FpML Issues Tracker

Summary

The National has been reviewing the FpML Trial Recommendation with a view to the recommended standard and to extend the standard to meet additional requirements for the Bank. In undertaking this process we have have detected what we consider may be a minor omission, in the FRA definition.

Currently, the FRA template does not provide for the payment date to be defined. In Australia, it is possible that the settlement amount of an FRA may not occur on the date that the rate (and hence the settlement amount) is fixed. At National, we have considered extending the FpML definition to include an adjustment for payment date. This, however, would mean that there are deals which could not be fully specified by the FpML model. Such a scenario would adversely affect a B2B confirmation.

If we have missed an element of the definition, then we would be grateful for your guidance. Otherwise, we request that you consider including a structure to allow for the specification of a payment date which differs from the settlement date of the FRA.

The National is evaluating FpML as a basis for standard XML definitions of Financial Instruments and is keen to participate in dialogue regarding its development. We would als like to know when is it proposed that the FpML - Trial Recommendation will become a Full Recommendation?

Regards Max Gillmore Project Manager - Global Wholesale Technology Systems Solutions