FpML Issues Tracker

Summary

Validation Rule cd-15 has a test termed "occurs".

The rule today: " Context: CreditDefaultSwap (complex type) cd-15 (Mandatory) If there is exactly one generalTerms/referenceInformation/referenceObligation, and cashSettlementTerms/valuationDate/singleValuationDate occurs, then the value of cashSettlementTerms/valuationMethod must be Market or Highest. "

With my experience I believe what is meant is to test for existence - say a test equivalent to the exists() function in XPath. However for non-experts it isn't clear what "occurs" means in this case. To say whether a date occurs or not could make many to think it means either have we passed the date, or any other sort of possibility around the Contract being in place on that date.

The VWG already discussed this topic and agreed to use "exists" consistently. See issue #436. Please change this rule to fall into line with the VWG decision.

The fixed rule is: " Context: CreditDefaultSwap (complex type) cd-15 (Mandatory) If there is exactly one generalTerms/referenceInformation/referenceObligation, and cashSettlementTerms/valuationDate/singleValuationDate exists, then the value of cashSettlementTerms/valuationMethod must be Market or Highest. "