FpML Issues Tracker
closed
Minor
Always
Documentation
h_mcallister
mgratacos
Summary
Code value "Percentage" in price-quote-units scheme has description:
"A percentage values (sic) expressed as a decimal, i.e. .05 means 5%."
Contrast with "Rate", documented as:
"A yield (typically an interest rate) expressed as a decimal. I.e. 0.05 means 5%."
The Rate definition is consistent with the FpML convention of representing rates as absolute values (so 5% is expressed as 0.05). However if we call something a Percentage, the expectation should be that the value is scaled accordingly (5% is expressed as 5). As the definition stands, there is no functional difference between Percentage and Rate (a distinction without a difference).
Either we remove Percentage (because redundant), or the code value should be redefined e.g.:
"A value expressed in percentage units i.e. 5 means 5%."
Notes:
mgratacos
02/15/18 5:05 am
Changed in the SVN Repository as agreed by the AWG on February 8, 2018. The description of the “Percentage” code now says: “A value expressed in percentage units i.e. 5 means 5%.”
The change will be published in the next coding scheme release.