FpML Issues Tracker

Summary

We propose that the tradeHeader be enhanced to allow institutions to record more information about trades, as follows:

- add an optional tradeStatus element, of (the existing)type TradeStatusValue. This will allow an FpML user to record the current status of a trade, e.g. in a trade repository or report. - add an optional "description" element, of type "xsd:string". This would allow a free form description or comment, such as "Hedge for bond issue"

We also propose that a default scheme be provided for the TradeStatus scheme.

Here is a list of proposed values for this scheme:

Prospective: A trade that has not yet been executed, e.g. is currently in negotiation (for instance, as part of an RFQ).

Executed: A trade that has been agreed by both parties (eg verbally by a trader, or via an electronic execution platform). This status might be used by the generator of an affirmation at trade time.

Confirmed: A transaction where one or more documents or other confirming evidence, exchanged between the parties, exists (including by means of an electronic messaging system or e-mail) which taken together, confirm all of the terms of that transaction.

Matured: A transaction that has passed its Termination Date, which is the last day of the term of the transaction. A transaction may also be regarded as matured if no longer has any economic significance, e.g. it has passed its final payment, exercise date, etc.

Exercised: An option, e.g. a cash settled option, which has been exercised and thus is no longer active. This may result in a new active trade, such as the underlying swap of a swaption.

Expired: An option which has passed its final exercise date without exercise and thus is no longer active.

KnockedOut: An option which has ceased to be in effect because a Knock Out event has occurred.

Transferred: A trade which has is no longer on this firm's books because it has been assigned to a different party/novated.

Cancelled: A trade which has been found to have been created in error and therefore was eliminated. (E.g. duplicate entry, unauthorized, accidental entry, etc.)

Terminated: A trade which has been terminated (e.g. bought out, early terminated, etc) prior to its normal termination date and thus is no longer active.