FpML Issues Tracker
closed
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Equity Derivatives
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apparry
Summary
eqd-25 is: " Context: BrokerEquityOption (complex type) eqd-25 (Mandatory) Preconditions: SameCurrency If numberOfOptions, equityPremium/paymentAmount and equityPremium/pricePerOption are present then: equityPremium/pricePerOption/amount * numberOfOptions = equityPremium/paymentAmount/amount. Comment: This is equivalent to eqd-20, but for brokerEquityOption, where there is no optionEntitlement. "
The precondition "SameCurrency" is too strong. The only items that must be the same currency are the pricePerOption and the paymentAmount. We shouldn't be checking the other items.
Writing out the rule correctly in XQuery gives:
"
(for $brokerEquityOption in //element(*, BrokerEquityOption)[fn:exists(numberOfOptions)][exists(equityPremium/paymentAmount)][exists(equityPremium/pricePerOption)][val:same-currency((equityPremium/paymentAmount,equityPremium/pricePerOption))]
return
With the precondition becoming a global function: " declare function val:same-currency($money as element()*) as xs:boolean (: Are all instances of a currency within these money elements are the same currency. In Saxon-SA the signature would be declare function val:same-currency($money as fpml:Money()*) as xs:boolean :) { (count(distinct-values($money/currency)) le 1) and (count(distinct-values($money/currency/@currencyScheme)) le 1) }; "
Following the FpML conventions this should be written out as: " Context: BrokerEquityOption (complex type)[fn:exists(numberOfOptions)][exists(equityPremium/paymentAmount)][exists(equityPremium/pricePerOption)][val:same-currency((equityPremium/paymentAmount,equityPremium/pricePerOption))] eqd-25 (Mandatory) equityPremium/pricePerOption/amount * numberOfOptions eq equityPremium/paymentAmount/amount. Comment: This is equivalent to eqd-20, but for brokerEquityOption, where there is no optionEntitlement. "
Notes:
matthewdr
05/09/08 1:18 pm
Discussed at EQDWG. Agreed to adopt the proposal.
mgratacos
05/09/08 1:20 pm
EQDWG 2008-05-09: agreement to what it is proposed to amend the rule.
iyermakova
05/14/08 7:16 pm
The way it is expressed needs to be checked by the Validation Working Group.
lyteck
07/16/08 8:31 pm
implemented as proposed using the new specs format.
matthewdr
08/12/08 5:24 pm
Accepting the resolution.