FIBO Foundations Content Team Mike Bennett EDM Council
FIBO™ Foundations Content Team Mike Bennett EDM Council ● July 17, 2018 Confidential
Agenda 1) 2) 2) 3) 4) 5) 6) Confidential NEWS Open up the wiki with the currents weeks content Use Case reminder. Where are we on our road map. This weeks agenda: Go to JIRA The days content discussion EDM-Council/FIBO Foundations Content Team 2
NEWS • CCM v 19 now released – – Metadata now supported Min 0 supported for round tripping NO Issue with OWL version. IRI No license available • This is being progressed with No. Magic • TWC FIBO-Master already updated – Now read-only for all current install base – Arrange coordinated update when licenses available – Impact: We currently have no method for ingesting Q 2 Release into TWC FIBO-Master! • FIBO v 2 – – Confidential Specification Draft in progress Diagrams in progress (halted for CCM 19) Substantive draft reviewed by FDTF at June OMG Reports programming to be done by mid August EDM-Council/FIBO Foundations Content Team 3
FIBO™ Foundations Content Team Leaders name: Mike Bennett Title: Head of Semantics and Standards Organization: EDM Council The Team: Mike Bennett Bobbin Teegarden John Gemski Max Gillmore Rob Nehmer David Frankel Marcello Ceci Jeff Braswell Cory Casanave Confidential 9/2/2021 EDM-Council/FIBO Foundations Content Team
Wiki • https: //wiki. edmcouncil. org/display/FND/ FIBO+-+FCT+-+Foundations+Home Confidential EDM-Council/FIBO Foundations Content Team 5
Use Case: FCTs Support • Each FCT needs to identify abstractions they need – Some exist in Production FND – Some are in Provisional FND or even Informative – Some are work for us to do • FCT use Cases - Wiki page – https: //wiki. edmcouncil. org/display/FND/FIBO+Co ntent+Team+Requirements+for+Foundations Confidential EDM-Council/FIBO Foundations Content Team 6
Derivatives Use Case • Commodities Derivatives – Need concepts relating to quantities and units of measure – Some already exist in Release – Others not found by DER FCT • Terms needed include – Measures and amounts of a commodity – Different systems of units e. g. Tory weight, barrels • Recommendation: post specifics on Wiki page – https: //wiki. edmcouncil. org/display/FND/FIBO+Content+Tea m+Requirements+for+Foundations Confidential EDM-Council/FIBO Foundations Content Team 7
Securities Use Case • Work under way on Equities – Good use of pre-existing material – Challenges: use of equity class ‘other’ from original review needs to be better framed in OWL logic – Similar challenges may exist in voting rights etc. ? • Already in hand • Recommendation: post specifics on Wiki page – https: //wiki. edmcouncil. org/display/FND/FIBO+Co ntent+Team+Requirements+for+Foundations Confidential EDM-Council/FIBO Foundations Content Team 8
Loans Use Case • Spreadsheet from Michael Uschold • Loans not Release in Q 2 – but we are starting the work now to support this in Q 3 release • Triage of original spreadsheet and subsequent changes – – Some things already in Release Some in new Ontology(ies) to be promoted to Release Some carried out in Provisional or Informative Some require promotion of concepts already in Provisional or Informative • Where Informative, will require IRI changes – Some still to do Confidential EDM-Council/FIBO Foundations Content Team 9
Other Ongoing work • Name collisions – Identify common concepts versus heterographs • E. g. Product, Service, Facility • Legacy (Provisional + Informative) maintenance – Definitions issues – Dot ones / duplicate property names • There also JIRAs for these Confidential EDM-Council/FIBO Foundations Content Team 10
Work Plan for Q 3 • Housekeeping; Module abbreviations • Use Cases – Loans requirements for Loan. Contracts module – Securities – Commodities Derivatives • Other open issues – Quantities and Units of Measure – Organizations? – People etc. detailed properties • Products and Services • Transactions • Others per JIRA review Confidential EDM-Council/FIBO Foundations Content Team 11
