FIBO CONTENT TEAM Securities Equities Agenda 2 Where
FIBO CONTENT TEAM Securities & Equities
Agenda 2 Where we are – FBC v v Open Action Item review Where we are – SEC v v Financial Business and Commerce (FBC) Specification materials submitted to the OMG -https: //wiki. edmcouncil. org/pages/viewpage. action? page. Id=3571726 Specification was voted for issuance for comment, initial feedback from our AB reviewer (Sridhar Iyengar, IBM) for our 2 nd AB reading in La Jolla indicates that we’ve satisfied his primary concern, and that his remaining issues can be addressed in FTF Additional comments may come up between now and next week’s meeting, and we may also receive comments from other AB members, but initial feedback was quite good Current activities reflected in open JIRA issues Current version of the SEC ontologies addressed prior to FBC start are Git. Hub in pink, integrated with FBC Preliminary revisions to Securities Classification and Security Assets for discussion today Homework discussion and reminders Planning for La Jolla and the rest of the year
Recap of last few meetings 3 Participants included the following organizations: • • • • Bloomberg Citi Credit Suisse (new, joining as time permits) Deutsche Bank Fidelity Global LEI Foundation / Tahoe Blue Ltd Goldman Sachs Mphasis No. Magic Nordea State Street Statistics Canada Thematix Partners Wells Fargo
Outstanding FBC Actions / Issues 4 Actions from prior meetings have been noted on the wiki – see https: //wiki. edmcouncil. org/display/FBC/Meeting+notes Planning for FBC’s Finalization Process – 18 major issues and 19 minor issues in JIRA plus AB comments v v v v FBC-18, FBC-62, FBC-68 and FBC-70: Reconciliation between the changes in BE (David Newman et al) and FBC, including LEI, functional entities FBC-50 and FBC-52: Addition of definition of self-regulating organization (SRO) and determination of additional jurisdiction-specific SROs (e. g. , FINRA, MSRB, NRA. . . ) FBC-53: Addition of Nominee to Clients and Accounts, and revision of definition of Account. Holder to include Nominee FBC-65: Addition of definitions for trade, position, holding, exposure (high level, since they span multiple domain areas) EU Regulatory Agencies, Repositories/Registries, and EU-specific individuals (DB) International Jurisdiction individuals – GLEIS repository, e. g. (FBC-33, FBC-62) Numerous “tweaking” issues marked as minor, some related to definitions that will require review by this group Need a list of definitive, high level services we can use to differentiate these kinds of entities and who regulates them. So, e. g. , if someone is regulated by a given regulation, then it means they are a bank holding company (all)
Securities and Equities Status 5 Recently revised/updated ontologies, now in pink, include: v v v v Baskets. rdf (small) – defines basket and basket constituent, basket of indices, basket of securities, and mixed basket Convertible. Securities. rdf (very small) – defines convertible security and related terms Securities. Classification. rdf – defines classifier, classification scheme, and extends financial instrument … are there individual schemes we should include, such as ISO 10962, others? Securities. Issuance. rdf – more extensive, defines offering, offering document, offering statement, private placement memorandum, prospectus, security underwriter Securities. Listings. rdf – also more extensive, covers exchange and listing service, exchange identifiers, exchange traded security, listed security, multilateral trading facility, notional financial marketplace, registered security, securities exchange, securities trading facility, security listing Security. Assets. rdf – defines financial asset, portfolio holding, security holder About. SEC-1. 0. rdf
Additions made over the last week 6 Updates based on development and testing of Securities. Listings with Nordea Additional fixes made to Securities. Issuance, Securities. Classification based on our conversations, review this week Latest version will be available as soon as pull request is actioned
Securities Classification – Financial Instrument Classifier 7
Securities Classification – Classification Scheme 8
Securities Classification – Additions to Financial Instrument 9
Security Assets – Additions to Financial Asset 10
Security Assets – Definition of Portfolio 11
Security Assets – Definition of Portfolio Holding 12
Security Assets – Definition of Security Holding 13
Security Assets – Definition of Security Holder 14
SEC Homework 15 Review definitions in Securities Issuance – there are many properties in the Securities Issuance ontology, available in pink in Git. Hub Review definitions in Securities Listings – there are many properties in the Securities Listings ontology, available in pink in Git. Hub Review definitions in Securities Classification (small) and Security. Assets – there are few properties, but important definitions, especially in Security. Assets Look at current draft Securities. Identification – it may evolve before our next call, but provides the starting point for next time
FBC Homework Discussion 16 Primary open issues include coverage, gap analysis for EU institutions, analysis with respect to linking regulators to the services they regulate in what jurisdiction – under review with DB Still need more test individuals for functional entities – examples posted in spreadsheets and slides – under review with DB Use cases (section 7) – v v Use case to cover the ability to identify counterparties via registered identifiers and registration authorities, such as LEI, the various Charter, Fed, and routing numbers, and EU equivalents – need the use case but individuals for testing are available for the US Use case to relate regulators to the services they regulate – need to craft this New use cases for KYC – still need to craft these Original integration use case is focused on CRM, could leverage new clients and accounts ontology, revisions to BE covering Legal. Entity are underway
SEC and FBC Homework 17 Please, please review the specification and related ontologies in pink Ontologies will be check-pointed in pink before any changes are made v v ontologies in RDF/XML serialized OWL have been uploaded to Git. Hub and are current, including LCC Source documents, such as the US regulations cited so far, are available on request Use cases and a few examples – do we want an annex to work through some example use cases rather than including the individuals and competency questions in section 7 in FBC? v v Use case for KYC is a good one for FBC; another is counterparty exposure, including support for LEI roll-up based on counterparty intermediaries – using an extended GLEIS international ontology? Use case template is available from Thematix, as needed (ekendall@thematix. com)
Schedule 18 Next Few Meetings: Dec 7 th – No telecon (OMG La Jolla meeting)
- Slides: 18