Hammad Akbar

Welcome John, Seth, Kirin.

• Helpful to have new buyside.
• Hoping to build out community.  
• FO seems to fall into all other Programs and in a good place.

Review of RFQ request

• Objective is to minimize request flow.  
• As get closer to execution & settlement may need to be more prescriptive.  
• Use case is trader requesting set of info.  
• Don’t want them to have to repeat what can be defaulted
• MVP structure for RFQ.  

Tosha: Can enrichments be added or will always have to be customized?

Nick: How does FINOS play part to move to codification?

2nd scenario - Order side

• Trade requested (see amber colored print format)  
• Similar to RFQ except specific to Order
• Opening proposal, open to further discussion.  
• What addtl fields or attributes should be included?  
• How to put structure together?  
• Where are boundaries for RFQ, Trade order, settlement type use cases?
• Validation should be - can be used in real life workflow?  
• Can request be executed or completed

Question:

Is this IOI or actual order?

• Take IOI and assume separate flow, define attributes and either separate or keep together and maintain as other use case.  
• Take IOI as another type of use case.
• Market & limited order need placeholder to review as additional use cases/scenarios

Hamad:

What should fields/attributions really be called?  

• Current terms are for WG only right now.
• This area can be cleaned up going forward
• How best to represent this information?
• Wiki works now but will get more complex.  

How to capture & represent.

• Asset class?
• Products?
• Use case?

Rob: Needs to be discussed within FINOS.  In general needs to be easily accessed in FINOS website.  

General idea:

• Users can  find/navigate things that are useful.  
• Improve info architect, searchability

Specific area:

FINOS to provide documentation/tool where people can easily understand & see in concrete terms.  Want to get right with this WG first which can lay foundation for other programs

• Trade product identifier IRS can also be ambiguous.
• Can you default some of the defaults per counterparty.
• What is part of the overall RFQ or are you looking terms between two specific counterparties?
• Maybe it’s an instruction set can define the terms for a specific transaction or transaction type
• Take and IOI as a separate flow, see if there is enough overlap, collapse if possible or keep as an independent use case if not. Take IOIs as another use case.
• How do the attributes get defined? Compare against some other standards?

Hammad Akbar