FpML-EQD FpML EQD WG Minutes 1400 LDN Fri 18 July 2008

[andrew.p.parry@xxxxxxxxxxxx]

* Present

Mark Addison, JP Morgan
Jim Brous, Metro Solutions
James Clark, MarkIt
Krishna Devabhaktuni, Citadel Group
Marc Gratacos, ISDA
Rajan Khorana, Citadel Group
Lyteck Lynhiavi, ISDA
Robert Masri, DTCC
Andrew Parry, JP Morgan ( Chair )
Chise Yamamoto, DTCC
Irina Yermakova, ISDA


* Minutes

We do not require any further changes
to dividend handling at present. We have previously considered finer distinctions,
such as between cash and non cash dividends, and geographic variations,
such as special and memorial dividends in the Japanese market. Scheme controlled
dividend types would provide the ultimate flexibility, but introduce further
complexity, as business rules would have be created and used to control
the dividend type

Current ISDA legal drafting is highly
compatible with existing FpML structures, and continues to focus on the
industry commitments to the Federal Reserve for Derivatives Automation,
which firstly requires standardised definition

ISDA Equity Derivatives Operations Working
Group have a top 5 list of products for automation, and will next meet
on the 30th of July

Another focus of ISDA legal drafting
is clarification in the areas of Forwards, Basket Swaps and Options, and
Synthetic Futures, where market experience has shown improved documentation
is required


* Decisions

1. ISDA EQD Ops WG will guide our product
priority order
2. Next meeting 1400 LDN Fri 01 Aug
2008 


* Actions

JC communicate ISDA EQD Ops WG top 5
list of products following their 30th July meeting 
AP contact Katherine Darras for latest
ISDA legal drafting roadmap


Regards

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

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