FpML Issues Tracker
closed
Minor
Always
Equity Derivatives
Admin
apparry
Summary
eqd-28 is missing an else clause.
The rule today is: " eqd-28 (Mandatory) Context: EquityMultipleExercise (complex type) If integralMultipleExercise is present, (minimumNumberOfOptions / integralMultipleExercise) must be a positive integer. Comment: When integral multiple exercise is present, minimum number of options exercised must be a positive integer multiple. "
The solution is to elevate the "if" clause to a condition on the context. : " eqd-28 (Mandatory) Context: EquityMultipleExercise (complex type)[integralMultipleExercise] minimumNumberOfOptions modulo integralMultipleExercise is 0. Comment: When integral multiple exercise is present, minimum number of options exercised must be a positive integer multiple. "
NB The expression "(minimumNumberOfOptions / integralMultipleExercise)" is unclear. It looks like an XPath expression to many.
Notes:
andrew
05/14/08 8:57 pm
Or re-word the description:
If integralMultipleExercise exists then minimumNumberOfOptions must be a positive integer multiple of integralMultipleExercise.
matthewdr
05/15/08 11:46 am
The issue raised here is the missing “else” clause. Rewording is good, but it won’t fix the missing “else” clause.
The business question here for the EQDWG is in which circumstances does the rule apply:
1. For all EquityMultipleExercise
2. For all EquityMultipleExercise that have an integralMultipleExercise
My proposal is that the second case is the correct business condition, and I ask the WG to verify this.
matthewdr
05/16/08 1:33 pm
Adopted at EQDWG today.
mgratacos
05/16/08 1:33 pm
EQDWG 2008-05-16: agreement to implement as suggested by Matthew.
h_mcallister
05/16/08 3:36 pm
Doesn’t this issue need to go to the Validation Working group?
h_mcallister
05/16/08 3:54 pm
It’s nice if the validation rules have an executable expression, however:
(1) XQuery is not the only possible expression of a rule
(2) Some rules cannot be conveniently (or even practically) expressed in XQuery
(3) The executable expression should not take precedence over the text description, which leaves the choice of executable form open to the implementer. This is consistent with the principle of FpML as an open standard.
Placing undue emphasis on a particular executable expression risks obfuscating, rather than clarifying, the interpretation of the rule.
matthewdr
05/16/08 5:37 pm
The general case of how to represent the rule has already been referred to the VWG. A decision is awaited.
On this specific rule the EQD consensus at the meeting was to finalize what the EQDWG consensus was and then accept any subsequent VWG comments if the VWG wish to comment.
The proposal is not in XQuery – it is in the stlyized English of the VWG. If the VWG changes its stylized English then the proposal will be changed to whatever the VWG decided. The proposal is in the VWG’s stylized English.
matthewdr
06/06/08 1:46 pm
Discussed at EQDWG. VWG decisions has happened and this is waiting for implementation.
mgratacos
06/06/08 1:47 pm
EQDWG: waiting for an implementation.
lyteck
07/10/08 8:02 pm
implemented with condition. used rule definition suggested by Marc G: “minimumNumberOfOptions must be a positive integer multiple of integralMultipleExercise”
matthewdr
08/12/08 5:28 pm
accepting resolution.