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Comparison of Contract Messages: Migrating from FpML 4.x to FpML 5

This document provides a thorough comparison of ten message types involved in migrating from FpML 4.x to FpML 5. It outlines the differences and improvements in contract messages, including ContractCreated, ContractCancelled, and various termination types. Additionally, it proposes new messages for amendments and non-negotiated changes, emphasizing consistency with existing business processes. Key features such as message sequencing, correlation elements, corrections, and trade contract mapping are also discussed. The aim is to streamline the transition to FpML 5.

andrew-buckner
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Comparison of Contract Messages: Migrating from FpML 4.x to FpML 5

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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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