FpML Issues Tracker
closed
Minor
Have not tried
Validation Rules
danieldui
danieldui
Summary
This is related to issues 1059, 1081, 1082. These issues are closed closed, but AJ found a problem when implementing some rules.
I (Daniel) looked into this and I think that we neglected to update a few rules. I.e., we updated the *PartyReference rules in shared and FX. But we must have missed IRD. Possibly because we were looking only for rules that mention buyer/seller and not also for rules that mention payer/receiver.
Also check that if rules other than IRD are affected.
Notes:
danieldui
04/09/13 2:02 pm
ACTION: ISDA: Update IRD rules and check examples that use payer/receiver structure. Update the rules in the same way as the rules that use the buyer/seller structure have been updated.
lyteck
06/04/13 10:26 am
Email from Andrew Jacobs:
ird-8 is currently stated as:
ird-8 (Mandatory)
English Description:
Context: InterestRateStream
The @href attribute of payerPartyReference must not be equal to the @href attribute of receiverPartyReference
XPath Description:
Context: InterestRateStream
payerPartyReference/@href ne receiverPartyReference/@href
If I had an inter-book swap then the payerPartyReference and receiverPartyReference elements would refer to the same party (in FpMl 5.x) so the rule would fail. In FpML 4.x the account was inside party so the rule would have been correct.
I have updated the rule in the toolkit to reflect the new FpML party/account model but the documentation is still wrong. The rule needs to compare account references if the party reference are the same.
(payerPartyReference/@href != receiverPartyRefernce/@href) or
(exists payerAccountReference and exists receiverAccountReference and payerAccountReference/@href != receiverAccountReference/@href)
Regards,
Andrew Jacobs
FpML Lead Architect | Finance Technology | HSBC Bank Plc
lyteck
06/10/13 8:17 pm
fixed ird-8 as per Andrew Jacobs guidance (with slightly modified statement)
English Description:
Context: InterestRateStream
The @href attribute of payerPartyReference must not be equal to the @href attribute of receiverPartyReference. If they are equal, and if payerAccountReference and receiverAccountReference both exist, the @href attribute of payerAccountReference must not be equal to the @href attribute of receiverAccountReference
XPath Description:
(payerPartyReference/@href ne receiverPartyRefernce/@href) or (if ((payerPartyReference/@href eq receiverPartyRefernce/@href) and exists(payerAccountReference) and exists(receiverAccountReference)) then (payerAccountReference/@href ne receiverAccountReference/@href))