Receiving party and delivery party trading accounts It is likely that account numbers would be considered standing data and so would not be needed within the message. This assumption needs to be validated. 3.2 - 3.6 Further analysis is needed to understand under what circumstances would these fields be included on a confirmation? 3.7 Relevant Scheme To support cross-scheme and off-scheme trades, the type of allowance has been separated from the scheme under which it is traded. The allowanceType element (which extends IdentifiedAsset) contains the definition of the allowance itself. The optional tradingScheme element indicates the emissions trading scheme. 3.8 Delivery business Day The business day adjustments for the Delivery Date(s) are contained within deliveryDates element. 3.9 - 3.11 Further analysis is needed here but disruption related fields are included within EmissionsContent.model and could be grouped according to scheme. * Actions [Carried Forward] ALL to review and provide feedback on the return swap sample trade. [Carried Forward] ALL to review and provide feedback on the daily expiring option sample trade. [Carried Forward] HB to send the group the Murex XML representation of an emissions transaction. * Next meeting 15:00 UK / 10:00 US Fri 8th January 2010
Attachment:
Notes on Internation Emissions Allowance Schedule v0.docx
Description: Notes on Internation Emissions Allowance Schedule v0.docx
Attachment:
EmissionsPhysicalLeg.png
Description: EmissionsPhysicalLeg.png
Attachment:
fpml-com-4-7.xsd
Description: fpml-com-4-7.xsd
Attachment:
fpml-asset-4-7.xsd
Description: fpml-asset-4-7.xsd
