1. Migrating from FpML 4.x Contract Messages

2. Message Comparison FpML 4.x FpML 5
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