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--- start [2019/07/03 18:36]
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+++ start [2023/09/01 11:31] (current)
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-====== OMG-EDMC Joint Working Group ======
+====== OMG Finance Sector Domain Task Force (FSDTF) ======
+==== (Formerly: Financial Domain Task Force) ====
-===== Semantic Models for Financial Reform =====
+===== Semantic Models and Other Specifications for the Financial Sector =====
-In response to the 2007-09 financial crisis, the U.S. congress passed the [[http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf|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.
+In response to the 2007-09 financial crisis, the U.S. Congress passed the [[http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf|Dodd-Frank Act]]. In 2022, Congress also passed the Financial Data Transparency Act.  Both bills required, along with a number of financial agency regulations and administrative actions, expanded and embedded the use of financial standards by both financial institutions and agencies.  The Financial institutions 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. While US actions are cited here, similar actions have been taken by most economies around the world, by nations and as coordinated by the Financial Stability Board, the European Commission, and other multilateral agencies.
-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.
+The FSDTF is charged to:
-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).
+  * Help members understand data is a business asset
+  * Promote data + data semantics = financial services DNA
+  * Develop best practices, innovative strategies and standards which convert financial data to smart data
+  * Partner with other OMG groups and SDOs to accomplish the above
-===== FIBO v2 Specification Alignment and Automation =====
+This Wiki covers everything related to the OMG Financial Sector Domain Task Force.
-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:
+===== History =====
-. Jira Alignment between EDM Council and OMG (including GitHub)
+A joint EDMC-OMG Working Group was created (date?)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) contributed to the development of semantic standards for both financial instruments and legal entities.
-. Specification automation using LaTeX
+The Finance Domain Task Force was constituted, and worked through the 2010s on a number of standards initiatives, including the Financial Industry Business Ontology (FIBO) with the EDM Council, the Financial Instrument Global Identifier (FIGI), and (in partnership with the Business Methods and Integration DTF) the Standard Business Development Model.
-a. Generation of Specificaton tables from RDF
+at the March 2023 Technical Committee meetings in Reston, the name was changed to "Financial Sector Domain Task Force (FSDTF)" to address certain overlaps with other DTFs and close unaddressed holes in responsibilities.
-. Diagrams production and maintenance via CCM
+===== Regular Calls =====
-Please see the wiki space below for meeting notes, actions etc. of this activity:
+==== Q1 2022 ====
-[[FIBOSpecificationAutomation]]
+For 2022 Q1 we meet once, on 22 Feb 2022.
+==== Q4 2021 ====
-===== Quarterly Meetings =====
+In Q4 2021 we met just once in the quarter.
-==== June 2019 ====
+==== Q3 2021 ====
-{{:finance-report-ams-2019.ppt|}}
+In Q3 2021 these calls will take place every week on Tuesdays at 4pm ET
-==== March 2019 ====
+NOTE: Rather than alternate between RFI and broader definitional / research issues, we decided to progress both of these threads in parallel during the Q3 calls. See below for the RFI that is part of this quarter's development.
-{{:finance-report-res-2019.ppt|FDTF Plenary Report}}
+  * {{ ::20210914_fdtf_call_notes.docx |14 September 2021}} - Quarterly Meeting agenda review; definitions
+  * {{ ::20210907_fdtf_call_notes.docx |7 September 2021}} - Quarterly Meeting Plans
+  * {{ ::20210831_fdtf_call_notes.docx |31 August 2021}} - Money, currency and economic concepts
+  * {{ ::20210824_fdtf_call_notes.docx |24 August 2021}} - Money concepts and diagrams
+    * {{ ::20210824_fdtf_money_concepts_diagramming.pptx |Slides}}
+  * {{ ::20210817_fdtf_call_notes.docx |17 August 2021}} - Quarterly Meeting plans; concept articulation goals
+  * {{ ::20210810_fdtf_call_notes.docx |10 August 2021}} - Updates; Currency Concepts
+  * {{ ::20210803_fdtf_call_notes.docx |3 August 2021}} - Money Flower ontological analysis
+  * {{ ::20210727_fdtf_call_notes.docx |27 July 2021}} - ontology papers review; finance industry updates
+  * {{ ::20210720_fdtf_call_notes.docx |20  July 2021}} - Definitional concerns
+  * {{ ::20210713_fdtf_call_notes.docx |13 July 2021}} - Contexts: Origin v Usage Context
+  * {{ ::20210706_fdtf_call_notes.docx |6 July 2021}} - RFI and Ontology of Money
+  * {{ ::20210629_fdtf_call_notes.docx |29 June 2021}} - Q3 Planning
+  * 22 June: No call (post-OMG QM break)
-==== Dec 2018 ====
+==== Q2 2021 ====
-FIBO v2 Approved for Adoption
+  * 15 June: No weekly call (OMG Quarterly Meeting)
+  * {{ ::20210608_fdtf_call_notes.docx |08 June 2021}}
+  * {{ ::20210601_fdtf_call_notes.docx |01 June 2021}}
+  * 25 May: No call
+  * {{ ::20210518_fdtf_call_notes.docx |18 May 2021}}
+  * 4 May: No call - clash with Enterprise Knowledge Graph (EKG) conference.
