FIBO Foundations Content Team Mike Bennett EDM Council
FIBO™ Foundations Content Team Mike Bennett EDM Council ● November 28, 2017 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 • Have resolved the OWL out / round tripping issues – The one-off action no longer needed before we can start creating content in CCM – Script received from No. Magic for outgoing • More JIRAs coming through – New JIRA on address properties • spans FND and FCT – Removal of Currency for Interest Rate (FND-161) – Raised FND-160 for Product Moves – Raised FND-163 for Product Issues Confidential 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 Loans: Michael Uschold Confidential 9/20/2021 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/FI BO+Content+Team+Requirements+for+Fo undations Confidential EDM-Council/FIBO Foundations Content Team 6
Priorities • Loans Concepts Coagulation – Spreadsheet from Michael Uschold – Concepts now added to FND (Production and. Or Provisional) • Name collisions – Identify common concepts versus heterographs – E. g. Product, Service – E. g. Facility v Venue (see credit Facility in Legacy Loans) – Addressing some of these during Loans support work Confidential EDM-Council/FIBO Foundations Content Team 7
Recap since last meeting • Loans Alignment: Products – – Refinement of Products model Review with FBC FCT Moves and changes TWC Branch for FND-160 • New JIRAs (triage) • Values ontology next steps agreed Confidential EDM-Council/FIBO Foundations Content Team 8
Today’s Agenda • Products Confidential EDM-Council/FIBO Foundations Content Team 9
Products • Update of work carried out by the team • Integration with Release ontology Products. And. Services • Review of Product concept in Release • High level concept model (Informative) Confidential EDM-Council/FIBO Foundations Content Team 10
Product Line Items Disposition • Not all belong in Products and Services (Production) – Some are Documents – Segregate Offering Confidential EDM-Council/FIBO Foundations Content Team 11
Product Line Items Disposition • Move to Products and Services • The class called Product above is just a placeholder – Replace with the Product concept in P&S – First, analyze the semantics of that • Does it have properties specific to e. g. Off the Shelf product (e. g. catalog entry) or all Products? • Refer to concept model of Products (3 concepts for which “Product” can be a name) – Align accordingly Confidential EDM-Council/FIBO Foundations Content Team 12
Product in Production FIBO Confidential EDM-Council/FIBO Foundations Content Team 13
Product in Production FIBO JIRA FND-163 Actually this is min 0 in OWL Confidential EDM-Council/FIBO Foundations Content Team 14
Production Product Review • Catalog relation – implies off the shelf product – Renamed to Boilerplate Product • Bespoke may be needed in future – Renamed to Custom Product • Line Item is a Document matter – Leave in Informative (new ontology) • Offering becomes Product Offering – And is a kind of Offering – As are Securities Offering (primary market issuance) and others Confidential EDM-Council/FIBO Foundations Content Team 15
Products Confidential EDM-Council/FIBO Foundations Content Team 16
Documents Confidential EDM-Council/FIBO Foundations Content Team 17
Offerings Confidential EDM-Council/FIBO Foundations Content Team 18
Offerings Integrated Confidential EDM-Council/FIBO Foundations Content Team 19
Products Confidential EDM-Council/FIBO Foundations Content Team 20
Products Overall in FND-160 Confidential EDM-Council/FIBO Foundations Content Team 21
Product Concept Model • The word Product maps to 3 things in common parlance: – 1. something produced – 2. something offered (may be a product or a service) – 3. Something offered, which is not a Service • Includes IP Products, Contractual products, physical (nuts and bolts) products – Bespoke or off the shelf • Includes sale of securities as product (Nordea use case) • Conceptual model has all these, need more words. • Something offered is a Relative Thing by definition – has. Identity some Security, some possible Contract (template), some nuts etc. – has. Identity some set of activities to perform (becomes a service) • Result of Production (Product 0 is an Independent Thing Confidential EDM-Council/FIBO Foundations Content Team 22
Next Meeting • We meet weekly again – Tuesday at 3 pm Eastern Time – FCT leads invited • Homework Calls (Fridays • Michael Uschold no longer available going forward – Wrp up Loans requirements • Next call – No call 5 Dec (OMG Week){ – Next call is 12 Dec Confidential EDM-Council/FIBO Foundations Content Team 23
Takeaway: Previous Homework and Work In Progress Confidential EDM-Council/FIBO Foundations Content Team 24
Master Open and Resolved Issues: • Duplicate Names – Known to FCT – Require semantic analysis and alignment • Frig List – Restriction cascades – Syntactical issues • The Values ontology – See latest from Cory – Next steps? • JIRA Confidential EDM-Council/FIBO Foundations Content Team 25
