Ayaz Haji

GS

Hammad Akbar

Citi

Will Quan 

JPM

David Landisman

Portware

Eugene Grois

HSBC

Johan Sandersson 

FactSet

Brian Mullane 

TR

Marmik Shah

Alliance Bernstein

Rob Underwood 

FINOS

Tosha Ellison 

FINOS

Alexandra Stratigos 

FINOS

5 min

Convene & roll call

@Hammad Akbar

20 min

Update from meeting with ISDA

@Tosha Ellison

Tosha presented an update on the meeting with ISDA; appeared to be good overlap of members

• CDM model development for past 18 mos.

• Referred to FINOS

• CDM definition- focus on derivatives rates.  

• Java reference representation.  

• Webinar on ISDA website

• Advanced but still in testing and want feedback from members

• Yesterday’s call was intro & discovering appetite for OS

• Are interested, hadn’t heard about FINOS

• Follow up in a few weeks

• Not sure how quickly it will move but over all meeting yesterday was positive

• ISDA likes the way FINOS is focused on FinServ.

• ISDA Concerns:

•  

  • How to do OS

  • Make sure everyone uses same thing and doesn’t branch or make changes (Gab explained)

Ayaz: the other thing is that ISDA CDM was always meant to be an open model and they don't have a model for making it open; there could be mutual benefit from making aligned and retaining ISDA governance; within FINOS we should be looking to do this and also a technical gain.

Hammad: How could the engagement be structured?  Would they be another contributor?
Ayaz: Probably two tracks of contributors – we may need to brain storm here. I see ISDA as an active contributor here. Maybe modeling around orders and RFQ. They can give feedback and where their members are seeing pain points; FIX, by comparison, may be another form of contributor. 

Hammad: These are all valid points; regarding other standard groups. That ISDA is looking to participate is great and we will get lessons learned

Ayaz: Many of us have dealt with trade associations and challenges of being agile together; ISDA is very invested in this and aligning their strategic objectives. I would expect them (ISDA) to move forward as fast as reasonably possible.
Tosha: If you know the organizations – if you know who are engaged with ISDA (e.g., Neil Chennai in HSBC) ... it's useful to keep our name (FINOS) present such that they use

Ayaz: If FINOS was the mechanism to open soruce this it puts FINOS on the map; they are about a year ahead of FINOS on the modeling. Good potential joint benefits. 

Hammad: Members who are using these standards should be the ones promoting and advocating their contribution to FINOS (as opposed to the Standards group themselves) – we (FINOS) are very use case focused so if a FINOS member is actively using the standard it is in their interest to want the FINOS object to be a subset of this standard so that the object could easily evolve to be an ISDA object, SWIFT message, FIX protocal, etc. as it traverses the trade lifecycle

Ayaz: I can let people know in their firm who is their POC to ISDA

20 min

RFQ Working Group Status Update and Feedback on RFQ and Order Objects

@William Quan

Hammad asked for feedback on the use cases.

Johan: Have not had a chance to synch up with David. 

Hammad: We can park and revisit next time 

• Agree to keep open longer for proposal review & feedback.

• Focus on RFQ & Trade Object - Asked group what else interested (use cases) in for having standards defined.

• What else would be helpful to start working on?

• Let Hammad know if interested in adding additional streams or share in WG or in email

• Looking for ideas on what to focus attention on and bring into the same construct

• Asked for open items from FINOS

• Asked group at large for any open items

• Brainstorming standards groups more engaged and what is that format

• Proposing what workflow items should be

• Continue to pick up existing objects feedback at next call

Ayaz: the term trade is a bit overloaded. A lot of people may get confused. Execution is a better descriptor

Rob:

• Showed how to access FINOS wiki.  

• For FDC3 use cases - they publish to a page in Confluence and people provide comments directly on use cases.

• FINOS recognizes not everyone can contribute to confluence

• So use mailing list for now and if any trouble let Rob know

• Roles & Responsibilities

• Hammad & Will - PMCs

• Tosha - Member Success @ FINOS

• Rob - Technology @ FINOS

10 min

AOB & adjourn

@Hammad Akbar

Hammad asked the group for ideas on other use cases to discuss.