FpML-FXWG-Legacy Fwd: FW: [fpml-coord] More on portfolios and trade references within a s trategy

["Danielle Cauthen" <dcauthen@xxxxxxxx>]

--- In fpml-fx@xxxxxxxxxxxxxxx, Rick Schumacher 
<rick.schumacher@...> wrote:

FYI ...

-----Original Message-----
From: brian.lynn@... [mailto:brian.lynn@...]
Sent: Wednesday, December 05, 2001 8:41 AM
To: fpml-coord@xxxxxxxxxxxxxxx
Subject: RE: [fpml-coord] More on portfolios and trade references 
within
a s trategy



I'm with Steven that evolutionary rather than revolutionary changes 
are
warranted.

Rather than taking sides on the debate about whether the party 
should be
moved up to the root, why don't we just make <party> optional within 
both
the trade and the root element?  Then if a user wants a standalone 
trade,
he can fill it the party elements in the trade; if he wants a 
portfolio, he
can either fill it in at the root and reference the parties from the
trades, or he keep the party elements at the trade level and just 
make sure
to use unique id refs (e.g. <trade id="trade1"> <party id
= "trade1-party1"> ...).  After all, the <party> element is in 
effect just
defining some reference data that could be defined elsewhere (even in
another document).  So eventually you could theoretically have party 
refs
like href="www.jpmorgan.com/refdata/legalentitties/#JPMSI" (though I 
grant
that this approach is unlikely to be used broadly.)

- Brian






steven.lord@... on 12/05/2001 06:51:01 AM

Please respond to fpml-coord@xxxxxxxxxxxxxxx

To:   fpml-coord@xxxxxxxxxxxxxxx
cc:
Subject:  RE: [fpml-coord] More on portfolios and trade references 
within a
      s trategy


Some comments / thoughts

1. Use Of 'TradeReference'
My understanding of trade and tradeId is:
a. A trade is meant to represent a single 'confirmation' (single 
legal
transaction). Thus if two confirmations then two fpml trades. linkId 
is
intended to be used to link two trades that are part of the same
transaction but are seperate confirmations.
b. Strategy represnets a single 'confirmation' made up of several
products - this could be something like an option and delta hedge
traded together or could be a method of representing a product (eg a
straddle as two swaptions).
c. tradeId represents a unique id for the trade allocated by some
system.
d. Mutliple tradeIds allow for different systems allocating their own
id for the same trade. So perhaps a trade would have an id allocated
from Swapswire and one allocated from an internal system. Two ids but
they are for the same trade.

My understanding of what is being said in the document is that the
tradeIdReference is being used to allocate a unique id to each 
product.
This is using the multiple tradeIds in the trade header in a way not
originally intended. This would mean that at the trade level there
could be several ids that do not relate to the trade as a whole. This
seems inappropriate (as well as potentially confusing and ambiguous).
If products require their own ids then we should add an productId
element into the product rather than reference outside the product.

2. Portfolio
a. Does this add enough to the standard to warrant the change ?
b. If we do this I think 'tradeHeader' is a bad name since this is no
longer a header to a trade it's the trade itself.
c. Having party directly under FpML means that trades are not stand
along. Does this matter ?
Do we need such a dramatic change - can't we just a portfolio element
(zero or more) under FpML and make trade one or more. See diagram
attached.

Steven

-----Original Message-----
From: rick.schumacher
Sent: 04 December 2001 21:13
To: fpml-coord
Cc: fpml-fx; rick.schumacher
Subject: [fpml-coord] More on portfolios and trade references within 
a
strategy


During yesterday's Coordination Meeting, I mentioned that Ned Micelli
had
done some work on this subject and sent a document during our call.
Today,
I reviewed this with Ned, and I think he's come up with some 
interesting
ideas to potentially support two features:

*    Allow multiple trade id's within a strategy (by allowing for a
trade
id reference within the product node)
*    Allow for a portfolio of trades

We did a bit more work on this today, and I think we have a 
reasonable
starting point for discussion.  Comments, suggestions, and/or
improvements
certainly encouraged.

Regards,
Rick

 <<TradeID Thoughts.doc>>


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