RE: FpML-EQD v2 Fw: FpML EQD WG Minutes 1400 LDN Fri 16 May 2008

Andrew,

The minutes state “FpML-4-3 is still being revised for Loan WG work, Swaps Wire interest leg dates proposal will also be included”

It should say “FpML-4-3 is still being revised for Loan WG work, Swaps Wire interest leg dates proposal will also be included”. FpML 4.3 is in Recommendation already so it’s closed.

Best Regards,

Marc

From: eqdwg@xxxxxxxx [mailto:eqdwg@xxxxxxxx] On Behalf Of andrew.p.parry@xxxxxxxxxxxx
Sent: Monday, May 19, 2008 9:42 AM
To: eqdwg@xxxxxxxx
Cc: matthew.d.rawlings@xxxxxxxxxxxx; mark.a.addison@xxxxxxxxxxxx
Subject: FpML-EQD v2 Fw: FpML EQD WG Minutes 1400 LDN Fri 16 May 2008

Name correction below

Andrew Parry
+44 20 7325 1486
Exotics and Hybrids Architecture
JP Morgan

----- Forwarded by Andrew P Parry/JPMCHASE on 19/05/2008 14:40 -----

Andrew P Parry/JPMCHASE

19/05/2008 09:36

To	fpml eqdwg
cc	Matthew D Rawlings/JPMCHASE@JPMCHASE, Mark A Addison/JPMCHASE@JPMCHASE
Subject	FpML EQD WG Minutes 1400 LDN Fri 16 May 2008

* Present

Mark Addision, JP Morgan
Takeo Asakura, Swaps Wire
James Clark, Swaps Wire
Marc Gratacos, ISDA
Lyteck Lynhiavi, ISDA
Robert Masri, DTCC
Andrew Parry, JP Morgan ( Chair )
Matthew Rawlings, JP Morgan
Sreedhar Segu, DTCC
Irina Yermakova, ISDA

* Minutes

We may have to wait for pressure from the industry to reduce legal drafting complexity, and so the subsequent complexity of resulting FpML models

FpML-4-4-LCWD-2 will be released in the next two weeks. Swaps Wire may make a further proposal for inclusion in the release

For business rules we do not have a 'last exercise' context, and so cannot have business rules which would depend on this. This should be specified as part of the exercise process

FpML-4-3 is still being revised for Loan WG work, Swaps Wire interest leg dates proposal will also be included

Many of our outstanding Validation Issues relate not only to correct _expression_ of the business rule, but also ensuring that the evaluation does always return a result. Validation WG should comment on the revised implementations, and/or provide alternate implementations

MG recorded our decisions in the online FpML issue tracking system during the course of our meeting, which are summarised in the decision section below

* Decisions

1. Adopt Swaps Wire interest leg dates proposal for inclusion in FpML-4-3 onwards
2. Adopt proposed resolution for the following issues

http://www.fpml.org/issues/view.php?id=702
http://www.fpml.org/issues/view.php?id=701
http://www.fpml.org/issues/view.php?id=700
http://www.fpml.org/issues/view.php?id=699
http://www.fpml.org/issues/view.php?id=698
http://www.fpml.org/issues/view.php?id=686
http://www.fpml.org/issues/view.php?id=685
http://www.fpml.org/issues/view.php?id=684
http://www.fpml.org/issues/view.php?id=683
http://www.fpml.org/issues/view.php?id=672
http://www.fpml.org/issues/view.php?id=677

3. Next meeting 1400 LDN Fri 23 May 2008

* Actions

TA/JC create further Swaps Wire proposal for inclusion in FpML-4-4-LCWD-2
MG confirm that Swaps Wire interest leg date type proposal is consistent with existing date type
LL arrange area on FpML website to host XQuery implementation of FpML business rules
RM contact Harry McAllister ( IRD WG Chair ) for advice on approach to compounding spread proposal
RM create compounding spread proposal
MR provide list of business rule condition and context
IY correct validation examples recorded as issues 703, 704, 705, 706

Andrew Parry
+44 20 7325 1486
Exotics and Hybrids Architecture
JP Morgan

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