FpML Version 4.0 Recommendation, 2 Apr
2004 Errata
About this document
This document lists the known errata to the FpML Version 4.0 Recommendation.
How this document is organized
Each erratum entry below has the following
information:
- A unique entry number.
- The date that it was added to the errata page.
- Whether the entry is considered an important error, a minor
typographical error, a clarification, or a known problem with the document
itself.
- The document version and section referred to.
- The location of the error.
- A description of the problem and correction if applicable.
The following issues are known in the FpML 4.0 recommendation.
cutNameScheme
- ID: 1
- Date Added: 2004-05-14
- Severity: Low
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-fx-4-0.xsd
Description:
The cutNameScheme attribute should have a default value "http://www.fpml.org/spec/2002/cut-name-1-0".
Disposition:
This has been corrected in the Recommendation. The schema has been updated.
sequence
- ID: 2
- Date Added: 2004-08-02
- Severity: High
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-eqs-4-0.xsd
Description:
The sequence element has no type; this causes generation problems. It should be integer.
Disposition:
This has been corrected in the Recommendation. The schema has been updated.
Messaging Section
- ID: 3
- Date Added: 2004-08-02
- Severity: Low
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-4-0-intro.pdf
Description:
There are missing diagrams in the PDF version of FpML 4.0 Recommendation (Messaging section).
Disposition:
This has been corrected in the Recommendation. The fpml-4-0-intro.pdf file
has been updated.
initialValue
- ID: 4
- Date Added: 2004-08-02
- Severity: Low
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-ird-4-0.xsd
Description:
The documentation for initialValue is missing in the schema.
Disposition:
This has been corrected in the Recommendation. The schema has been updated.
Strike
- ID: 5
- Date Added: 2004-08-19
- Severity: Medium
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-shared-4-0.xsd
Description:
The Strike type contains a mandatory id attribute. The id attribute should be optional.
Disposition:
This has been corrected in the Recommendation. The schema has been updated.
PrincipalExchange
- ID: 6
- Date Added: 2004-08-19
- Severity: Medium
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-ird-4-0.xsd
Description:
The PrincipalExchange type doesn’t have an optional id attribute. The id attribute should be present.
Disposition:
This has been corrected in the Recommendation. The schema has been updated.
Schema html documentation
- ID: 7
- Date Added: 2004-12-21
- Severity: Medium
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-asset-4-0.html, fpml-cd-4-0.html, fpml-doc-4-0.html, fpml-eqd-4-0.html, fpml-eqs-4-0.html, fpml-fx-4-0.html, fpml-ird-4-0.html, fpml-main-4-0.html, fpml-msg-4-0.html, fpml-shared-4-0.html.
Description:
The html documentation for the subschemas is not showing the multiplicity of the xsd:choice structures. It is not displaying the names for global elements either.
Disposition:
This has been corrected in the Recommendation. The html files listed above (Location) have been updated.
MandatoryEarlyTermination
- ID: 8
- Date Added: 2004-12-22
- Severity: Medium
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-ird-4-0.xsd
Description:
The annotation on MandatoryEarlyTermination/calculationAgent is wrong in fpml-ird-4-0.xsd. It said “A pointer style reference to a party identifier defined elsewhere in the document. The party referenced is the ISDA Calculation Agent for the trade. If more than one party is referenced then the parties are assumed to be co-calculation agents, i.e. they have joint responsibility.” But it should say “The ISDA Calculation Agent responsible for performing duties associated with an optional early termination.”
Disposition:
This has been corrected in the Recommendation. The description has been replaced. The fpml-ird-4-0.xsd has been corrected.
OptionalEarlyTermination
- ID: 9
- Date Added: 2004-12-22
- Severity: Medium
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-ird-4-0.xsd
Description:
The followUpConfirmation element was made optional within the FpML_OptionalEarlyTermination entity in the FpML 2.0 Trial Recommendation dated 30th August 2002 (see http://www.fpml.org/spec/2002/tr-fpml-2-0-2002-08-30) but that change was ever migrated across into FpML 3.0 and hence never made it into FpML 4.0 either.
Disposition:
This has been corrected in the 4.0 Recommendation. The followUpConfirmation element (inside the type OptionalEarlyTermination) is optional now. The fpml-ird-4-0.xsd has been corrected.
Stub Field population - examples ird02 and
ird05
- ID: 10
- Date Added: 2005-06-06
- Severity: Medium
- Version: rec-fpml-4-0-2004-04-02
- Location: ird_ex02_stub_amort_swap.xml, ird_ex05_long_stub_swap.xml
Description:
When FpML 1.0 was defined for interest rate swaps
we defined the rule that firstPaymentDate "must
only be included if there is an initial stub". This definition remains in
the FpML 4.x standard today for interest rate
components.
The rationale was that for vanilla swaps (without stubs) we wanted to make the FpML representation as simple as possible to generate, i.e.
without needing to implement any date logic to calculate payment schedules.
firstPaymentDate is missing
from the IRD example 5 (and also example 2).
Disposition:
This has been corrected in the 4.0 Recommendation. The ird_ex02_stub_amort_swap.xml and ird_ex05_long_stub_swap.xml examples have been updated.
fra/indexTenor cardinality is incorrect
- ID: 11
- Date Added: 2006-09-01
- Severity: Major
- Version: rec-fpml-4-0-2004-04-02
- Location: fpml-ird-4-0.xsd
Description:
The fra/indexTenor content model cardinality is
incorrect in FpML 4.x versus FpML
1.0/2.0. In FpML 1.0/2.0 the fra/indexTenor
cardinality is 'one or more' but in FpML 4.x it is
'zero or one'.
The 'one or more' cardinality is the correct one since it's possible to have
linear interpolation between 2 different index tenors on a FRA.
Disposition:
This has been corrected in the 4.0 Recommendation. The fpml-ird-4-0.xsd has been updated changing the cardinality of fra/indexTenor to maxOccurs unbounded.
Last updated on: 1 September, 2006