I’m dialed in but getting music
From: loanwg@xxxxxxxx [mailto:loanwg@xxxxxxxx] On
Behalf Of Kalpesh Malavia
Sent: Tuesday, March 09, 2010 3:05 PM
To: loanwg@xxxxxxxx
Subject: RE: Loan FpML WG Meeting: 9 March 2010, 1000-1100EST (London
Time: 3-4pm)
Bhavik,
Please let me
know if we have call today.
Thanks & Regards
Kalpesh Malavia
The Depository Trust & Clearing Corporation
DTCC Loan/SERV, LLC
55 Water Street
New York, New York 10041
Office: 212-855-2340
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"Bhavik
Katira" <bhavik.katira@xxxxxxxxxxxx>
Sent by:
loanwg@xxxxxxxx
03/09/2010
09:57 AM
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Please respond to
loanwg@xxxxxxxx
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To
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<loanwg@xxxxxxxx>
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cc
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Subject
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RE:
Loan FpML WG Meeting: 9 March 2010, 1000-1100EST (London Time: 3-4pm)
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Further
feedback from participants:
1.
For “LcIssuanceNotice”, the FpML schema does not have a
“shareAmount” element available in “letterOfCredit” section to report LC lender
shares.
- Now included in the latest schema.
2.
Misys is utilizing “OneOffFeeNotice” to create notices for
upfront fees to primary and upfront fees to 3rd party. In the
“OneOffFeeNotice”, the “facilitySummary” section is required by FpML and
expected by DTCC. However, in Loan IQ, upfront fee to primary and upfront
fee to 3rd party are deal level event fees which will not have facility level
information. Can facilitySummary be an optional element in the
OneOffFeeNotice?
- We currently model one-off fees at the Facility Level only and therefore DO
require for there to be a reference to the facility. Should we introduce the
concept of deal-level fees…?
3.
This question is regarding “PricingChangeNotice”. In Loan
IQ, an SBLC can have 2 different LC fees: fee on lender shares and fee on
issuing bank shares. For outbound notice generation, both fees will be
mapped to the same fee type - “LetterOfCreditFee”. The issue comes in inbound
side. When a user accepts the inbound pricing change notice, Loan IQ will not
be able to identify which LC fee to create since the FpML only supports the
single Fee type “LetterofCreditFee”.
- Introduce a new type of fee which can be one-off or accrual based:
LCIssuanceFee…?
4.
In Fpml, the schema for interest rate, margin,
mandatoryCostRate and allInRate are just “decimal”. No place specifically says
it needs to be a positive decimal value. However, in DTCC document, it clearly
said the following. “The interestRate, margin, mandatoryCostRate,
allInRate elements must be a positive decimal value only up to 12 digits with
15 levels of decimal precision.”
- In previous discussions we opted to make these fields negative or positive.
Should we tighten those rules. Can anythone think of use cases where these
values could be negative…? From the business working group it was mentioned
that there are scenarios where the margin could be negative.
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 results.
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, March 08, 2010 9:44 AM
To: loanwg@xxxxxxxx
Subject: Loan FpML WG Meeting: 9 March 2010, 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
Agenda
1.
Walk-through of all working group feedback items (as
listed below). These proposals are included in the schema from GS attached.
2.
Next Steps.
Updates
to existing full schema and requirements document to follow.
Schema
Feedback/Proposals (as illustrated in the attached schema)
1.
PricingChangeNotice – For the OnGoingFeeRateChange
structure review the choice structure between a simple price and a tiered
price. This will allow support for scenarios such as utilization fees.
2.
InterestPaymentNotice – Last time we discussed adding
choice between an amount or PIK amount. We should also consider whether
some of the accrual structures should be choices as well.
3.
Trading structure proposed updates:
a.
DealTrade: Proposal for field additions:
- ActualSettlementDate – Actual date that the settlement takes place.
Only populated once settlement happens.
- WhenIssuedFlag – Need to identify when issued trades. i.e. traded
before the credit agreement has been signed.
- BreakCostsFlag – Need to identify if break costs should apply.
- DelayedCompensationFlag – Need to identify if delayed compensation will apply
(since by default it does)
b.
Should we remove the otherTradeTerms field…?
c.
DealTrade: Proposal for field changes:
- ParDistressedFlag – rename to documentationType and created
DocumentationTypeEnum with values “Par” and “Distressed”. This should
provide a more flexible way to model this concept.
- On buyerCounterparty and sellerCounterparty loanPartyContactType had
attribute pricingChangeReasonScheme which looks like a mistake. Rename to
loanContactPartyTypeScheme…?
- Can we abbreviate the AccrualSettlementEnum used by accrualSettlementType as
follows:
Settled without Accrued Interest – SWOA
Settled with Accrued Interest – SWA
Trades Flat – Flat
d.
Should we add Transfer Fee information?
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 results.
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, February 23, 2010 2:54 AM
To: loanwg@xxxxxxxx
Subject: Loan FpML WG Meeting: 23 February 2010, 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
Agenda
3.
Walk-through of all changes as noted in the requirements
document (v1.41 attached).
a.
Updated schema also attached.
4.
Next Steps
a.
Further updates/action items as a result of today’s
walk-through.
b.
Comparison of current development schema against 4.7 REC.
c.
Creation of a 5.x version of the latest development
schema.
Please
save the attached files and remove the .mail extensions.
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 results.
Copyright
©2008-2009. TenDelta™ LLC (US), TenDelta™ Limited (UK). All Rights Reserved.
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