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).
* Monthly update slides for August 2014
NOTE: These meetings are a formal session of the OMG Finance Domain Task Force.
For the latest status of all of the FIBO RFCs (alongside other OMG specifications) please refer to the OMG "Seeking Input" Page.
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.
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 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.
FIBO Business Entities covers legal persons, types of business entity (both incorporated and non incorporated), and relationships of control and ownership between such entities.
The FIBO Indices and Indicators specification had its first reading in June 2014 and was voted and approved for submission.
Consequent to the vote, the specification is open for public comments until 18 August 2014. Please refer to the OMG's Public Schedule page for details of the specification and how to submit comments to the OMG.
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.
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.
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.