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).
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.
We will re-start these Workstream sessions on Thursday 6 September. Work we have lined up to do includes:
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.