FIBO CONTENT TEAM Indices Indicators IND FTF 2
FIBO CONTENT TEAM Indices & Indicators (IND) FTF 2
Agenda 2 Where we are – Indices & Indicators (IND) Specification FTF 1 materials submitted to the OMG (May 2015) http: //www. omg. org/techprocess/meetings/schedule/F IBO_Indices_and_Indicators_1. 0_FTF_2. html v 2 open JIRA issues on the OMG side corresponding to the EDMC JIRA (one completed) v Current activities reflected in open EDMC JIRA issues (7 issues – one “resolved”, 1 new) v New issues, as uncovered by the IND FCT / FTF should be posted there v Open Action Item review Planning for the next month
IND FTF 2 / FCT Members 3 Participants include the following organizations: • • • 88 Solutions Adaptive Bloomberg Bureau of Labor and Statistics EDM Council HP Enterprise / Mphasis No. Magic State Street Statistics Canada Thematix Partners University College Cork
Outstanding IND Actions / Issues 4 Actions will be tracked on the wiki – see https: //wiki. edmcouncil. org/display/IND/Meeting+notes v v Dan Gillman to get BLS taxonomy to Pete? Current list of primary indicators used by IMF, related definitions v v https: //wiki. edmcouncil. org/display/IND/United+States+SDDS+Data+Category+and+ Component https: //wiki. edmcouncil. org/display/IND/Statistics+Canada+Census+Information https: //wiki. edmcouncil. org/display/IND/Statistics+Canada+Reference+Information David Saul to ask about internal indicators used by State Street? (on vacation this week) Elisa to complete IND-7 resolution (done, posted to JIRA) for review today – see https: //jira. edmcouncil. org/projects/IND/issues/IND 7? filter=allopenissues 7 open JIRA issues v v v One completed for discussion today – IND 7 (see above) One needs strategy discussion – new IND-13 regarding monetary authority and central bank Several needed to update the format of the specification to bring it in line with the others (conformance section, architecture section, new notation section and revised table
Current set of Economic Indicators in IND 5 What should the set of indicators include? Those reported to the IMF?
Example Indicator – Consumer Price Index 6
Example – Gross Domestic Product 7 Currently, there is an issue to change the target to Geopolitical Entity, but what else do we need to model?
IND-7 Interest rates and exchange rates should be moved to a higher level of abstraction 8 Partially addressed in the FND 1. 1 Specification adopted in Reston Remaining changes are needed in IND – adjust hierarchy to integrate with FND; determine best approach to deprecating duplicate elements Resolution in JIRA, comments received to date have been addressed
Reference Rate renamed to Reference Interest Rate, now a subclass of Interest Rate 9
Quoted Exchange Rate is now a subclass of Exchange Rate 10
11 Interest rate authority and central bank are misclassified in the Interest Rate Publishers ontology Interest rate authority is classified as an Agent. In. Role, although its definition is “an authority responsible for the publication of some interest rate”. It is also a subclass of a restriction that states that it “sets some Reference. Rate”. Financial. Information. Publisher already exists, which should be a parent of this class. An interest rate publisher is also a financial services provider, as stated in the explanatory notes, and especially if this concept represents an organization that sets reference rates. Further, the notion of a central bank is a first class concept in the FIBO FBC specification, and should not be duplicated / buried in the interest rate publishers ontology (which may extend the FBC definition as needed). Central. Bank and Monetary. Authority in the Interest Rate Publishers ontology should extend definitions in FBC, of functional entities, rather than create new independent parties herein for the same purpose.
Proposed solution for Interest Rate Authority 12
Proposed Solution for Monetary. Authority and Central. Bank 13
The challenge with that … 14 Monetary Authority is currently in Interest Rate Publishers, but belongs in FIBO FBC Financial Service Providers, as a parent of Central Bank is defined in two places – FBC and IND, and the FBC definition is far better – as a Regulatory Agency and Financial Institution But … can the IND Finalization Task Force modify another spec? Maybe not … Do we have the bandwidth to file and address an urgent issue in FBC between now and 5/23?
Homework 15 Review current specification document, available at https: //wiki. edmcouncil. org/display/IND+FTF 1+Report%2 C+Specification%2 C+and+Ontology-related+Artifacts Take a look at the open JIRA issues, at https: //jira. edmcouncil. org/projects/IND/issues/IND 7? filter=allopenissues Ballot IND-7, determine what to do with IND-13, address at least one administrative resolution next week Focus will be to review / provide good support for economic indicators, common interest rates over the next 4 -5 weeks, and address the document clean-up to match the other FIBO specs
Schedule 16 Next Few Meetings: May 6 – working session May 13 th – working session May 20 th – working session Note that the FTF report and revisions are due to OMG on May 23 rd – this does not preclude us from continuing to improve on and augment the specification
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