IBT2- Product Construction Standard

Transcription

1 IBT2- Product Construction Standard CONNEXOR IBT 2.0 Information Workshop, 6. June 2011 Dr. Tuan Anh Nguyen IBT Software CONNEXOR SIX Swiss Exchange Page

2 Agenda- Product Construction Standard (PCS) Overview Basic Concept From IBT1 to IBT2 Basic Principals Documentation and interpretation PCS error message Page 2

3 PCS Overview Product Construction Standard (PCS2) is a comprehensive rule-based predicate logic system responsible for IBT2 validations Financial economic validations for structured product Service oriented validations Data format correctness validations Current PCS2 coverage Generic validations for all product types Instrument basic validations Underlying basic validations Service basic validations Additional specific validations for 26 most frequently used IBTTypeCodes Cover ~95% of Swiss structured product market Specific cash flow validations Page 3

4 PCS: from IBT1 to IBT2 IBT1 IBT1 schema Validation checking generated per IBTTypeCode PCS Validation is optional in IBT system IBT2 IBT2 schema Validation checking generated per IBTTypeCode PCS validation is mandatory in IBT2 system Validation rule document provided PDF Online document Well-defined validation error / warning message format Page 4

5 PCS2 Validation Process TUFS upload Validation response IBT2 System PCS2 XSLT PCS2 XSLT Generator PCS2 rule-base PCS2 back-end Page 5

6 PCS: Basic Principal Design approach Validations are expressed in term of predicates If A Then B If part is optional Predicate expressions can be on entities, single attribute, multiple attributes Three major levels Product IBTTypeCode Component List of validation group (Lego Rule) Validation group (Lego Rule) List of predicates Page 6

7 PCS2 Basic Principal Entity alias (role qualification) Used to distinguish i entity names with different qualification Domain name PCS uses domain name (e.g. PaymentType=PrincipalPayment) instead of domain value (e.g. PaymentType=1) More human understandable Lego principal Mainly use to describe cash flow structures (unbundling) Page 7

8 PCS Document: Two forms Online Version PDF Version Page 8

9 PCS Online Document Tool: Navigation Panel IBTTypeCode= Long CallWarrant ProductType: Components PaymentStructuredPrincipal ComponentEntities LegoRules PaymentStructuredPrincipal Validation Group (LegoRule) PaymentStructuredComponent ComponentEntities LegoRules ComponentEntities LegoRules Page 9

10 PCS Online Document Tool: Predicate Panel Domain name Predicate name Text description of predicate (mouse over) Page 10

11 PCS2 Validation: PDF version Offline/Downloadable version Rules are flattened and expressed in human readable text All generic rules are described in the first chapter Other chapters are only rules for specific product type Product-specific rule has higher priority than generic one in case of conflict Page 11

12 Reading recommendation PDF PCS Consult all rules per product type Online PCS Understand the overall structure of a product type Search for certain attribute validations Technical/concrete validation expressions IBT2 Online Document IBT2 model, entity and attribute (meta model for PCS2) Domain name-domain value Page 12

13 PCS Error Message Termsheet Information PCS2 Online Document Validation errors Error location in the XML Page 13

14 Summary PCS Tool has been developed by SIX Swiss Exchange to ensure the IBT1/IBT2 data quality PCS2 validations will be part of IBT2 upload process PCS2 documents are published together with IBT2 model/specification Online version PDF version We are looking for feedback to further enhance the validations Page 14