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Schema
XAPWG
MAZA
JasonPolis
Summary
Good afternoon FpML experts.
I have a question regarding the element productId (swaption schema), xpath: /dataDocument/trade/swaption.
1) Please clarify, what other data can be stored in this <productId> element besides UPI? The annotation to the element says the following: "It can also be used to hold identifiers of benchmark products or product templates used by certain trading systems or facilities", does this mean that any (except UPI) data of the user's choice can be placed here, for example info about CFI ?
2) I am also interested in what you put into the value of the <productId> element in the examples posted on the FpML site, for example: <productId>64209467</productId>. Is it a random value?
Thank you in advance,
hope for cooperation as usual.
Best regards,
Maksym
Notes:
JasonPolis
06/15/23 11:13 am
1) Each <productId> element can hold product identifiers from other systems,
qualified by the scheme of each system.
A <productType> element qualified by the CFI scheme in its attribute could contain the CFI. Refer to: FpML Coding Schemes #6.17 productTypeScheme
2) Examples typically contain made up values “plucked from the air” by the example’s author, including the example just above made up from the range of permitted values for CFI listed in:
https://www.six-group.com/dam/download/financial-information/data-center/cfi/cfi-20210507-current.xlsx
MAZA
06/16/23 2:23 am
Good morning,
Jason, thank you very much for such quick response.
Regards,
Maksym
MAZA
06/16/23 3:42 am
How should I use the list encoded in the scheme located at http://www.fpml.org/coding-scheme/product-taxonomy, for example, for swaption with underlying asset swap fixed/float ?
It should look something like this:
e.g. <SimpleValue>InterestRate:Option:Swaption</SimpleValue> = SR1234 ?
According to ISO 10962 CFI should contain 6 characters only.
Regards,
Maksym
JasonPolis
06/16/23 4:15 am
http://www.fpml.org/coding-scheme/product-taxonomy
is the coding scheme for the ISDA product taxonomy,
which is different to the ISO 10962 CFI.
It is the default value of the productTypeScheme attribute,
so can be omitted from a message as it is supplied by the schema. For example:
You may list multiple product types, typically just one type per coding scheme.
MAZA
06/16/23 5:43 am
Got it, thanks for the clarification.
When I use
<productType productTypeScheme=”http://www.fpml.org/coding-scheme/external/iso10962″>SRMCCN</productType>
instead of
<productType productTypeScheme=”http://www.fpml.org/coding-scheme/product-taxonomy”>InterestRate:Option:Swaption</productType>
and then validating the document through the validator located at:
http://com-tradeheader-fpml-validator.s3-website-eu-west-1.amazonaws.com/?submissionGuid=69edc85c-e2db-432a-95cb-f89b7536a2d9
I get the following validation error:
“Business Validation Error Rule: scheme-75 Context:/dataDocument/trade/swaption/productType Description:
An unrecognized URI scheme has been used as a qualifier.”
Which means non-default URI is not accepted.
It turns out that when I use a non-default URI (eg http://www.fpml.org/coding-scheme/external/iso10962) the document will always be invalid.
Regards, Maksym
mgratacos
06/23/23 10:14 am
Hi,
The FpML Validator currently only supports the ISDA Taxonomy codes defined at ttp://www.fpml.org/coding-scheme/product-taxonomy
Thanks,
Marc
MAZA
06/29/23 10:20 am
Good afternoon.
Thank you, Marc.
Can a document be considered valid if it contains http://www.fpml.org/coding-scheme/external/iso10962 even if it is not currently being validated?
Thank you.
Best regards,
Maksym
mgratacos
03/19/24 11:04 am
Yes, it can be considered as valid.