How does matching work if there are different ways of expressing the same concept?
This question is applicable for the high level matching (e.g. vanilla fixed float vs. general swap) as well as the lower level (e.g. different date structures). One possibility is to explicitly state which choice is being used and if there is not agreement at that level, then there is no match. Another possibility is to have a transformation from one to another. When translating from the simpler version to the more complex (e.g. vanilla to more general), the transformation should be able to be completely specified. If the transformation goes the other way, obviously it might not work (that is a non-vanilla swap might be the input which would not in fact be able to be transformed). Matching also presents a problem when some kind of algorithm is involved (e.g. dates and frequency). All parties must agree on the algorithm. If there are discrepancies, this would be problematic. The standard must define the rules to generate a normalized form that can be compared.
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