FND Ext Modules Status Module Accounting. Ext Agreements. Ext Arrangements. Ext Business. Ext Communication Goals. And. Objectives. Ext Information. Ext Law. Ext Math. Ext Parties. Ext Physical. Ext Places. Ext Publication. Ext Quantities. Ext Risk. Ext Social. Constructs. Ext Time. Ext Transactions. Ext Confidential Extends Accounting Agreements Arrangements Original To be moved to Arrangement Goals. And. Objectives Replace w Arrangements Law Original Parties Original Places Original – some overlap elsewhere Quantities – rename 1 ontology Original (conceptual abstractions) Replace w Financial. Dates etc. Original – overlap w Products. And. Services EDM-Council/FIBO Foundations Content Team 12
Housekeeping • Completed the Module metadata for FND • All remaining FND modules are styled as ‘Ext’ • ‘Ext’ = Informative not Extension – Some are extensions to existing material – Some are original new material – Some original material to be deprecated in favor of similar concepts in different modules • Resolution: – Keep the Ext namespaces – Interpret as Informative not Extension – Some may be promoted in future or replaced Confidential EDM-Council/FIBO Foundations Content Team 13
Provisional Communications Module • Contains some content (is. Submitted by and to) that need to be reviewed and moved – And metadata updated as these contain open editorial questions – Recall that we wanted to put the Reports concepts into Communications as well but were only prevented by this not being signed off for Release in time for this Q release – Revise for Q 3. • Decision for post Q 2 release: – Move the Communications ontology into Arrangements – Deprecate Communications module Confidential EDM-Council/FIBO Foundations Content Team 14
FND Namespace Abbreviation Module Accounting. Ext Agreements. Ext Arrangements. Ext Business. Ext Communication Goals. And. Objectives. Ext Information. Ext Law. Ext Math. Ext Parties. Ext Physical. Ext Places. Ext Publication. Ext Quantities. Ext Abbeviation fibo-fnd-accx fibo-fnd-agrx fibo-fnd-arrxx fibo-fnd-bus fibo-fnd-com fibo-fnd-gaox fibo-fnd-inf fibo-fnd-lawx fibo-fnd-math fibo-fnd-ptyx fibo-fnd-phy fibo-fnd-plcx fibo-fnd-pub fibo-fnd-arrx fibo-fnd-quax fibo-fnd-risk fibo-fnd-soc Risk. Ext Social. Constructs. Ext Confidential EDM-Council/FIBO Foundations Content Team Time. Ext 15
FND Namespace Abbreviations • Fix up Quantities mixup • Clean up Arrangements arrxx to arrx Confidential EDM-Council/FIBO Foundations Content Team 16
Namespaces elsewhere • LOAN: has 2 namespace abbreviations at Module level – ‘ln’ for the Loan. Contracts material – ‘loan’ for the rest • Metadata file set to fibo-loan – Loans ontologies in Loan. Contracts to be updated to reflect this Confidential EDM-Council/FIBO Foundations Content Team 17
JIRA • Review of open JIRAs carried out 11 June – All 2018 Q 1 JIRAs were closed already • Remaining ones are work to be done • These break down into: – Things that can be implemented as seen – Things that require semantic analysis – Things that require answers or explanations to the person raising them – Things we really don’t have a clue about • Includes – Things not finished for Loans Confidential EDM-Council/FIBO Foundations Content Team 18
Recent JIRAs • 2 recent FND changes backed out for now – all. Values. From in Monetary. Amount – Software Agent renaming Confidential EDM-Council/FIBO Foundations Content Team 19
JIRA Simple Changes • Rename Software Agent (FND-153) – Was added as part of Loans work – Subsequent JIRA to rename this • Initial proposal submitted for Q 2 Release – Rejected with counter-proposal Confidential EDM-Council/FIBO Foundations Content Team 20
Monetary. Amount changes • Change all. Values. From to some. Values. From in Monetary. Amount – FND-41 – See also FND-99 • Initial proposal submitted for Q 2 Release – Rejected with counter-proposal Confidential EDM-Council/FIBO Foundations Content Team 21
Monetary Amount • Currently, it is perfectly ok for something that provably has no amount and has no currency to nevertheless be a Monetary. Amount. The all. Values. From restrictions are not sufficient. To fix this, add the following restrictions: – has. Amount some decimal – has. Currency some Currency. Confidential EDM-Council/FIBO Foundations Content Team 22
Monetary Amount counter-proposal • Pete: – Should it not be exact cardinality of 1? – As it is this would allow additional values of any type at all Confidential EDM-Council/FIBO Foundations Content Team 23
