1) Use Case reminder.
2) Where we are on our road map.
3) Open Action Items
4 ) JIRA Issues Review
5) Todays content discussion.
6) For next week.
20161024 FIBO-SEC FCT
Real quick review of last week with highlights on where we need SME help. Deck to be posted to WIKI.
ACTION: Pete to review definition of Debtor and possibly loosen restriction.
Creditor: can we accommodate such things as the IRS? Might need to loosen the restriction. Parallel to Debtor. Pete action item. Debt Instrument: perhaps too narrow as it does not cover cases where the security is what is owed. SME help here, please.
ACTION: Gareth to review definition of Collateral. "Pledged" vs "given" issue. Debt Terms: need to add restrictions regarding what these do possibly/necessarily apply to. Pete: An Islamic bank also lends money to people. But it is kind of a business agreement between the bank and the borrower. The borrower will run the business while bank will look over. The profit of that business will be shared between the bank and the borrower in a prefixed rate documented earlier in the agreement. Islamic bank also provide services and charge money. Interest: need to address relationship to payment in kind for Sharia law via Explanatory note. Principal: removing "Date" restriction as this is covered via relationship with Debt/Debt Instrument. Pete:
BTW good link here http://www.dummies.com/business/corporate-finance/10-key-points-about-islamic-finance/DebtInterestPaymentTerms --> InterestPaymentTerms (both name and label)
Revised definition of hasAccrualBasis. SME request: can we get a list of Day Count Conventions to model as individuals--just want the "standard" ones. Also: we may decide to eliminate the parent class of expression.
ContractGuarnator: "Contract" is redundant. Both Guaranty and Guarantor need definition sources.
PriorityLevel: underspecified--no restrictions in place, clearly wrong. Added extension provision and related property to debt to address reasoning issue. ExtensionProvision moved to FBC out of Debt...plus some clarification--applies to more than just debt maturity. Pls review.
TradableDebtInstrument: cleaned up a good bit. Also: need to clarify the integrity of instruments, e.g., can they be broken up for tranching? Also: do they all have Guarantors? (probably not...)pls review. Non-Tradable Debt Instrument: no definition/examples, need input. Also: subclass of MutualContractualAgreement. Is this right?
PromisoryNote: where should it live?
Credit Agreement? Probably a child of FinancialInstrument.
NonTradableDebtInstrument needs is Transferable as False; Tradable... needs isTransferable as True. Need to cross-reference with TransferableContract in FND.
PrincipalRepaymentTerms needs hasExtensionProvision added. Also need that removed (explicitly) from TradableDebtIn. EK has done this on the fly. Do we want to kill distinction between NonTradableDebtRedemptionProvision and TradableDebtRedemptionProvision? Do we only need DebtRedemptionProvision? SME help pls.
CallFeature and its relationship to CallSchedule: CallSchedule moved over to be child of Schedule in FND.
Par Value and Face Value need to be defined in FBC.
Orphans: DebtInstrumentAnalyticalParameter and DebtRelativeValueSelection: do we need these? what are they?
Etc. few properties are still in work...stay tuned.
ParityVariants needs review: coming soon to a call near you--likely merged, if only in part, into Debt Instruments.
DebtAnalytics: DebtPoolAnalyticalParameters: parent: PoolAnalyticalParament: parent: Analytical...needs clean up. Removing restriction on TradableDebtInstrument of having hasAnalyticDetails and DebtIinstrumentAnalyticalParmenterdon on fly in meeting by EK.
Nov 7: review Debt Instruments ontology to review properties. DebtIssueOffering: need to fix syntax of definition and a property reference typo should be fixed by time of posting. Offering stuff needs review in next meeting.
m today's meeting –
For next week - Parity Variants and more of DebtCashflowTerms will be moved to DebtInstruments for further review.