2021-09-07 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:
Notes on bullion from John Nowlin:
Physical metals fall into two categories: 1) bullion, which are coins, ingots or bars of a specific weight and purity; and 2) “numismatic” or collectible coins, which can be rare or old coins, or special proofs that are newly minted as collectibles.
Eligible bullion includes U.S. gold coins minted by the Treasury Department that are 1 ounce, 0.5 ounce, 0.25 ounce, or 0.10 ounce; 1 ounce silver coins; certain platinum coins; and gold, silver, palladium, and platinum bullion that meet or exceed the fineness requirements of a regulated futures contract.
We raised issue DER-107 to add a note to this effect with some additional comments (see the issue itself for those).
At the top level related to DER-84, there is currently no connection between a commodity instrument and a negotiable commodity or price of a commodity or index. We need to construct the union of those things and move the restriction on commodity spot instrument up to the commodity instrument level (or retain it but have the higher level / broader restriction be on the instrument). For a given negotiable commodity there needs to be the notion of what quantity of that commodity the instrument is talking about. The price would be expressed in an offer, but the contract would specify how much of some commodity if it is about the physical commodity, or price of a physical commodity or price movement of a physical commodity. Indexes are treated differently so we should ensure that we can handle that as well. We decided to push further discussion on this topic to next week.