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).

• Monthly Update slides for May 2013
• SMART Regulation Use Cases update May 2013

• Also here are the Notes from Reston on actions for completion of the specifications.

• FIBO Foundations: finance/2013-03-01 March baseline document
• FIBO Business Entities: finance/2013-03-05 March baseline document

These documents will also be available on the OMG server.

There are no active workstreams at the present time.

• Combined notes from Documentation/business and Technical workstream: Thursday 01 november notes

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

• Documentation Workstream 4 Oct: Final Notes on Conformance Material
• Documentation Workstream 20 Sept: Notes on Conformance points
• Technical Workstream 20 Sept: MB to complete example model of property restrictions by Friday 21 Sept for test

• Documentation workstream: Session notes 26 July (Conformance Section of Document)
• Content and Planning: Session Notes 12 July (Plans, calls and upcoming activities)
• Technical Modeling: Session Notes 12 July (Relationship naming decisions)

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:

• Scoping for FIBO-BE
• Convenience specification - changes as agreed in Conformance section; other OMG comments.
• Operationalizing ontologies - how to derive suitable RDF/OWL ontologies for specific applications, on a per use case basis; also what if anything is the difference between the overall FIBO conceptual model standards (as agreed by business) and the RDF/OWL deliverable standards material.

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

• Documentation Workstream

• Technical Modeling Framework

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.

• FIBO-BE and Supporting Ontologies OWL

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.

• 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)

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

• FIBO Foundations RFC - ref: finance/12-05-01

• FIBO for Business Entities RFC - ref:finance/12-05-04

• February submission:

• Version as submitted into OMG March meeting.

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