Monetary Amount Review • Replace the all. Values. From with min 1 and max 1? – Is there such a thing as exact cardinality? • Yes there is in OWL 2 – Does that make it both universal and existential? • Supplement the All. Values. From with some. Values. From so there are both? – This is what Uschold previously proposed – What we proposed was to replace all. Values. From with some. Values. From • Something else? Confidential EDM-Council/FIBO Foundations Content Team 24
Restrictions Review • If the ranges are already what is in the all. Values. From restriction, doe the all. Values. From restriction even say anything? – No – Check ranges as of now: • has Amount – Range is already xsd: decimal – Q: is the same as having an unqualified restriction or does it say nothing at all? – A: it says nothing at all – But it can be useful for a data model schema. – Unlike cardinality restrictions, which would have meanings when unqualified • has. Currency – Range already Current so the all. Values. From is redundant – Also has a domain of Monetary. Amount – On this, our FIBO strategy has been to include restrictions even when the domainis specified. – So… Confidential EDM-Council/FIBO Foundations Content Team 25
Restrictions Conclusions • The all. Values. From restrictions are redundant • So adding some. Values. From has the same effect as having only some. Values. From • Is it the same as having exactly 1, to have both all. Values. From and some. Values. From restrictions (even with one of those redundant)? – No: e. g. if I state I have exactly one child, and then 2 statements exist that name different names then we know those are the same person. – So cardinality has a role and is distinct • Resolution: Replace all. Values. From with exact cardinality = 1 – For both properties Confidential EDM-Council/FIBO Foundations Content Team 26
Range: Currency • What about currencies with multiple units e. g. Pounds v Pence (if still used? ) – Currency uses the ISO list – currency is currency • The monetary amount is the same amount if it is quoted in Pounds or in Pennies but different decimal – So this is the same Monetary Amount in different units – Are these considered to be the same currency? • Yes the cent is exchangeable for the Dollar • The currency unit is not entirely simple i. e. Pounds, Pence are separate units of the same currency • Exchangeable but different. Confidential EDM-Council/FIBO Foundations Content Team 27
Proposal: • Add another property which is Unit – Compare with Quantities work! Same dimension, different units – Caveat: from the FIBO data-focused design Po. V, if Pounds and Pence are distinct does that matter if we are describing the data? – Do we need to be able to know that the 2 monetary amounts are the same ‘thing’ ontologically? • Resolution – Maintain it as is – Also matches ISO 20022 Monetary. Amount pattern Confidential EDM-Council/FIBO Foundations Content Team 28
Separate point: ranges of Decimal • E. g. decimal may be interpreted as having a given number of decimal places? – Not so – JPY has 0 dp but can still be decimal • Is it meaningful to say e. g. in USD (which has 2 dp) we talk of something valued at USD 12. 3456 – Still meaningful for Monetary. Amount because this is the valuation of a thing – It is not meaningful for Amount. Of. Money because that is actual money which can’t be carved up. • So: – The problem we are talking about above does NOT apply to Monetary. Amount only to Amount. Of. Money – Amount. Of. Money is looser at present; no change Confidential EDM-Council/FIBO Foundations Content Team 29
Outcomes: • 1. we go to cardinality exactly 1 for both properties • 2. We don’t need to tweak the datatypes or allow for variations Confidential EDM-Council/FIBO Foundations Content Team 30
Software Agent Proposal This becomes software with actual autonomy Proposed location of renamed class (formerly Automated System) NB Not a kind of Autonomous Agent as this changes the original semantics of those Confidential EDM-Council/FIBO Foundations Content Team 31