+  * {{ ::20210420_fdtf_call_notes.docx |20 April 2021}}
+  * 6 April - no call
-See link on main OMG site at [[https://www.omg.org/schedule/FIBO_Version_2_RFC.html|FIBO v2 RFC Specification Page]]
+==== Q1 2021 ====
-===== Latest Monthly Updates =====
+  * 23 March - no call (OMG QM)
+  * {{ ::20210309_fdtf_call_notes.docx |9 March 2021}}
+  * {{ ::20210223_fdtf_call_notes.docx |23 February 2021}}
+  * {{:20210209_fdtf_call_notes.docx|09 February 2021}}
+  * {{:20210126_fdtf_call_notes.docx|26 January 2021}}
-Monthly Update Call for July 2019 - {{:20190703_fdtf-fibo_status_update_v0.1.pptx|Slides}}
-Monthly Update Call for June 2019 - {{:20190605_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+===== Other Meetings =====
-Monthly Update Call for May 2019 - {{:20190508_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+[[Quarterly Meetings]]
-Monthly Update Call for April 2019 - {{:20190403_fdtf-fibo_status_update_v0.2.pptx|Slides}}
+[[Monthly Update Calls]] (pre-2021)
-Monthly Update Call for March 2019 - {{:20190313_fdtf-fibo_status_update_v0.2.pptx|Slides}} including post-meeting clarifications on Reston agenda
+===== Digital Currency RFI =====
+In 2021 Q2 and Q3 we have been working on an RFI on digital currencies as a whole.
-Monthly Update Call for February 2019 - {{:20190206_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+Here is the most recent working draft:
-Monthly Update Call for January 2019 - {{:20190109_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+{{ ::fdtf_digital_currency_rfi_working_copy_q3_-_20210720.doc |Digital Currency RFI Q3 Working Copy}} as of 20 June 2021.
-Monthly Update Call for December 2018 - {{:20181205_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+==== Digital Currencies Workings ====
+page for scoping and exploration prior to issuing an RFI
-Monthly Update Call for November 2018 - {{:20181107_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+[[DigitalCurrency]]
-Monthly Update Call for October 2018 - {{:20181003_fdtf-fibo_status_update_v0.2.pptx|Slides}}
+See also the [[References]] page for references on the ontology of money and other papers.
- - includes additions made during the call.
+===== Financial Industry Business Ontology (FIBO) ======
-Monthly Update Call for September 2018 - {{:20180905_fdtf-fibo_status_update_v0.1.pptx|Slides}}
+Please see the [[FIBO]] page for all things FIBO related.
-Monthly Update Call for August 2018 - {{:20180801_fdtf-fibo_status_update_v0.1.pptx|Slides}}
-Monthly Update Call for July 2018 - {{:20180711_fdtf-fibo_status_update_v0.1.pptx|Slides}}
-Monthly Update Call for June 2018 - {{:20180606_fdtf-fibo_status_update_v0.1.pptx|Slides}}
- - includes revisions made during the call so this is the main record of the meeting.
-Monthly Update Call for May 2018 - {{:20180502_fdtf-fibo_status_update_v0.1.pptx|Slides}}
- - includes revisions made during the call so this is the main record of the meeting.
