OMG-EDMC Joint Working Group

Semantic Models for Financial Reform

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 adopt 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).

Latest Monthly Update

  • Monthly Update slides for April 2014 - this was a re-presentation of Dennis Wisnosky's presentation in Reston.

NOTE: These meetings are a formal session of the OMG Finance Domain Task Force.

Status

For the latest status of all of the FIBO RFCs (alongside other OMG specifications) please refer to the OMG "Seeking Input" Page.

FIBO Foundations

FIBO Foundations is now in the “Finalization” Phase at the OMG. This means that it has passed the vote for submission (September 2013) and the vote for Adoption (December 2013) and is now in the hands of a Finalization Task Force (FTF) at the OMG. The FTF is expected to complete its work in September 2014.

The “Beta 1” version of the specification may be accessed here. This is the version against which the FTF will be processing comments or issues. Any issue reports must be raised by 28 February 2014 through the OMG issues management procedure.

The original specification documents which were voted on and approved for adoption are listed at this link.

Scope

FIBO Foundations covers the basic semantic abstractions needed to support the forthcoming FIBO Business Entities specification and will be further updated to provide the semantic abstractions needed for securities, derivatives, loan etc. going forward. This initial specification also describes the technical architecture of the whole FIBO suite of standards, and describes the requirements for conformance with the specification.

FIBO Business Entities

FIBO Business Entities is now in the “Finalization” Phase at the OMG. This means that it has passed the vote for submission (December 2013) and the vote for Adoption (March 2014) and is now in the hands of a Finalization Task Force (FTF) at the OMG. The FTF is expected to complete its work in September or December 2014.

The following draft specifications will be replaced by a “Beta1” specification by the OMG. This will be substantively the same as the drafts listed below. Future comments should be raised against the Beta1 specification when this becomes available.

The full list of current FIBO (and other OMG) specifications may be viewed and downloaded from the OMG Seeking Input Page.

The written specification contains diagrams and tabular reports of the model content, while the OWL files are intended to be read using an OWL editor such as Protégé.

Scope

FIBO Business Entities covers legal persons, types of business entity (both incorporated and non incorporated), and relationships of control and ownership between such entities.

FIBO Indices and Indicators

The FIBO Indices and Indicators specification remains in draft and will be worked on by the core team between now and June 2014.

Scope

FIBO Indices and Indicators covers market indices, market interest rates, economic indicators and so on. The current submission does not include indices which are derived from securities (such as the S&P500) since these have a dependency on securities models.

Earlier Draft Specifications

FIBO Foundations: RFC Submission as submitted at New Brunswick, NJ Quarterly Meeting, Sept 2013

  • FIBO Foundations as issued for comment Finance/2013-09-02
  • FIBO-Foundations OWL Files (ZIP) Finance/2013-08-03
  • Inventory file Finance/2013-09-05 showing all the components which make up this submission and indicating which of these form a normative part of the proposed standard.

Other machine readable files (ODM XMI, UML XMI and VOM Project files) are available on request.

FIBO Business Entities - Draft for September meetings informal review

Older Versions of FIBO Specifications

FIBO Foundations May / June for Berlin (with errata)

FIBO Foundations May 20 version as submitted for Berlin (June 2013)

FIBO BE March 2013 Baseline as seen in Reston

These documents will also be available on the OMG server.

Original June 2012 Draft

  • June 2012 Convenience Documents
  • finance/12-06-01FIBO Foundations (replaces the earlier model content section with one generated from Adaptive)
  • finance/12-06-02FIBO Business Entities (replaces the earlier model content section with one generated from Adaptive)

Even Earlier Drafts

  • DRAFTS AS SUBMITTED prior to the June OMG Technical Meetings (these were not voted on in the end - considerable additional work was required)
  • February submission:

Notes from FIBO Submitters Workstreams

  • Recent Monthly update November 2012 with more details of technical work.

The links below are to the home pages of previous and current workstreams, where you can find the notes from those sessions:

Proof of Concept Demonstration

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

Workstreams

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.

Meeting Presentations and Notes

Major Events

Contact Information

 
start.txt · Last modified: 2014/04/02 16:09 by mikehypercube
 
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