2021-08-31 Meeting notes
- 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.
6) For next week.
Proceedings:
Today we discussed the continued work on DER-105, and tweaked an explanatory note as well as discussed the distinction between bullion and bullion coin. Some references: see en.wikipedia.org/wiki/Bullion_coin, for example. Do we need this subclass?
CFTC glossary "Bullion: Bars or ingots of precious metals, usually cast in standardized sizes."
The question is whether or not we should have two subclasses: bullion and bullion coin, which would be disjoint. John will go back to his internal SMEs to help clarify.
From the U.S mint: A bullion coin is an investment-grade coin that is valued by its weight and fineness of a specific precious metal. Unlike commemorative or numismatic coins valued by limited mintage, rarity, condition, and age, bullion coins are purchased by investors seeking a simple and tangible means to own and invest in the gold, silver, platinum, and palladium markets. https://catalog.usmint.gov/coins/precious-metal-coins/bullion-coins.html
See also https://www.lbma.org.uk/good-delivery/gold-current-list#-
Gold coins will command slightly higher premiums over the spot price than gold bars, due to the extra minting costs, and the commemorative nature of their value. Gold bars should be priced very closely to the gold spot price, with just a small additional margin from the mint and merchant.
https://www.lbma.org.uk/good-delivery/about-good-delivery
For the time being we agreed to remove the distinction from the definition of bullion and to release the ontology with that change. Also discussed the UPI, which John heard was ahead of schedule. The current status is that it will go live next year, possibly July 2022, and we should track the status so that we can represent it as soon as it becomes available. See https://a-teaminsight.com/dsb-publishes-upi-implementation-timeline-lists-products-requiring-identifier-opens-second-fee-model-consultation/?brand=ati.