Hammad Akbar

Citi

Will Quan

JPM

Rob Underwood

FINOS

Tosha Ellison

FINOS

Alexandra Stratigos

FINOS 

John Lin

AB

Marmik Shah

Alliance Bernstein

Johan Sandersson

FactSet

5 min

Convene & roll call

@Hammad Akbar

BB09061@imcnam.ssmb.com

20 min

Program Update and new participants

@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.

20 min

RFQ Working Group Status Update

@William Quan

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

Additional notes

@Tosha Ellison

• 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?

10 min

AOB & adjourn

@Hammad Akbar