In response to the 2007-09 financial crisis, the U.S. congress passed the Dodd Frank Act. Financial institutions will need to implement data standards such as instrument and business entity identifiers, associated reference data and hierarchies to support the reporting requirements in a manner that facilitates analytics and supports systemic oversight.

The purpose of the joint EDMC-OMG Working group is to accelerate the development of a 'sustainable, data standards and model driven' approach to regulatory compliance. Please note that support for financial reform standards is an important application of (but not limited to) the proposed joint standard. Stakeholders from Object Management Group and EDM Council (in collaboration with other standards organizations) are contributing to the development of these standards. Initial scope is to develop and adoptof the semantic standard for both financial instruments and legal entities. This Wiki will serve as a single point of reference for working group artifacts except the vocabulary and models that will be managed in a metadata repository (details to be announced).

The Thursday “Workstream” sessions now cover documentation work for the FIBO RFC specification documents, and the annotation metadata completion works. The 2 - 3pm Eastern Time slot may also be used for content updates some weeks.

• Documentation Workstream: 2 - 3 pm Eastern Time 26 April session notes

• Technical Modeling Framework Workstream: 3 - 4 Eastern Time

• CURRENT DRAFTS

• FIBO Foundation Specification - work in progress, includes rough bullet notes from 5 April review

• FIBO for Business Entities - work in progress, includes rough bullet notes from 5 April review

• Recent formal submission:

• Version as submitted into OMG March meeting.

February 2012 update

Here are the latest slides on the Derivatives Proof of Concept activities.

There are three initial streams of work associated with the development of the standard

• Content Completion and Verification
• Technical Modeling Framework
• Shared Semantics Treatments (technical mechanisms for namespace alignment)
• Business Shared Semantics (namespace alignment - separate tracks of alignment with semantics of specific standards and ontologies)

The other activities that need to be managed

• Standards Documentation (this is now managed in the first of the two weekly Workstream slots)
• Storage, Access, Distribution and Version Control
• Governance and Decision Making Processes
• Positioning and Communication

Formal project plans and clear definition of deliverables will be developed for each approved stream of work.

Meeting Presentations and Notes

Major Events

Contact Information

• Logistics Contact: Carole Mahoney +44 208 399 7189 cmahoney@edmcouncil.org
• Semantics Repository: Mike Bennett + 44 7721 420 730 mbennett@edmcouncil.org
• OMG Financial Domain Task Force: Dr. Harsh W. Sharma, harsh.w.sharma@citigroup.com +848 391 9355