JIRA: Newly Assigned • • • Confidential FND-8 is. Owned. By alignment FND-164 Occurrent ontologies FND-127 W 3 C Snapshot FND-74 Person name prefix / suffix FND-86 Occurrence dates and locations EDM-Council/FIBO Foundations Content Team 26
OMG New JIRAs • FND 13 -2: Punning in the ISO 4217 currency codes ontology violates our policy and slows reasoning • FND 13 -3: Revise the ISO 4217 currency codes to reflect the changes to LCC countries • FND 13 -4: FND about files should include the versioned IRIs rather than the non-versioned IRIs Confidential EDM-Council/FIBO Foundations Content Team 27
Valuation • Range of parent class is defined – Monetary Amount; Autonomous Agent • CCM rendition of the model does not show this Confidential EDM-Council/FIBO Foundations Content Team 28
Valuation Disposition • Valuation should not refer to the property ‘has. Monetary. Amount’ as a value – The class shown as Valuation is an occurrence – What has a monetary amount is the result of that Valuation activity • Not all valuations are expressed as monetary amounts – Edge case where barter applies – Has some relevance for commodities markets e. g. gold Confidential EDM-Council/FIBO Foundations Content Team 29
Valuation detailed notes • 2 things to do 1. 2. Valuation is an occurrence. Output is the assertion of a particular value (resulting fro ma notional trade) Align it with the conceptual model of measurements and things. • That is, 2 things: 1. 2. the process of coming up with an estimated value; as a result of that analysis, someone comes up with a monetary amount (or barter at a higher level). • What to call the things? – Assessment <- Value Assessment – Don’t use the word Assessment, it’s more like Determination Confidential EDM-Council/FIBO Foundations Content Team 30
Market Valuations • Not all valuation is for Loans – Significant modeling needed for market valuation os securities and other assets • Market to Market v Mark to Model • Model parameters liquidity • In Market Risk area define the market where you got that valuation from. – May also need to define a notional market. – Add to that, estimates from experts. So there at least 4 ways of determining what the market will bear. • So there are many variables behind the quality of a market estimate. • Class called Value determination with variations as described above. – Do those when the time comes – This will be a separate classification facet of Value Determination. Confidential EDM-Council/FIBO Foundations Content Team 31
Valuation: has. Output disposition • Value Assessment - implies there are other kinds of assessments e. g. underwriting (risk) and so on – Now Determinations • So there are 2 sets of parents. All v Monetary, and there’s Determination of what e. g. value, risk etc. • This goes in the Conceptual ontology. Confidential EDM-Council/FIBO Foundations Content Team 32
Non Monetary Valuation • Example: – A Gold loan valued in terms of present value gold, not money. – Stream of cashflows (loan) valued in present value terms. NPV calculations. • Range for has. Output would need to be some specific thing. – It would be a measure. • So the output would be something that has a monetary value. Confidential EDM-Council/FIBO Foundations Content Team 33
Non Monetary Valuation • To allow for non monetary e. g. barter. . . – Create Monetary Value Determination rather than Value Determination? – No: Value Assessment not have a restriction that has the Monetary Value. – Range is Measure that has a sub class that is Monetary Measure. • Is Monetary Measure a sub class of Measure? – Yes (to be checked) Confidential EDM-Council/FIBO Foundations Content Team 34
Valuation Summary Actions • Rename the class Valuation to Value Determination as a sub class of Occurrence – don’t use has. Monetary. Vaue but use has. Output • Have Measure (check current semantics and location) – Add sub class that is a monetary measure – This has the property whose range is Monetary Amount • This all ties in to the Values ontology as well Confidential EDM-Council/FIBO Foundations Content Team 35
Other Homework • Ongoing Homework – – – Review FND material added by FBC, IND Transactions concepts for Products and Services DONE Quantities DONE but see comments on apparent duplication MB name change for 47 Max ongoing on 55 – liaise with Loans • Duplications – – Identify ones to do next: Service/Facility/Capability Rename e. g. Quantity On completion of FND reviews, should be no duplicates left Make clear what is Extension material • FCTs need to be able to tell which ontologies to use – Make clear what is Proxy Confidential EDM-Council/FIBO Foundations Content Team 36
Values Ontology • Original one in CCM – Has errors – Were casing errors in emitted OWL back then – See Pete Rivett list of differences • Cory: re-doing the canonical one in OWL • CCM ensure that all references to the things with the current GUIDs still go there • Next Steps – see current correspondence (Cory et al) Confidential EDM-Council/FIBO Foundations Content Team 37
