Date

03 Jul 2018

Attendees

Agenda

1) Use Case reminder

2) Where we are on our road map.

3) Open Action Items

4) JIRA Issues Review - https://jira.edmcouncil.org/projects/DER/issues/DER-10?filter=allopenissues

5) Todays content discussion.

6) For next week.

Proceedings:

David Newman asks Max to research Commodaty swaps. Max wants to be sure that he is thinking CS the same way that John Nowlin is thinking. Not that much diff between CS and IRS. CS is locking in a price and then recurring payments at that price.

DN There is some basic content. Commodity derivative contract. EK what is there is FIBO Informative. Early and "not good OWL". Need to know more what JN wants and then can do triage on existing.

DN We need an overview of what CFTC says are CS's. EK I need an SME on CS. DN Could do CDS if can't find CS SME. FIBO does have CDS. Could use this in any case. This is an option. Max FIBO does have some amounts. This is in FND. EK FIBO has a framework for units based on SysML. Max Need details such as a concept of mass and volume. EK the actual FIBO represents the notion, but not the units. Could bring units of measures in. Max need the concepts of mass and volume and grade or quality. These are quite detailed.

EK will go through the original MB provisional FIBO and see what is there.

Max Could start with the most simple transaction. Exchange a particular quantity for money. Could be very simple, but really need to tease out the concept of grade. Need to refresh on how recurring swaps are managed. Once units of measures and grade is understood, then CS follows same pattern as FFS.

EK DER could propose units of measure. Max FND already has fundamentals. Don't recall if grade was discussed. EK Grade applies to metals and oil? Max and others such as Wheat and others that are not necessarily uniform. Need to understand CFTC use cases. Need to understand different scenarios. There are various nuances of deliverables.

EK Every FIBO has various classes in commodity but very little that can be reused. Max Need to understand the difference between the transaction on a fundamental form and the rules that would be imposed on an exchange. Often this is quite complex.

DN Need to reach out to John Nowlin when he returns. Cancel next week DER. Give JN time to prepare to present CFTC view of CS. Need something bottom up to focus.

ACTION: DWiz cancel next week and communicate to John Nowlin need for help.

Decisions:

Action items

Dennis Wisnosky cancel July 10th DER.
John Nowlin Find some Commodity SME help to begin July 17th.