-Monthly Update Call for April 2018 - {{:20180404_fdtf-fibo_status_update_v0.1.pptx|Slides}}
-; {{:20180404_fdtf-edmc_monthly_update_call_minutes.docx|Minutes}}
-Monthly Update Call for {{:20180307_fibo_status_update_v0.1.pptx|March 2018}}
-Introduction to Spec: {{:fdtf_mud_call_spec_intro.pptx|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.
 ===== FDTF Distributed Ledger Technology (DLT) Working Group =====
-==== New Blockchain PSIG Formed ====
+==== Blockchain PSIG ====
 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.
@@ Line 99: / Line 108: @@
 ==== History ====
-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.
+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.
-===== FIBO v2 =====
+===== Key Terms:  Definitions for the Financial Transparency Act (HR 1530, 2019) =====
+In 2019 OMG was asked, by drafters of the proposed Financial Transparency Act, to develop definitions for key terms that were included in the FTA.  The intention was for these definitions to be the basis for common meaning across all the financial agencies, and indeed across all of government.  Not all of the terms were exclusively financial, but all did pertain to proposed requirements included in the bill.  The terms were developed at the Amsterdam Technical Conference in 2018, and were approved by the Architecture Board and Board of Directors in 2019.  They were assigned OMG Document Number finance/2019-06/03 - - Definitions for Financial Transparency Act, which is accessible at [[https://www.omg.org/cgi-bin/doc?finance/2019-06-03 | Financial Terms Document]].
-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.
-===== FIBO v1 =====
-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 [[http://www.omg.org/hot-topics/finance.htm|"Hot Topics"]] page for Financial Services Standards.
-==== FIBO Foundations ====
-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:
-[[http://www.omg.org/spec/EDMC-FIBO/FND/Current|FIBO Foundations Current Version]]
-=== Scope ===
-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.
-==== FIBO Financial Business and Commerce (FBC) ====
-The most current version of FIBO-FBC can be found at the following link:
-[[https://www.omg.org/spec/EDMC-FIBO/FBC/Current|FIBO-FBC Current Version]]
-=== Scope ===
-FIBO FBC covers concepts common to many or all financial ontologies, such as debt and interest terms.
-==== FIBO Business Entities ====
-The most current version of FIBO-BE can be found at the following link:
-[[http://www.omg.org/spec/EDMC-FIBO/BE/Current|FIBO-BE Current Version]]
-=== Scope ===
-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 Indices and Indicators ====
-The most current version of FIBO-IND can be found at the following link:
-[[http://www.omg.org/spec/EDMC-FIBO/IND/Current|FIBO Indices and Indicators Current Version]]
-=== Scope ===
-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 FIBO Content Status =====
-==== FIBO Securities Common Concepts and Equities ====
-This work is included in FIBO v2.
-=== Scope ===
-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.
-==== FIBO Loans ====
-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.
-==== FIBO Derivatives ====
-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.
-==== FIBO Debt / Bonds ====
-Work has been carried out on bonds and debt common terms.
-===== Earlier Draft Specifications =====
-==== FIBO Foundations: RFC Submission as submitted at New Brunswick, NJ Quarterly Meeting, Sept 2013 ====
-  * FIBO Foundations as issued for comment {{:finance-13-09-02.docx|Finance/2013-09-02}}
-  * FIBO-Foundations OWL Files (ZIP) {{:fnd-owl-20130827.zip|Finance/2013-08-03}}
-  * Inventory file {{:finance-13-09-05-fibo-foundations-errata-inventory.docx|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 Business Entities - Draft for September meetings informal review ===
-  * FIBO-BE OWL Files (ZIP File): {{:be-owl-20130920.zip|Finance/2013-08-09}}
-==== Older Versions of FIBO Specifications ====
-=== FIBO Foundations May / June for Berlin (with errata) ===
-  * FIBO Foundations Specification {{:finance-13-05-15.docx|finance/2013-05-15}}
-  * OWL Files {{:fibofoundations-owl-20130601.zip|finance-13-06-01}} (ZIP file of OWL version that implements the errata)
-=== FIBO Foundations May 20 version as submitted for Berlin (June 2013) ===
-  * FIBO Foundations as submitted to OMG as {{:finance-13-05-01.doc|finance/2013-05-01}} in May 2013
-  * Accompanying OWL files {{:finance-13-05-03_fibo-foundations_owl.zip|finance/2013-05-03}} as submitted.
