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).

An informal steering group exists to manage the current activities to align and improve production of FTF / RTF reports for FIBO v2. There are three areas of detailed work, as follows:

1. Jira Alignment between EDM Council and OMG (including GitHub)

2. Specification automation using LaTeX

2a. Generation of Specificaton tables from RDF

3. Diagrams production and maintenance via CCM

Please see the wiki space below for meeting notes, actions etc. of this activity:

FIBOSpecificationAutomation

finance-report-ams-2019.ppt

FDTF Plenary Report

FIBO v2 Approved for Adoption

See link on main OMG site at FIBO v2 RFC Specification Page

Monthly Update Call for July 2019 - Slides

Monthly Update Call for June 2019 - Slides

Monthly Update Call for May 2019 - Slides

Monthly Update Call for April 2019 - Slides

Monthly Update Call for March 2019 - Slides including post-meeting clarifications on Reston agenda

Monthly Update Call for February 2019 - Slides

Monthly Update Call for January 2019 - Slides

Monthly Update Call for December 2018 - Slides

Monthly Update Call for November 2018 - Slides

Monthly Update Call for October 2018 - Slides

- includes additions made during the call.

Monthly Update Call for September 2018 - Slides

Monthly Update Call for August 2018 - Slides

Monthly Update Call for July 2018 - Slides

Monthly Update Call for June 2018 - Slides

- includes revisions made during the call so this is the main record of the meeting.

Monthly Update Call for May 2018 - Slides

- includes revisions made during the call so this is the main record of the meeting.

Monthly Update Call for April 2018 - Slides ; Minutes

Monthly Update Call for March 2018

Introduction to Spec: Monthly Update July 2017 - unlike our usual Monthly Update format, this was a detailed introduction of the EDM Council's FIBO pages at https://spec.edmcouncil.org/fibo

NOTE: These meetings are a formal session of the OMG Finance Domain Task Force meeting jointly with the EDM Council. The standing agenda for these calls is to provide updates on EDM Council FIBO and OMG FDTF activities and no formal votes are taken.

The Distributed Ledger Technology Working Group (DLT-WG) has been superseded by the creation of a Blockchain Platform Special Interest Group (Blockchain PSIG) in December 2018. The new Blockchain PSIG takes on the activities of the earlier FDTF DLT WG, as described below. This includes the ongoing Proof of Concept activity for semantics and FIBO usage.

Please see https://www.omgwiki.org/bc-psig/doku.php?id=start for this.

Following an exploratory meeting in March 2016 in Reston, VA it was agreed that the Finance domain Task Force would start to explore possible opportunities for standardization within the Blockchain ecosystem. Such standards might be at the level off the FDTF itself, or by or in liaison with other groups, or may be initiatives that could involve the OMG community working with other groups as appropriate. The initial meeting was followed up by a series of calls culminating in a half day event at the June 2016 OMG meetings in Orlando, FL. Here we explored two possible areas of potential standards opportunities: identification standards and standards for use with “smart contracts” which would ideally leverage ontologies such as FIBO. Regular calls continue (1pm Eastern Time on Tuesdays), and are now focused on smart contracts standards opportunities. It was decided that there were no current opportunities to explore in the use of standards in the identification space and that any such requirements would drop out of work in other areas.

Please click through to the Blockchain-WG-Page for archive of DLT-WG meeting notes.

The latest FIBO content will be maintained in the FIBO v2 Specification. This covers all components of FIBO and is intended to replace the earlier FIBO v1 specifications which were published per FIBO Domain (subject area).

FIBO v2 is currently under a Finalization Task Force, scheduled to report in September 2019.

FIBO v2 maintains backwards compatibility with the FIBO v1 Specifications.

The FIBO v1 standards are maintained at their current state and will not be further updated.

For FIBO v1 and v2 RFCs please refer to the OMG "Hot Topics" page for Financial Services Standards.

FIBO Foundations has completed the “Finalization” Phase at the OMG.

The current version is therefore the “Final” version 1.0 and is available vi these links:

FIBO Foundations Current Version

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.

The written specifications contain diagrams and tabular reports of the model content, while the OWL files are intended to be read using an OWL editor such as Protégé.

The most current version of FIBO-FBC can be found at the following link:

FIBO-FBC Current Version

FIBO FBC covers concepts common to many or all financial ontologies, such as debt and interest terms.

The most current version of FIBO-BE can be found at the following link:

FIBO-BE Current Version

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 most current version of FIBO-IND can be found at the following link:

FIBO Indices and Indicators Current Version

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.

This work is included in FIBO v2.

This work covers the domains of “Common concepts (all instruments)” “Listed Securities” and “Equities”. The FIBO Content Team will determine the disposition of this into FIBO specifications i.e. whether this is to be submitted as one specification or if the specification breakdown will follow the EDM Council “Development Scenario” descriptions of content domains and sub-domains.

Work on Loans began with a “soft start” in September 2014 in Austin. This content will be delivered as part of the FIBO v2 specification at a future version.

Work is under way on Derivatives. This will build on the successful proof of concept activity carried out in conjunction with State Street in 2015, which focused on interest rate swaps.

Work has been carried out on bonds and debt common terms.

• FIBO Foundations as issued for comment Finance/2013-09-02
• FIBO-Foundations OWL Files (ZIP) Finance/2013-08-03
• Inventory file Finance/2013-09-05 showing all the components which make up this submission and indicating which of these form a normative part of the proposed standard.

Other machine readable files (ODM XMI, UML XMI and VOM Project files) are available on request.

• FIBO-BE OWL Files (ZIP File): Finance/2013-08-09

• FIBO Foundations Specification finance/2013-05-15
• OWL Files finance-13-06-01 (ZIP file of OWL version that implements the errata)

• 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.

• 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.

• Combined notes from Documentation/business and Technical workstream: Thursday 01 November 2012 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)

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

Here are the latest slides on the Derivatives Proof of Concept activities.

FIBO work is carried out within the EDM Councili prior to being submitted to the OMG via the Finance Domain Task Force. This is because FIBO follos the “Request for Comments” (RFC) process for validation of existing industry standards.

Please see https://spec.edmcouncil.org for full details and working groups.

Meeting Presentations and Notes

Major Events

Contact Information

• Logistics Contact: Carole Mahoney +44 208 399 7189 cmahoney@edmcouncil.org
• OMG Financial Domain Task Force: Mike Bennett + 44 7721 420 730 mbennett@edmcouncil.org