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).
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.
The FIBO Indices and Indicators specification has been submitted to the OMG (Feb 2014) for an RFC vote at the March FDTF meeting.
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.
FIBO Business Entities is now in the “Submission” phase at the OMG. This specification was approved for submission at the December 2013 OMG meetings.
Comments are open to the public until 24 February 2014. Based on comments received, this specification will have a vote for adoption at the Finance Domain Task Force and (if successful) the OMG Architecture Board before being approved for finalization by the OMG Domain Technical Committee as a whole at the March 2014 OMG Quarterly Meeting in Reston, VA.
Any comments should be raised as formal OMG issue reports against the version of the specification listed below. These should be raised through the OMG issues management procedure.
The full list of FIBO BE 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.
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 June 2014.
The “Beta 1” version of the specification may be accessed via the OMG website. 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.
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.