Difference between revisions of "Talk:Statistical data 1.1"

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[[User:Christine Sommo-FRBNY|Christine Sommo-FRBNY]] 16:42, 9 November 2007 (UTC)  An ISO country code for the euro area does not exist.  U2 is used in some systems (as per Xavier), but this warrants further discussion before being added to the schema.
 
[[User:Christine Sommo-FRBNY|Christine Sommo-FRBNY]] 16:42, 9 November 2007 (UTC)  An ISO country code for the euro area does not exist.  U2 is used in some systems (as per Xavier), but this warrants further discussion before being added to the schema.
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Note that I updated this page and left <code>cb:country</code> required for now and based the placement of fields in <code>title</code> on the assumption that ISO country code followed by a colon will be the first item in a statistics feed title.  If this group comes to some other agreement, I will change it.
  
 
====Exchange Rates====
 
====Exchange Rates====

Revision as of 21:59, 11 November 2007

Christine Sommo-FRBNY 22:38, 8 November 2007 (UTC) I'll try to get this guide up to spec in the next few days.

Getting this guide in order

Christine Sommo-FRBNY 20:51, 11 November 2007 (UTC) I updated the exchange rate, interest rate and transaction sections. I think they follow the spec now. Review is welcome!

One issue is that I don't think the headings (the style, that is) accurately reflect the parent child relationships of certain elements, but I'm not sure they did in the previous version. Should they?

I didn't do any work on the other statistics section as I'm not as familiar with it. I'm happy to do this if someone with more experience volunteers assistance.

cb:country

Christine Sommo-FRBNY 16:42, 9 November 2007 (UTC) An ISO country code for the euro area does not exist. U2 is used in some systems (as per Xavier), but this warrants further discussion before being added to the schema.

Note that I updated this page and left cb:country required for now and based the placement of fields in title on the assumption that ISO country code followed by a colon will be the first item in a statistics feed title. If this group comes to some other agreement, I will change it.

Exchange Rates

Christine Sommo-FRBNY 20:08, 8 November 2007 (UTC) I'm copying a long discussion that has occurred over the last two days in e-mail.


Xavier Sosnowska: 1. The specification requires that the country code comes from ISO3166. However, there is no code for the European Union or the euro area (http://www.niso.org/standards/resources/3166.html#euro). Should we not add something in the specs?

2. In the Statistical data guide, I do not see any element <cb:exchangeRate>, as you have in your feeds http://www.newyorkfed.org/rss/feeds/fxrates12_EUR.xml. Could you please let us know what is the correct (best?) way to display data for exchange rates?

Paul Asman: 1. We should add something about EU, I agree. We're treating EU as a country as a back-formation from the ISO 4217 currency codes. I don't think that there are any other currency codes for which would work - you can't get from XPF to XP, for example.

2. As far as I can tell - and I discovered this earlier today, when I first saw Marcello's file - the application guide was not updated to reflect the changes to the spec, even though it is called 1.1. I tried to offload the work to bring it up to spec onto Steve Bagshaw, but I haven't heard yet if he's willing. If not, we'll do it, I fear.

Xavier Sosnowska: Why is the country element required for exchange rates? Would the type of rates, the base currency, the target currency, the institution, the date and the value elements not be sufficient (along with attributes such as frequency, decimals and unit_mult of course)? Could it not be made optional rather than required?

And out of curiosity, why is the dollar sometimes used as base currency for your exchange rates (e.g.: CAD, CHF, CNY) and sometimes not (e.g.: AUD, GBP, EUR)? Is this based on preferences expressed by your main users?

Christine Sommo: Q1: The country code is required to allow aggregators (human and otherwise) of our feeds to quickly

see which institution reported the rate. For example, we might claim the dollar has more value

against the euro than the ECB on a given day. Unlikely I suppose, but possible.

Q2: It's one of those legacy things. That is simply how it has always been done. I can't remember

if anyone was able to give the reasons (Paul, feel free to chime in here.) for why those decisions

were made years ago, but since that is what we've been doing for ages, that is what we will continue

to do. Until of course, we stop publishing these rates next year. But no one wants to get me

started on THAT again...

Xavier Sosnowska: Maybe I totally miss the point (in which case I apologize in advance ;-), but is it not what the

institution abbreviation is for (which is also provided)? In the exchange rates examples, that would

be "ECB" and "NYFed" for example, and not "Euro area" or "US".

Paul Asman: The country prefix at the beginning of the title of the exchange rate that we report for the Indian

Rupee against the US dollar indicates that this rate is an official rate of the United States. I

might also want to have India's rate up there, and the prefix would tell me which is which if I

aggregated them into one folder. That it's the NYFed that reports the rate was thought to be less

important, and so that information is farther down in the title - in the part that's not visible,

given the real estate I'm willing to devote to my bookmarks. (I have the rupee up because I'm

travelling there later this month. I get to watch the US dollar buy fewer rupees each day until I

leave.)

I don't know if this makes sense, but it was, I think, the reasoning: to put, right at the start of

the title, the country that's reporting the rate, in the context that the institution is not the

same thing as the country.

Xavier Sosnowska: Many thanks for the information. Actually, I was just wondering whether this element really is

"required" or whether you think it could be made "optional" (those who need it use it, those who

don't need it, just leave it out. Our data structure definition for exchange rates does not include

the country information for instance). If the element becomes optional, then our feed title could be

something like: 1.4722 USD = 1 EUR 2007-11-07 ECB Spot...

Marcello Di Pietro: I agree with Xavier. And our feed is already like this. Therefore I propose to change the country element in the title from "required" to "optional"

Christine Sommo: One of our intentions in making the country code required in the title of data feeds was to allow

parsing of the title in addition to the atomic elements. Changing this element to optional makes

that impossible (or at the very least, quite difficult). And that kind of change needs to be

discussed and agreed upon (or not) by the entire group. Therefore, we must get Xavier and Marcello wiki accounts and move this discussion there so all can

contribute in one long string to be saved for generations to come.

I volunteer to see that the discussion to this point is captured in some semi-coherent form in the

wiki.

Xavier, In another e-mail you mentioned keeping your feed as is since this is the only non-valid item in

there. I agree with this approach for now.

Paul Asman: Whenever I see scare quotes - one of the terms used here for quotation marks that aren't used to

quote - I get scared. There's actually nothing in the specification that requires anything of the

title other than text. The application guide for statistical data uses the word 'required' in one

sentence that would apply to title: "As published on most central bank websites, exchange rates

contain certain pieces of information that are required to make them unique and unambiguous," and

one of these is country reporting the rate. You'd be in compliance with the spec whatever you had in

the title.

That said, the application guide does create, I think, legitimate expectations that it will be

followed. We put the country code at the start because we thought it would help those aggregating

feeds for exchange rates from different sources but between the same two countries. I continue to

believe this, even with the presence of country code as an atomic element.

Xavier, you now have access to the forum. I hope that Marcello does as well. (And we'll expand the

administration base so that we don't have this problem again.) I think that we should move this

discussion there, to the discussion page for statistical data. Perhaps you could suggest the

language you think should be in the application guide.