FpML Issues Tracker

715: ird-48 is ignoring the optionality of cashSettlement in a swaption

May 21, 2008

closed

Minor

Always

Validation Rules

Admin

None

Summary

The rule ird-48 is falsely assuming the element cashSettlement exists.

The rule today is: " Context: Swaption (complex type) ird-48 (Mandatory) In cashSettlement/cashSettlementPaymentDate/relativeDate/dateRelativeTo, the @href attribute must point to the @id attribute of americanExercise, bermudaExercise or europeanExercise, whichever one exists. "

The correction is to add a condition that the optional elements exist: " Context: Swaption (complex type)[exists(cashSettlement/cashSettlementPaymentDate)] ird-48 (Mandatory) In cashSettlement/cashSettlementPaymentDate/relativeDate/dateRelativeTo, the @href attribute must point to the @id attribute of americanExercise, bermudaExercise or europeanExercise, whichever one exists. "

Notes:

  • matthewdr

    06/03/08 1:48 pm

    Agreed at VWG. Marc Gratacos to implement.

  • lyteck

    07/07/08 2:18 pm

    fixed (using new specs format)

  • matthewdr

    08/12/08 4:08 pm

    I have reviewed and am accepting the resolution.

    At a later time we must deal with the “@href attribute must point to” as it falsely implies href is a homunculus. This can be replaced with the symbol “=” as agreed at today’s VWG.

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