-=== FIBO BE March 2013 Baseline as seen in Reston ===
-  * FIBO Business Entities: {{:finance-13-03-05.pdf|finance/2013-03-05 March baseline document}}
-These documents will also be available on the OMG server.
-=== Original June 2012 Draft ===
-  * June 2012 Convenience Documents
-   * {{:finance-12-06-01.doc|finance/12-06-01}}FIBO Foundations (replaces the earlier model content section with one generated from Adaptive)
-   * {{:finance-12-06-02.doc|finance/12-06-02}}FIBO Business Entities (replaces the earlier model content section with one generated from Adaptive)
-=== Even Earlier Drafts  ===
-  * DRAFTS AS SUBMITTED prior to the June OMG Technical Meetings (these were not voted on in the end - considerable additional work was required)
-   * {{:finance-12-05-01.zip|FIBO Foundations RFC - ref: finance/12-05-01}}
-   * {{:finance-12-05-04.zip|FIBO for Business Entities RFC - ref: finance/12-05-04}}
-  * February submission:
-   * {{:fibo-12-02-01.doc|Version as submitted into OMG March meeting.}}
-==== Notes from FIBO Submitters Workstreams ====
-  * Combined notes from Documentation/business and Technical workstream: {{:20121101session1and2.doc|Thursday 01 November 2012 notes}}
-  * Recent Monthly update {{:20121107_fibo_status_update_v0.1.pptx|November 2012}} with more details of technical work.
-  * Documentation Workstream 4 Oct: {{:20121004_notes_on_conformance.docx|Final Notes on Conformance Material}}
-  * Documentation Workstream 20 Sept: {{:fibo_conformance_points.docx|Notes on Conformance points}}
-  * Technical Workstream 20 Sept: MB to complete example model of property restrictions by Friday 21 Sept for test
-  * Documentation workstream: {{:workstream_docs_session_notes_26_july_2012.docx|Session notes 26 July}} (Conformance Section of Document)
-  * Content and Planning: {{:workstream_1_session_notes_thursday_12_july_2012.docx|Session Notes 12 July}} (Plans, calls and upcoming activities)
-  * Technical Modeling: {{:workstream_2_session_notes_thursday_12_july_2012.docx|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]]
-===== Proof of Concept Demonstration =====
-Here are the {{:presentation_on_fibo_semantics_initiative_january_2012.pptx|latest slides}} on the Derivatives Proof of Concept activities.
-===== FIBO Workstreams =====
-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]]**
+The terms document was provided to the Office of Management and Budget (OMB) on 5 July 2019 as a comment letter on the Federal Data strategy Phase 3.  The FTA was not passed into law, but the terms have been incorporated into the Financial Data Transparency Act of 2022 (provide specifics?), and have been incorporated elsewhere in Federal law, for example (provide citations).
-**[[Major Events]]**
+The terms included are (see Definitions link for full document):
+  * Data Standard
+  * Open data
+  * Searchable Data
+  * Human Readable Format
+  * Machine Readable Data
+  * Voluntary Consensus Standards Body
+  * Standards Developed / Maintained by a VCSB
+  * Nationally recognized Statistical Rating Organization (NRSRO)
+  * Asset-Backed Security
+  * Taxonomy
+  * Ontology
-**Contact Information**
+=====Financial Instrument Global Identifier (FIGI) =====
-  * Logistics Contact: Carole Mahoney +44 208 399 7189 <[email protected]>
+(Add Content)
-  * OMG Financial Domain Task Force: Mike Bennett + 44 7721 420 730 <[email protected]>
+===== Standard Business Reporting Model (SBRM) =====
+(Add content, then link to SBRM Wiki Page)
+===== Link to Investopedia Page on the Definitions of Money Supply (M0, M1, M2, M3) =====
+The link is https://www.investopedia.com/terms/m/moneysupply.asp

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