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 first formal FIBO specification, FIBO Foundations, was made available for public comments from September 2013 to 11 November. Comments received will be discussed at the December OMG Quarterly Meeting in Santa Clara, followed by a vote to proceed with the finalization process for this specification.
Please refer to this OMG FIBO Request for Comments website at http://www.omg.org/hot-topics/fibo.htm.
Full details of the OMG formal documents are listed at this link. The main documents are also listed below.
The public commenting period ended on 11 November 2013. There will be opportunities to raise further comments after the December meeting.
FIBO Foundations itself 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.
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.
Other machine readable files (ODM XMI, UML XMI and VOM Project files) are available on request.
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.
The links below are to the home pages of previous and current workstreams, where you can find the notes from those sessions:
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.