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 was 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 covers everything related to the OMG Finance Domain Task Force, and also reflects the activities of the joint work described above, which continues via the Finance Domain Task Force as a whole.
As of Q3 2021 these calls will take place every week on Tuesdays at 4pm ET
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.
In 2021 Q2 and Q3 we have been working on an RFI on digital currencies as a whole.
Here is the most recent working draft:
Digital Currency RFI Q3 Working Copy as of 20 June 2021.
page for scoping and exploration prior to issuing an RFI
See also the References page for references on the ontology of money and other papers.
Please see the FIBO page for all things FIBO related.
The Distributed Ledger Technology Working Group (DLT-WG) has been superseded by the creation of a Blockchain Platform Special Interest Group (Blockchain PSIG) in December 2018.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.