Software Agent Counter-proposals • Elisa – My preference would have been "information system" vs. "automated computer system", given that the lines between what is done in software and what is done in hardware have blurred, but that depends on the use cases that the FND FCT has for this. – For Wells Fargo, "information system" work better, as that could theoretically include data resources such as various data warehouses, but I'm not sure that "automated computer system" works for that. • Pete – Should be a new class rather than replacing the original – There is a bigger inspect than night be appreciated by looking for direct references, since people may have used class Agent on the understanding that it included Automated ones. That aspect is now missing, a HUGE impact IMO. – I don’t think the new definition is complete or useful since it • • a) begs the question of what a "computer"is. What about an embedded chip? A cellphone? An ATM? b) out seems to disallow the computer to make a decision, only provide info for a human to decide on. That does not seem to represent reality where decisions are made with no human involvement. – If there really is a justification for this new concept it should be more clearly defined and more useful, and not replace the original which had utility as a subclass of Agent. Confidential EDM-Council/FIBO Foundations Content Team 32
Software Agent Proposal • Retaining semantics of ‘Autonomous Agent’ as not including systems from which a human takes advice • Retaining the notion that this is a ‘system’ and not an ‘Application’ • Proposal to name as ‘Information. System’ – This is better! – Recommend this • Implementation: by deprecation Confidential EDM-Council/FIBO Foundations Content Team 33
Software Agent Additional Comments • Clearly two notions of autonomy are in circulation – See also long explanatory. Note – Usage? • Current assumptions mean that we would no longer have the notion of something that is able to act on its own part and is ancestral to people, organizations etc. – To be discussed at a future meeting – No impact on the current proposal Confidential EDM-Council/FIBO Foundations Content Team 34
FND/Relations/has. Definition • Git. Hub Notes (Elisa) – The property "has. Definition" used to be synonymous with is. Defined. By, and the only reason the property name is has. Definition is that we have a policy not to overload reserved terms from RDF and OWL (which would cause problems. – The definition of this property was improperly revised to mean something other than is. Defined. By by the FND FCT at some point - but if you do a query for all 40 uses of this property you will see that it is used consistently to mean is. Defined. By, not this odd definition about words. • Elisa will raise a JIRA on this, for FND Confidential EDM-Council/FIBO Foundations Content Team 35
has. Definition: • Definition (existing) – specifies a form of words that conveys the meaning associated with something • Implied meaning from actual usage (with the sense of is. Defined. By): – Usages • Tax rule scheme, trading date rule, various rules • Various schemes (the code is defined by the scheme) • System of units, system of quantities – Intended meaning: some code, rule etc. is formally set out (defined) in some scheme or other organizing matter • Possible definition: – specifies where and how the intended usage of the item is formally defined or specified Confidential EDM-Council/FIBO Foundations Content Team 36
has. Definition Findings • There is also a property called is. Defined. By – – Usage : none Probably deprecated in favor of has. Definition No deprecated element seen in OWL No deprecation element against the property in CCM • There is no JIRA in which the definition was changed from something to the new definition • has. Definition is a sub property of has. Representation • Definition: relates a concept to some textual or other symbol which is intended to convey the sense of that concept or to some form of words which sets out the meaning of that concept • Conclusion: this was always meant to convey the sense it which it has been used. Definition is wrong Confidential EDM-Council/FIBO Foundations Content Team 37
Quantities • DER: Commodities – Amounts and measurements in different units e. g. Troy ounces – Quantification – Physical things (UO)? • Loans: – Real. Property. Valuation requires Valuation – Conceptual model has this in broader framework of measurement Confidential EDM-Council/FIBO Foundations Content Team 38
Quantities: Release • TWC CCM Diagram not available Confidential EDM-Council/FIBO Foundations Content Team 39
