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The Financial Industry Business Otology (FIBO) is the OMG Finance Domain Task Force's flagship ontology of financial industry terms, concepts and definitions.
FIBO is originated and maintained by the Enterprise Data Management Council and has been submitted to the OMG as a series of RFC specifications.
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 was under a Finalization Task Force, decommissioned in December 2020.
FIBO v2 maintains backwards compatibility with the FIBO v1 Specifications.
FIBO v2 will be superseded by an expected FIBO v2.1 RFC.
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 Specification tables from RDF
3. Diagrams production and maintenance via CCM
Please see the wiki space below for meeting notes, actions etc. of this activity:
NOTE: The current plan (since September 2020) is for a new FIBO v2.1 RFC which would not need to maintain the full change history with the FIBO v2 draft submission. Discussions are ongoing on ontology specification format and requirements for FIBO and other ontology-based standards, based on the above work where applicable. Please stay tuned for updates in the FDTF Quarterly Meetings sessions.
(not maintained - some of the below have been superseded. This page is intended to capture the history of this initiative.
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 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 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 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 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.
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.
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.