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2018-09-18 Meeting notes

2018-09-18 Meeting notes

Owned by Dennis Wisnosky
Last updated: Oct 23, 2019 by Elisa Kendall

Date

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.

JN sends a spreadsheet of CFTC work on Collateral Terms. EK FIBO has not modeled much in collaterization. 


MA to JN  Some fields are not in the Federal Register. JN Working to get this voluntary now. Will be added to the FedReg.




DN The  spreadsheet has nomenclature specific to CFTC? Product  types and some  abbreviations. JN This is a draft. FWD means forward. 

MA How do these compare with what EK was mapping. DN These are commodity swaps.  ED did  IRS. 

TC How is it  decided what is leg 1 and leg 2? Is there a difference. JN No. Max The  fixed is where there is more money. DN This is good, it gives us something concrete to work on,

MA TEHRE  ARE 4 THINGS GOING ON UNDER REG REPORTING Modernization.  GSIBS  in Europe. ISDA on CDM. FCA RegTec for  machine executable reporting. LabCFTC call for input. MA  is suggesting IRS as a common use case. Then could show a supply chain flow from collection to reporting to analytics. Looking at EMIR and Part 45 Reporting requirements. Can we align the regulatory rules and then map to FIBO. Also have an expert from Columbia U looking at this. Would like to align and  map by working with all  of these people. Could also bring in ISDA and FIBO experts to then have a single demo for the industry. JN Sounds spot on.

DN Need more IRS work to fully map to ISDA and the other groups. Need a cross section of SMEs to fully do a deep  down strong vertical probe  into a particular domain, i.e. IRS. The spreadsheet  on commodites is a welcome addition. Is there something similar on IRS?

MA there are new initial margin requirements rules from CFTC. They have asset types, pricing, exposure, liquidity.

ACTION: MA  will send JN the paper and JN will look at it. 

DN to EK Have u been  working on the JIRAs. No, working on Q3  deliverables. Will have something Oct 9th.  

MA will  have work done to be discussed on  Oct 2nd. 

DER-41 EK will  get to on her  own, also DER-49.

DER-55 EK needs to be assigned to Pete. 


DER-13 EK needs help on this and other newer JIRAs. 

EK has a call on Oct 19 with TC that should fill in some gaps. 

EK has loaded all FPML Business  Centers. It is automated so will be updated every time FPML is updated. Uses PR script. Not in Jenkins. Pete runs.  OMG  publishes the script. Pete does LCC script refining. EK need a subscription to the standard to run. Needs to be vetted. Lot of steps. 

EK demonstrates how the MIC code adds to FIBO are being done. PR sends EK an initial group and then she reviews and answers  PR questions and makes manual overrides. EK is PR QA person. Every time there are new things that must be reviewed. Can't generate some relationships. Must be manual. NYSE ownership on line not  correct. Had to be determined manually. 

DN We should have some editorial note on much of this saying that  it  may not be current. Need an  use at risk  statement. MA LEIs wrong? EK Yes! DN We need a legal  disclaimer. 

Max There is a structure  for codes and identifiers that is generic.  FIBO should use it. The  info such as  LEI is advisory. It can't be maintained current. EK Yes,  we say this  is  what  was published but this  org  at this date.  Max trying to be  perfect is a chasing your tail exercise. MA We just need to  say who is responsible for the content.  EK We do. 


EK FIBO does LCC and  MIC. MA how do we have exchange info? EK in the MIC. EK shows the most current disclaimer.  MA is happy with it. EK Business Centers  trivial, not MIC. Need to automate then QA and adjust. Intent is to be published in Sept 30 FIBO release.  

EK examples  will be hand crafted and explained as such. Has done  for Chi Board Options Exchange and others by hand. Only good as of that date. 

There will be a giant pull request soon on the MICs being worked by Pete and Elisa. 

Date for Lab CCTC depends on having a working demonstration. Perhaps this can come out of  the Chi training material.

6) For next week.


Proceedings:


Decisions:

Action items