Summary
eqd-26 is broken because numberOfOptions is not visible within the context of EquityMultipleExercise.
The rule today:
"
Context: EquityMultipleExercise (complex type)
eqd-26 (Mandatory)
maxiumumNumberOfOptions <= numberOfOptions
Comment: You cannot exercise more than the number of options you have.
"
The schema just doesn't have the field:
A type for defining the multiple exercise provisions of an American or Bermuda style equity option.
When multiple exercise is applicable and this element is present it specifies that the number of options that can be exercised on a given exercise date must either be equal to the value of this element or be an integral multiple of it.
When multiple exercise is applicable this element specifies the minimum number of options that can be exercised on a given exercise date. If this element is not present then the minimum number is deemed to be 1. Its value can be a fractional number as a result of corporate actions.
When multiple exercise is applicable this element specifies the maximum number of options that can be exercised on a given exercise date. If this element is not present then the maximum number is deemed to be the same as the number of options. Its value can be a fractional number as a result of corporate actions.
The property numberOfOptions comes at a much higher context: /FpML/trade/equityOption/numberOfOptions
The proposed solution is:
"
Context: EquityOption (complex type)
eqd-26 (Mandatory)
equityExercise/equityAmericanExercise/equityMultipleExercise/maximumNumberOfOptions le numberOfOptions
Comment: You cannot exercise more than the number of options you have.
"
Notes:
matthewdr
05/02/08 3:40 pm
In XQuery:
(for $equityOption in //element(*, EquityOption)The rule is badly broken in 4.4. See issue: http://www.fpml.org/issues/view.php?id=679 )
return
mgratacos
05/09/08 1:38 pm
EQDWG 2008-05-09: Correct as proposed. Remove rule eqd-17.
matthewdr
05/14/08 6:32 pm
There is an error in the proposal. The proposal only works for equityAmericanExercise. The proposal needs to work for all forms of multiple exercise.
The correct rule in XPath is:
”
every $equityOption in //element(*, EquityOption)[exists(equityExercise/*/element(*, EquityMultipleExercise))] satisfies $equityOption/equityExercise/*/element(*, EquityMultipleExercise)/maximumNumberOfOptions le $equityOption/numberOfOptions”
”
The XPath is long because the option exercise section needs refactoring. This is already scheduled.
The proposed solution is:
”
Context: EquityOption (complex type)[exists(equityExercise/*/element(*, EquityMultipleExercise))]
eqd-26 (Mandatory)
equityExercise/*/element(*, EquityMultipleExercise)/maximumNumberOfOptions <= numberOfOptions Comment: You cannot exercise more than the number of options you have. "
MarkAddison
05/22/08 9:45 am
eqd-26 is still broken because numberOfOptions is optional (as currently specified in the schema)
Therefore, an additional conditional clause is required to ensure the rule only applies when numberOfOptions exists.
The proposed solution is:
”
Context: EquityOption (complex type)[exists(equityExercise/*/element(*, EquityMultipleExercise))][exists(numberOfOptions)]
eqd-26 (Mandatory)
equityExercise/*/element(*, EquityMultipleExercise)/maximumNumberOfOptions <= numberOfOptions Comment: You cannot exercise more than the number of options you have. "
matthewdr
08/20/08 9:21 am
Please can the EQDWG consider Mark’s proposal this month.
iyermakova
03/24/09 8:30 pm
This issue was fixed. The rule was split into eqd-26 and eqd-26b
———————
eqd-26 (Mandatory)
English Description:
Context: EquityOption (complex type)
EquityDerivativeShortFormBase (complex type)
You cannot exercise more than the number of options you have. If numberOfOptions exists, and if equityExercise/equityAmericanExercise/equityMultipleExercise/maximumNumberOfOptions exists, then equityExercise/equityAmericanExercise/equityMultipleExercise/maximumNumberOfOptions must be less than or equal to numberOfOptions
XPath Description:
Context: element(*, EquityOption) (complex type)
element(*, EquityDerivativeShortFormBase) (complex type)
[exists(numberOfOptions)] [exists(equityExercise/equityAmericanExercise/equityMultipleExercise/maximumNumberOfOptions)]
equityExercise/equityAmericanExercise/equityMultipleExercise/maximumNumberOfOptions le numberOfOptions
—————
eqd-26b (Mandatory)
English Description:
Context: EquityOption (complex type)
EquityDerivativeShortFormBase (complex type)
You cannot exercise more than the number of options you have. If numberOfOptions exists, and if equityExercise/equityBermudaExercise/equityMultipleExercise/maximumNumberOfOptions exists, then equityExercise/equityBermudaExercise/equityMultipleExercise/maximumNumberOfOptions must be less than or equal to numberOfOptions
XPath Description:
Context: EquityOption (complex type)
EquityDerivativeShortFormBase (complex type)
[exists(numberOfOptions)] [exists(equityExercise/equityBermudaExercise/equityMultipleExercise/maximumNumberOfOptions)]
equityExercise/equityBermudaExercise/equityMultipleExercise/maximumNumberOfOptions le numberOfOptions
——————-