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).
These documents will also be available on the OMG server.
There are no active workstreams at the present time.
In general, the first session (2 - 3 Eastern US Time) focuses on business-facing matters and documentation, while technical and metamodeling considerations are the focus of the second (3 - 4 Eastern) sessions.
We will re-start these Workstream sessions on Thursday 6 September. Work we have lined up to do includes:
The links below are to the home pages of previous and current workstreams, where you can find the notes from those sessions:
We now have copies of the FIBO material for Business Entities, along with the foundational terms that were required for FIBO for Business Entities, in RDF/OWL format.
IMPORTANT NOTE: Please treat these RDF/OWL ontologies with caution - they are not intended to represent an ontology you might use in an RDF/OWL based application. This is a direct rendition of the material in FIBO for Business Entities (and supporting material) and contains all the concepts which are considered necessary to formally define the meanings of the terms. There are few if any cases in which one would want to use all of these terms in a given application, with the possible exception of querying across multiple conventional data sources (see workstream on operationalizing ontologies, below).
This contains the FIBO-BE material which is in scope for this release, along with the ontologies within FIBO Foundations that contain terms used by the Business Entities ontology. There are also some ontologies from the future “FIBO Securities Reference Data” proposed standard, for those terms which are needed to assert facts about certain business entities (e.g. shares and share ownership).
Note that this ZIP file does not distinguish which files belong in which FIBO deliverables.
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
The other activities that need to be managed
Formal project plans and clear definition of deliverables will be developed for each approved stream of work.