FpML News
ISDA has published the Recommendation for FpML Version 4.5
ISDA has published the Recommendation for FpML Version 4.5.
This Recommendation is available on the FpML website in the Specifications section at: http://www.fpml.org/spec/fpml-4-5-6-rec-1/
The following is an overview of the changes compared with the Trial Recommendation for FpML Version 4.5, which was published on January 05, 2009.
- Syndicated Loan:
- The Standards Committee agreed to amend the Syndicated Loan model of the schema, to include one non-backward compatible change:
- Within On-going Fee Notice, amended the fee accrual period structure by making the accrual amount a mandatory element. Rationale for this Non-Backward Compatible change: The accrual amount itself should not be optional.
- Other changes to the Syndicated Loan model of the schema include:
- Within On-Going Fee Notice and One-Off Fee Notice, a choice model between required elements loanContractSummary and lcSummary was made optional, instead of a required choice of the same optional elements. Rationale: Defines the design more accurately.
- Within Rollover Notice and One-Off Fee Notice, grouped two separate elements interestPayment and interestAccrualSchedule that represent an associated interest payment, into InterestPaymentDetails.model group model. Rationale: When an interest payment is made, both elements should be populated.
- Within Price Change Notice, amended margin rate change structure by added a choice of borrowingOptionType and loanContractSummary instead of having them as two separate optional elements. Rationale: A choice provides clearer schema validation in the case where there is a margin rate change. Every re-pricing would refer to either one or another.
- Within Price Change Notice, the element pricingChangeReason was made optional. Rationale: There are scenarios where the reason may not be clear, or necessary to include.
- Commodity Derivatives:
- Removed settlementPeriod from the Commodity underlyer used by Electricity transactions. Rationale: to avoid backward incompatible changes in future releases since the structure was not fully developed .
- Validation Rules:
- Credit Derivatives Validation Rules have been corrected.
- Syndicated Loans Validation Rules have been corrected.
- Test cases for the Reference Validation Rules have been added.
- The following issues have been resolved:
More information on timing of future versions can be found in the FpML roadmap: http://www.fpml.org/roadmap/roadmap.pdf
Please send your comments to us by filling in the form at http://www.fpml.org/issues
The FpML Team
