Updated schema
attached:
1.
Comm. Adjustment:
Introduced enumeration.
2.
General: Flag
fields renamed (FacilityRepayment.AdjustsCommitmentFlag,
LoanContract.ConditionPrecedentFlag).
3.
General:
ModificationFlag optional.
4.
General: Effective
Date added to FacilityNotice. Optional field.
5.
Rollover: Added an
option for FacilityRepayment vs Facility & LoanContract Repayment (to be
discussed).
6.
Rollover:
Conversion field captured at a higher level in the
structure.
7.
Rollover: Prior-
and Current- loan contract sections (renamed).
Please take a look and provide
feedback.
Regards,
Bhavik
Katira
CEO
TenDelta™
Fresh
insight. Pure logic.
www.tendelta.com
+1.917.582.4574 new york
+44.(0).7780.808732 london
TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions.
Copyright ©2008-2009. TenDelta™ LLC
(US), TenDelta™ Limited (UK). All Rights Reserved.
From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira
Sent:
Monday, November 09, 2009 11:23 AM
To:
loanwg@xxxxxxxx
Subject: Minutes - Loan FpML WG Meeting: 3 November
2009
Next Working Group Meeting:
17th November 2009: 1000-1100 EST (3-4pm
GMT)
Agenda, schema etc will be
sent prior to the meeting.
Minutes from 3rd
November 2009
1.
Comm. Adjustment:
Update the scheme for Increase/Decrease to an
enumeration.
2.
Comm. Adjustment:
The amount field should be an absolute figure (the enumeration defines the
direction).
3.
Business question:
What happens in the case that a commitment adjustment is refused…? Does this
affect the structure of the notification we have
created…?
4.
Business question:
Should we capture a flag to denote whether a commitment adjustment is
mandatory from the borrower’s perspective…?
5.
Business question:
Should we capture a ‘schedule date’ (in the case where the adjustment is
pre-defined)…?
6.
General design:
All ‘flags’ should be named consistently (we decided to maintain a –flag
suffix).
7.
General design:
Modification flag should not be required in the Facility Notice
section.
8.
General design:
There was a discussion around corrections. The working group agreed that there
is effectively a window within which modifications to existing business events
can take place. But, if the event has been processed and there has been cash
movement then a correcting event may need to take place. In this latter case,
the eventId may need to be different. To be discussed further… (current
structure should still be able to handle this scenario).
9.
General design:
Move the effective date into the Facility Notice section (the wg agrees that
all facility business events should have an associated effective
date).
10. Rollover: Some
providers/agents may not be able to provide full details of specific loan
which have been repaid during a rollover. WG members have stated that they may
only be able to provide facility repayment details in cases. The current loans
in this scenario would be a set of new loan contracts. Unfortunately, this
would mean making the loanContractRepayment (within the Repayment structure)
optional. This, in turn, brings up the question as to what kind of validation
there will be around the provision of loanContractRepayment details… This
needs to be discussed further.
11. Rollover:
Conversion flag should be captured at a higher level within the rollover
message structure.
12. New Request: Rate
Set Notices. In a rollover situation where we have multiple existing loan
contracts transforming to a new set of loan contracts, each of the contracts
may require a rate set notice to be created. At the moment the rate set notice
is not part of the rollover message. Is the expectation that the sender would
need to generate separate rate set notices for each loan contract ‘rolling
over’ or should we incorporate this workflow within the rollover structure
itself…?
Regards,
Bhavik
Katira
CEO
TenDelta™
Fresh
insight. Pure logic.
www.tendelta.com
+1.917.582.4574 new york
+44.(0).7780.808732 london
TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions.
Copyright ©2008-2009. TenDelta™ LLC
(US), TenDelta™ Limited (UK). All Rights Reserved.
From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira
Sent:
Tuesday, November 03, 2009 9:49 AM
To:
loanwg@xxxxxxxx
Subject: RE: Loan FpML WG Meeting: 3 November 2009,
1000-1100EST (London Time: 3-4pm)
Additional Item to add to the
list below
12. New Request: Rate Set
Notices. In a rollover situation where we have multiple existing loan
contracts transforming to a new set of loan contracts, each of the contracts
may require a rate set notice to be created. At the moment the rate set notice
is not part of the rollover message. Is the expectation that the sender would
need to generate separate rate set notices for each loan contract ‘rolling
over’ or should we incorporate this workflow within the rollover structure
itself…?
Regards,
Bhavik
Katira
CEO
TenDelta™
Fresh
insight. Pure logic.
www.tendelta.com
+1.917.582.4574 new york
+44.(0).7780.808732 london
TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions.
Copyright ©2008-2009. TenDelta™ LLC
(US), TenDelta™ Limited (UK). All Rights Reserved.
