Re: [office-comment] ODFF: PRICE function

["David King" <openoffice@drking.plus.com>]

> > "AnnualYield: the annual yield of the security"

> Most appreciated would be a submission of definitions we could copy over
> to the spec almost "as is", hint hint ;-)

Current:
"Summary: Calculate the price of the security with a fixed 
interest per 100 currency units of face value."

Suggested:
"Summary: Calculates a quoted price for an interest paying 
security, per 100 currency units of face value."

Current:
"AnnualYield: the annual yield of the security"

Suggested:
"AnnualYield: a measure of the required annual yield of the security (compounded at each interest payment)"

I think that is technically sound. I don't think ODFF needs to go 
too far into the details a sophisticated user might need (eg it's 
the 'clean' price, not the 'dirty' price; that the yield 
calculation means this is in some ways a practical rather than an 
exact method;  etc) - the formula is clear for an implementor.

Current:
"Basis: the type which indicates how the year is to be calculated 
by days; see section 4.9.5."

Suggested:
"Basis: the date system to be used; see section 4.9.5."

The definition of Basis appears in many financial functions of 
course. I submit it is better to talk uniformly about Basis as a 
"date system", rather than "how the year is to be calculated" or 
a "day count system" or whatever. I think Basis defines 
1. how many days between two dates
2. how to count back / forward whole months (eg COUPDAYBS)
3. how to identify a year or years relevant to two dates, and how 
many days in that year(s) (eg YEARFRAC)

(although 2. may be the same for all basis choices).

Current:
"Constraints: Rate, AnnualYield, and Redemption should be greater 
than 0."

Suggested:
"Constraints: Rate, AnnualYield, and Redemption should be greater 
than 0; Frequency = 1, 2 or 4."

for the avoidance of doubt.

D