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MAZA
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Summary
Good morning FpML experts.
I have a question about the element tradeId in swaption FpML schema.
XPaths:
- /dataDocument/trade/tradeHeader/partyTradeIdentifier[1]/tradeId (PartyAndAccountReferences.model)
2. /dataDocument/trade/tradeHeader/partyTradeIdentifier[2]/tradeId (PartyAndAccountReferences.model)
These elements are mandatory according to the schema.
Annotation gives the following description:
"A trade reference identifier allocated by a party. FpML does not define the domain values associated with this element. Note that the domain values for this element are not strictly an enumerated list."
It is clear that this element does not contain domain values defined by FpML, but it is difficult to understand what information it can contain according to this annotation.
I have the following questions:
1. Can you explain a bit the essence of this element in more detail?
2. Where exactly (or by whom) is this element generated?
3. Did I understand correctly that they must be different for each partyTradeIdentifier (the validator does not allow them to be the same)?
Thank you in advance.
Hope for cooperation as usual.
Best regards,
Maksym
Notes:
MAZA
07/03/23 5:33 am
Good morning.
UPD: 3. Did I understand correctly that they must be different for each partyTradeIdentifier (the validator does not allow them to be the same)? – incorrect statement. FpML validator allows them to be equal and unigue.
John.Booth
08/17/23 2:09 pm
The TradeId element is the identifier assigned to the trade by the party referenced in the associated partyReference href. This identifier is generated by that party and is normally an internal identifier created and assigned by that party but it could be generated by a third party. The tradeIdScheme value would indicate the source of the identifier.
Additional tradeIds issued by counterparties and third parties such as CCPs can be included on the message to provide identifiers assigned by other institutions. The partyReference href would point to the party block for the institution assigning the identifier.
tradeIds for each party do not have to be different and their is no such validation or market practice rule in place, as it is possible for different parties to assign the same identifier to a trade, but the tradeId it should be unique for that party.
h_mcallister
08/31/23 12:06 pm
Further to John B’s explanation: PartyTradeIdentifier can be thought of as containing the tradeIds asserted by the referenced party (not necessarily restricted to those assigned by the referenced party). As noted, the tradeIdScheme may suffice to indicate to source of the identifier.
There is no obligation to produce a second instance (or multiple instances) of partyTradeIdentifier. In most contexts a single instance should suffice (tradeIds assigned by, or known to, the message publisher).
MAZA
09/06/23 8:32 am
Good afternoon,
@John.Booth and @h_mcallister thanks for such comprehensive answer, all crystal clear.
Regards,
Maksym