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FpML-IM-Custodian FW: HIGH-LEVEL BULLET POINTS FROM TODAY'S FPML CALL
Forwarding to the WG.
-----Original Message-----
From: Dever, Michael J [mailto:mjdever@xxxxxxxxxxxxxxx]
Sent: Saturday, June 28, 2008 4:38 AM
To: Penny.Morgan@xxxxxxxxxxxxxxxx; burg.mj@xxxxxxxxxx; Iida, Lucio BGI
SF
Cc: Ross.Nightingale@xxxxxxxxxxxxxxxx; Danny.Shiggins@xxxxxxxxxxxxxxxx;
David.Neary@xxxxxxxxxxxxxxxx; Mark.Soussan@xxxxxxxxxxxxxxxx;
lblanco@xxxxxxxxxxxxxxxx
Subject: Re: HIGH-LEVEL BULLET POINTS FROM TODAY'S FPML CALL
One more point to add
If the account at the custodian is custody only we still need to
develop a cash message for these clients Sent from my Blackberry
----- Original Message -----
From: Morgan, Penny <Penny.Morgan@xxxxxxxxxxxxxxxx>
To: burg.mj@xxxxxxxxxx <burg.mj@xxxxxxxxxx>; 'Iida, Lucio BGI SF'
<Lucio.Iida@xxxxxxxxxxxxxxxxxx>; Dever, Michael J
Cc: Nightingale, Ross <Ross.Nightingale@xxxxxxxxxxxxxxxx>; Shiggins,
Danny <Danny.Shiggins@xxxxxxxxxxxxxxxx>; Neary, David
<David.Neary@xxxxxxxxxxxxxxxx>; Soussan, Mark
<Mark.Soussan@xxxxxxxxxxxxxxxx>; Blanco, Lydia G.
<LBlanco@xxxxxxxxxxxxxxxx>
Sent: Fri Jun 27 16:35:03 2008
Subject: FW: HIGH-LEVEL BULLET POINTS FROM TODAY'S FPML CALL
Hi there and Happy Friday!
Not really sure who I should send this to, but this is Western's logic
for pro's and con's relating to upfront payments being included in the
fpml prepared by Danny Shiggins. Perhaps we can use this as a starting
point for discussion and get feedback from various interested
parties......
Including Upfont Payment Information in FPML Trade Instruction Message
Pros
* One instruction equals less manual effort operationally
* Fund accounting at the custodian is able to link the
payment to the relevant trade more efficiently resulting in less breaks
Cons / Concerns
* SSI's - The trade notification message would have to be
expanded to include the broker SSI's
* The message would also have to include both the custody
account and the relevant cash account for some custodians
* Trade revisions - If the economics of a swap were
amended but the fees remained unchanged, how would this be communicated
? Resending the message could result in duplicate payments
* Returned cash - We often see fees relating to a swap
being returned to the bank or vice versa, meaning that we need to
re-instruct. How do we communicate this ? Resending the whole message
could result in duplicating the trade in the bank's accounting system.
If we re-instruct a pure cash instruction will the banks be able to link
this to the original trade ?
* For the banks that are initially not going to be able to
receive swift FPML we are going to convert the instruction to a fax. Are
these banks going to be happy with receiving a fax that doubles as both
a trade notification and a cash instruction ? We would presume not.
Best Regards and Have a Great Weekend
Penny
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