1. Reboot

2. Under New Management The Standards Committee has selected a new chair Andrew Jacobs and Daniel Dui will co-chair the group The group will continue to meet on Tuesdays ISDA will provide a regular teleconference number Meetings will be bi-weekly Allows enough time between meetings to make progress on issues It suits WG members given their availability.

3. Outline Plan There are five areas that need to be addressed Issues that can be resolved quickly Update of the Validation Architecture Definitions linked to date calculations The non-normative rule format Product rule updates

4. Issues to Resolve Quickly #682 eqd-17 fix broke the context Need to add guards for optional elements #825 Invalid examples for Ref rules What this current status? #933 Rules Documentation invalid against its schema Has this been fixed? #941 Finish XPath conversion Does this just need reviewing? #942 CD Conditions Has Daniels note been implemented? #943 Single context per Rule Has the analysis been performed? What needs to be updated to implement this? #977 Example for shared-20 Has this been implemented> #978 Invalid shared-16/17 examples Has this been implemented? #979 Missing shared test cases Has this work been completed? #980 Missing reference test cases Has any progress been made on this?

5. Update of the Architecture Background The document needs to put across more of the reasoning behind validation rules: Rules exist to define FpML to a level of precision that goes beyond what the XML Schema definition alone provides. An FpML implementation may omit certain rules if they are too complex or need access to static data. Rules may be implemented at various points of an STP flow: data capture, trade processing, or on the network between systems. The Architecture document should clarify when a rule is necessary and what constitutes a well-written rule.

6. Update of the Architecture Views The Architecture document should address the interaction between rules and views. Should rules work in all views or just confirmation and post trade? #611 Validation rules dont apply to views If the group decides that rules should apply to all views… The rule format should be updated to indicate to which views a rule applies. Each rule should be reviewed to decide to which view it applies.

7. Date Calculation Issues Update product rule sets to define business terms and reference the Financial Date Calculation paper Work in conjunction with the product groups Close off related issues #636 cd-33 is an algorithm not a rule #664 cd-33 incorrectly assumes fixed days per month #737 ln-6 the term period is undefined #813 fx-10 only works on Day periods #814 invalid-fx-10-1 does not exercise the rule #815 fx-12 needs defining completely #841 defining the schedule implied by #842 ird-36 date arithmetic in days and weeks only #849 The term regular period as a function

8. Non-Normative Rule Format The non-normative rule format has two problems It is not a directly executable form. Maintenance and regression testing are difficult. Some of the rules are not easily expressed. It uses a XQuery like syntax. Some complex rules can not be expressed. Some rules can be expressed, but the resulting rule is difficult to read and check for correctness. Should we continue with this representation? Should we only provide it only for simple rules? Should we consider a different approach?

9. Product Rule Updates The loan rules are suspect and need re-working #922 ln-21 freely or bound interpretation Some IRD rules need updating #927 ird-14 needs to handle relative dates Add guards to ensure absolute effective/termination dates? Propose model change to prevent absolute and relative being mixed? #984 Unused isFloating and hasInitialStub Use simpler terms in the XPath directly?

10. New Joiner The VWG had a request for membership from representative from Oracle employee. VENKAT KRISHNAMURTHY I'm a Director of Product Management in Oracle in their Financial Services Global Business Unit - I lead the development of a Data Warehousing product/solution for FSI as well as a set of FS analytical applications and platform that Oracle has. Prior to this, I spent 6 years at Goldman Sachs in their Management Controls, and then Sales Technology divisions, and prior to that in Deloitte and Infosys technologies. My primary purpose for joining the WGs (and several of them at once) is that Oracle is in the process of building a set of products targeted specifically at Risk Analytics and Financial Services Data Warehousing. As part of this we wish to adopt, interoperate with and hopefully, help drive development of standards such as FpML. I was aware of FpML from my work at GS, and I am looking to integrate the standard and support for it into products at Oracle. My public LinkedIn profile is here: http://www.linkedin.com/pub/venkat-krishnamurthy/2/2a3/8a7http://www.linkedin.com/pub/venkat-krishnamurthy/2/2a3/8a7