[OASIS Issue Tracker] Commented: (EMIX-495) PAP03 Req #8: needsvalidation; financial energy mkts

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    [ http://tools.oasis-open.org/issues/browse/EMIX-495?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=26912#action_26912 ] 

Edward Cazalet  commented on EMIX-495:
--------------------------------------

The March 2011 Status Recap on the CIM website states that 
"The IEC62325 model has also matured to support EU markets and this year the North American models are poised to also move forward with much the same process used by WG13 and WG14."  So it would appear that there is yet no stable North American Markets IEC62325 that EMIX can trace to.  IEC 62325 should therefore be in a good position to adopt EMIX terminology where appropriate.  My understanding of the EU markets is that they may be well aligned with the terminology of EMIX but such work has not yet been contributed to EMIX.
Leading members of the FIX Protocol Association inspired some of the early work on the EMIX information model.  FIXML is an XML implementation of the FIX Protocol.  See (http://www.fixprotocol.org/specifications/FIX.5.0SP2#FIXML_Schema) . The FIX protocol is a highly complex protocol that has evolved over many years.  At its core the FIX information model defines an Instrument, an Order (Price, Quantity, and Expiration Time) and a Transaction. The Instruments also include Option Instruments.  EMIX uses the more general term Tender in place of Order.  The Instrument, Price and Quantity are conveyed in EMIX as Product Description and Schedule.  EMIX also provides and Option as does FIXML.  So EMIX closely follows the example of FIXML with some minor changes in terminology to better adapts to energy products where schedule, rate of delivery, location and other attributes are important.
EMIX also clearly builds on existing work in bilateral and exchange markets that are forward of ISO markets where bid and offers, transactions and options are in frequent use.
I recommend that this issue be closes as EMIX clearly builds on existing work in financial markets.


> PAP03 Req #8: needs validation; financial energy mkts
> -----------------------------------------------------
>
>                 Key: EMIX-495
>                 URL: http://tools.oasis-open.org/issues/browse/EMIX-495
>             Project: OASIS Energy Market Information Exchange (eMIX) TC
>          Issue Type: Sub-task
>    Affects Versions: CSD03/PR03
>         Environment: Aaron Snyder
>            Reporter: Aaron Snyder 
>            Assignee: William Cox
>
> Requirement Text:
> The price model shall build on existing work in financial energy markets
> Validation:
> may be contained in emix.xsd, line 24, xs:import
> Where is the traceability to FIXML and CIM IEC62325CIM01v07?

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