From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira
Sent:
Tuesday, November 03, 2009 3:25 AM
To:
loanwg@xxxxxxxx
Subject: Loan FpML WG Meeting: 3 November 2009,
1000-1100EST (London Time: 3-4pm)
Dial-in
Details
US: + 1 (888) 481 -
3032
Intl: + 1 (617) 801-
9600
UK: 0800
904-7961
Participant Code:
28413758
Please refer to the attached
schema design.
Items to
discuss:
1.
Design Proposal:
Introduction of a Commitment Adjustment Structure.
a.
Review
structure
b.
What business
scenarios should it be used…? Is it simply when there is a commitment change
where no cash flow occurs…?
c.
Agree that it
should be used whether there is a decrease or an
increase.
d.
Change can be
positive or negative…? Or should we have a flag followed by an absolute
amount…?
2.
Design Proposal:
Should we introduce an ‘Effective Date’ in the facility notice
section…?
3.
Design Proposal:
Rollover changes
a.
Added
‘effectiveDate’.
b.
Renamed
‘Maturing-‘ to ‘Prior-‘ and ‘New-‘ to ‘Current-‘.
c.
Introduced the
‘currentLoanContract’ structure
d.
CurrentLoanContract contains a optional choice which
contains either a DrawdownPayment, loanContractIncrease or
conversionFlag.
4.
Design Proposal:
L/C Termination should contain the change amount rather than the prior amount.
More generically, should we be capturing change amounts in all notices, rather
than prior amounts…? (It was mentioned in the last call that prior amounts are
notoriously difficult to extract in many cases).
5.
Design Proposal:
Interest payment adjustment added to InterestPayment structure. Should we
capture this extra field to take into account an adjustment from a previous
period…? The other option is to capture this in the new Cash Flow section and
make it generic to all business events.
6.
Design Proposal:
Updated the LenderLoanContractPeriod in the InterestAccrualSchedule to
InterestLoanContractPeriod. This is to account for the fact that the interest
accrual may not be based on the actual lender position. It may be based on a
portion of the lender position. E.g. A repayment occurs mid-accrual period and
the interest relating to the repayment amount is paid. When the interest
payment is communicated, the underlying InterestLoanContractPeriod, not the
full lenders loan contract position.
a.
Are we interest in
knowing whether the InterestLoanContractPeriod is actually the lender’s
position…?
b.
Should we
represent both InterestLoanContractPeriod and
LenderLoanContractPeriod…?
7.
Confirm:
Modification Flag in Facility Notice. There is no way to tell multiple
instances of a modification… is this an issue…?
8.
Confirm: L/C
contains amount and participation amount.
9.
Confirm: Choice
containing full deal structure in the Facility Notice.
10. Confirm: Contacts
structure.
11. New Request: In
the following scenarios should we expect to send multiple messages out or come
up with a combination message type:
a.
Repayment with
Interest
b.
Repayment and New
Loan
c.
Multiple On-Going
Fees, Interest Payments, Rate Fixes, Margin Changes etc…
Regards,
Bhavik
Katira
CEO
TenDelta™
Fresh
insight. Pure logic.
www.tendelta.com
+1.917.582.4574 new york
+44.(0).7780.808732 london
TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions.
Copyright ©2008-2009. TenDelta™ LLC
(US), TenDelta™ Limited (UK). All Rights Reserved.
From: loanwg@xxxxxxxx
[mailto:loanwg@xxxxxxxx] On Behalf Of Bhavik Katira
Sent:
Monday, October 19, 2009 6:19 PM
To:
loanwg@xxxxxxxx
Subject: No Loan FpML WG Meeting: 20 October
2009
All,
Unfortunately I have a clash
with this call for tomorrow and will be travelling.
In the last few weeks we have
had feedback from working group members regarding:
-
Increased
flexibility with the Rollover Notice structure – especially with respect to
increases & repayments.
-
Suggested updates
to the Business Validations from the business working
group.
-
Suggested updates
to the L/C structure.
-
Suggested updates
to the Interest Payment structure to cater for the case where we have a
partial interest payments, mid-period.
-
The introduction
of Contact information.
-
Simplification of
new vs modified messages using a flag to denote the
difference.
-
The introduction
of a simple Commitment Adjustment structure.
The feedback has been great
and we are expecting more, based on our last FpML call.
A new copy of the schema will
be available as soon as the latest changes are in. We are waiting for some
feedback on a few design points – we expect it to be completed at some point
this week.
Please keep sending in your
comments as they relate to applying the standards to real-life
messages.
Regards,
Bhavik
Katira
CEO
TenDelta™
Fresh
insight. Pure logic.
www.tendelta.com
+1.917.582.4574 new york
+44.(0).7780.808732 london
TenDelta™
provides business process consulting, technology design & education
services; specializing in the Syndicated Loan Market. Entrusted with
engineering innovative & logical solutions; we endeavor to deliver timely,
robust, cutting-edge solutions.
Copyright ©2008-2009. TenDelta™ LLC
(US), TenDelta™ Limited (UK). All Rights Reserved.
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