Quantities: needed • Concepts from QUDV – Systems of Units etc. – already in Release • Dimensions • Need clarity in exactly what is missing – Need an agreed mechanisms of where these are posted – recommend use of the wiki page as previous stated Confidential EDM-Council/FIBO Foundations Content Team 40
Quantities: Informative • Two ontologies – Quantities. And. Units. Ext • Basic physics e. g. mass / acceleration / force etc. • Ratios, complex properties • Troy weight (needed for Commodities) – Quantities. Ext • • Quantity Reference Measurement Procedure Barrel (needed for DER Commodities - oil Etc. • These compare to the separate ‘Conceptual’ work – Used to dispose monetary valuation within broader framework of measurement types (SI) Confidential EDM-Council/FIBO Foundations Content Team 41
Quantities Conceptual • Work carried out in separate CCM repository – Not integrated into FIBO-Master project – Reviewed this week • Includes SI derived concepts for how measurements exist – Procedure, unitary, reference materials • Used as – Basis for monetary measures, valuation etc. – Framing of QUDV terms • Ext (Informative) Quantities in FIBO-Master – Seems to have most of the concepts being asked for – When we have an exhaustive list we will know – Unlikely to need the broader conceptual framing in the separate project Confidential EDM-Council/FIBO Foundations Content Team 42
Quantities Next Steps • Diagram out the Informative material • Cross-reference with Conceptual model / Ext module • Identify use of QUDV (Sys. ML) or replacement terms (some seen in FIBO Release already) • Identify ‘pragmatic’ design considerations for what to include in Release proposals Confidential EDM-Council/FIBO Foundations Content Team 43
Semantic Analysis: JIRA FND-134 • Contact Info requirements for Loans – There was a Pull Request but no sign of the described change – Also a shortfall in recent mapping efforts • Need broader semantic analysis and design review to ensure that – Not only as needed for loans – Proof against different addressing systems and contact kinds – Supports other known FIBO usage requirements • Note there have been sightings of related concepts in FBC (for regulators, who also seem to have addresses!) Confidential EDM-Council/FIBO Foundations Content Team 44
Semantic Analysis: FND-202, FND-203 • • • Services and related concepts Good, Service as a product Loan related products (contractual) Facility • Status: – Analysis complete, – Specific proposals to be put forward Confidential EDM-Council/FIBO Foundations Content Team 45
Other Things to Review • Transactions: – To be aligned with REA terms where these are surfaced within Release – Terminology to be aligned with REA (Obligations v Commitments not consistently named in current Release v Provisional). • Identify things that are not actually extensions and change IRIs accordingly, whether these remain as Informative or become Provisional • Review linkage to Commitment v Product Commitment in Release update of Products – We think that Product. Commitment can now be introduced as per Provisional work Confidential EDM-Council/FIBO Foundations Content Team 46
Organizations • New definition – a unique framework of authority within which a person or persons act or are designated to act for some purpose such as to meet some need or pursue some goals. • Broader than the original. – Org not a child of Collection or of Group – it’s a separate thing. • Formal Organization sub unit – Added restriction to say it is a part of an Organization – New concepts from VMBO (consortium etc. ) Confidential EDM-Council/FIBO Foundations Content Team 47
Loans Preparation for Release • What is required for Loans to be elevated to Release? • Work carried out for Loans that is in: – Provisional – should be able to elevate to Release • Catalog these • Apply / check for compliance with ‘operational’ design rules • New ontologies, so complex OWL patterns not an issue – Informative • Identify replacement concepts to satisfy Loans usage of e. g. Line. Item that was moved to Informative • Work not yet carried out for Loans Confidential EDM-Council/FIBO Foundations Content Team 48
Next Meeting • We meet weekly – Tuesday at 3 pm Eastern Time – FCT leads invited • Homework Calls (Fridays) • Mike on holiday next week • Next call – 31 July Confidential EDM-Council/FIBO Foundations Content Team 49
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