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*Subject*: **Re: [office-comment] ODFF: PRICE function**

*From*:**"David King" <openoffice@drking.plus.com>***To*: office-comment@lists.oasis-open.org*Date*: Sun, 17 Aug 2008 07:43:51 +0100

> > "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

**References**:**ODFF: PRICE function***From:*"David King" <openoffice@drking.plus.com>

**Re: [office-comment] ODFF: PRICE function***From:*Eike Rathke <erack@sun.com>

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