15.3 Handling Initial Validations for FpML Messages

As mentioned earlier, there are various types of FpML messages that can be generated. These typically include notices from agent to individual participants, manually-generated notices to Markit, system-generated notices to Markit and updates relating to CUSIP and MEI CODE changes to Markit.

In case of notices generated to Markit, the system ensures that:

• The External CUSIP is not blank if the message is at the borrower tranche level or at the borrower drawdown level.
• The External CUSIP for the borrower tranche or drawdown is not blank. In addition, MEICODE at participant level should not be blank. This is applicable for Position Update notice and all bulk notices that have participant details in them. If the MEICODE for a participant is not available, then that participant is excluded from the bulk message.
• For a tranche, Take On Deal Definition/ Take On Facility Definition is generated and handed off along with the Position Update message of Position Statement type.
• System checks if multiple participants within a tranche/drawdown have the same MEI code UDF value for outgoing FMPL messages to Markit.
• If multiple participants are maintained with same MEI code UDF value, then those participants’ positions are summed up and is sent as one single participant message in the bulk message for outgoing FMPL messages to Markit.
• The branch name is the value for participant name (Party Name) for consolidated participant messages. The branch, under which the tranche is booked, is considered as the branch name. The MEI Code of the consolidated participant is displayed in the message id.
• The participant id that is displayed in message id is replaced with the MEI Code of the consolidated participant.
• The following bulk messages display the MEI Code of the consolidated participant:
  • Position Update [positionUpdate] Notice
  • On Going Fee [onGoingFee] Notice
  • One off Fee [oneOffFee] Notice
  • Commitment Adjustment [commitmentAdjustment] Notice
  • Amend Contract [amendContract] Notice
  • Drawdown [drawdown] Notice
  • Repayment [repayment] Notice
  • Interest Payment [interestPayment] Notice
  • LC Issuance [lcIssuance] Notice
  • LC Termination [lcTermination] Notice
  • Rollover [rollover] Notice
  • Rate Set Notice
  If any of the validation fails, the system suppresses the message.

Note:

For display of MEI Code of the consolidated participants, note the following:

• For Rate Set notice, one single message is sent with the appropriate rate details for all participants having same MEI code UDF value.
• No validations are performed if the participants are self-participants or are not for this consolidation. The entire consolidation is driven by MEI Code UDF.
• MEI Code of the consolidated participant is applicable for outgoing FpML messages to Markit only.