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Migrating from FpML 4.x Contract Messages

Migrating from FpML 4.x Contract Messages. Message Comparison. 10 message types: ContractCreated ContractCancelled ContractIncreased ContractIncreasedCancelled ContractPartialTermination ContractPartialTerminationCancelled ContractFullTermination ContractFullTerminationCancelled

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Migrating from FpML 4.x Contract Messages

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  1. Migrating from FpML 4.x Contract Messages

  2. Message Comparison • 10 message types: • ContractCreated • ContractCancelled • ContractIncreased • ContractIncreasedCancelled • ContractPartialTermination • ContractPartialTerminationCancelled • ContractFullTermination • ContractFullTerminationCancelled • ContractNovated • ContractNovatedCancelled • New messages proposed for: • Amendments • Non-negotiated changes • Full terminations not used by CUG • Based on ‘Contract’ payload • Messages proposed for each of the same operations • Except full and partial terminations combined into one message • Includes amendments and non-negotiated changes • Based on ‘Trade’ payload • Consistent with other business process (i.e. Confirmation) FpML 4.x FpML 5

  3. Correlation & Sequencing • ‘conversationId’ convention used to relate messages • Sequencing derived from contract identifier versions • Explicit ‘correlationId’ element used to relate messages • Could be populated with value currently in the ‘conversationId’ • Explicit ‘sequenceNo’ element • Could be populated from identifier version number FpML 4.x FpML 5

  4. Corrections And Retractions • Corrections handled by resending same message type with later version • Every message type has a ‘cancel’ message to retract • Naming of ContractCreated and ContractCancelled inconsistent with other messages • Corrections use same message type as original but later sequence number • isCorrection element indicates a correction • Every operation has a consistently named retraction message FpML 4.x FpML 5

  5. Trade vs Contract • All the features of contract can be mapped to trade • See paper for details • No additional information is required • Could use XSLT to map from one to the other

  6. Message Flow • Contract Notifications have no response messages • Can’t indicate success or failure • SWIFT network can only provide delivery receipt • New messages have both negative and positive responses • Could be omitted by implementers if necessary FpML 4.x FpML 5

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