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 June 2013

• SMART Regulation Use Cases update May 2013

• FIBO Foundations Specification finance/2013-05-15
• OWL Files ZIP file of OWL version that implements the errata (does not yet have an OMG number)

• FIBO Foundations as submitted to OMG as finance/2013-05-01 in May 2013
• Accompanying OWL files finance/2013-05-03 as submitted.

• 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

• 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