Values Ontology Notes • Provisional/Ext (legacy) Values used in place of BFTs • Release: start to use Value sin specific ways • Integrate (Provisinal and maybe Release) – Temporally sensitive Parameters (Parameter / Value e. g. pricing) – Quantities and units – Monetary aounts – Percentages etc. (currently BFTs) Confidential EDM-Council/FIBO Foundations Content Team 38
Communication – no change CCM Foible no longer seen! Confidential EDM-Council/FIBO Foundations Content Team 39
Automated System • The model is still like this Confidential EDM-Council/FIBO Foundations Content Team 40
Automated System • Autonomous Agent is NOT agent software This is not one of These – It is an Autonomous Entity • Called System in regulatory reports – Does not reflect usage in systems theory – Really an application (program) • Agreed and ready to implement Confidential EDM-Council/FIBO Foundations Content Team 41
Disposition of Other Changes • • • Confidential Contact Information Payments / payment history Appraisers etc. Reporting / Communication See spreadsheet EDM-Council/FIBO Foundations Content Team 42
Changes in FND • • • Confidential 1. Currency. Amount - (a) new property has. Monetary. Amount, (b) has. Notional. Amount is now a child of has. Monetary. Amount, (3) metadata updated to reflect a 11/6/2017 revision 2. ISO 4127 Currency Codes - revised to reflect the changes to certain country names in LCC (per the changes to their names in ISO) 3. Agents - (a) new class called Automated. System, (b) metadata updated to reflect a 11/6/2017 revision 4. Contracts - (a) new property has. Execution. Date, (b) new property has. Execution. Date. Time. Stamp, (c) metadata updated to reflect a 11/6/2017 revision (but the change note needs fixing) 5. Documents - (a) new class called Report, (b) new property has. Reporting. Period, (c) new property has. Data. Source, (d) new property has. Termination. Date, (e) revised parent property for has. Date. Of. Issuance and has. Expiration. Date, (f) metadata updated to reflect a 11/6/2017 revision 6. Financial Dates - (a) new property called has. As. Of. Date, (b) new property called has. Date. Received, (c) revised property called has. Relative. Duration, (d) revised property called has. Count, (e) metadata updated to reflect a 11/6/2017 revision (may need further updating though) 7. Occurrences - (a) new properties including has. Input, has. Output, is. Input. To, is. Output. From, and is. Triggered. By, (b) metadata updated to reflect a 11/6/2017 revision 8. Payments and Schedules - (a) made has. Payment. Amount a child of has. Monetary. Amount, changed a min 1 QCR to some. Values. From, (c) metadata updated to reflect a 11/6/2017 revision 9. Products and Services - (a) new class Negotiable. Commodity, (b) changed several min 1 QCRs to some. Values. From, (c) changed pref. Label and alt. Label to synonym, (d) metadata updated to reflect a 11/6/2017 revision 10. Analytics - (a) new property has. Number. Of. Entries, (b) some metadata was revised to reflect an 11/6/2017 revision but needs another fix EDM-Council/FIBO Foundations Content Team 43
Reasons for Changes • • • Confidential Items 1, 3, 5 (a-c), 6 (a-b), 7, 8 (a), and 10 reflect changes made with Michael Uschold that he said you had agreed to. I helped him do this because of the giant pull request issues he was having, with everything dependent on everything else. Hopefully that won't happen again. Item 2 was done to reflect the changes to LCC, as mentioned above. Items 4, 5 (d-e), and 9 (a) were made to address CFTC requirements. Items 6 (c-d) were made to correct reasoning errors related to has. Relative. Duration and eliminate a circular dependency related to has. Count introduced in FIBO FND 1. 2. Items 8 (b), and 9 (b-c) were done to correct something that we said we would correct as we change existing ontologies to reflect current policy (i. e. , change any min 1 QCR to some values from when possible, and eliminate pref/alt labels in favor of synonym). EDM-Council/FIBO Foundations Content Team 44
Proposed Further Actions (Elisa) • Get a list of the remaining – (1) has min 1 QCRs lurking - I know there are more of these, – (2) remaining pref/alt labels, and – (3) introduce additional tests for circularity, likely requiring rules, in our hygiene testing. • We probably need to implement hygiene tests that disallow min 1 QCRs and use of pref/alt label if we want to enforce that on other folks, too, but maybe not until we get rid of the remaining ones over time. Confidential EDM-Council/FIBO Foundations Content Team 45
FIBO Master Reconciliations • Elisa list of duplicate ontologies and concepts – Duplicate concepts • Proxies –addressed • Semantic differences – for this group to address • Some may have been addressed unilaterally – New complete list awaited • Ongoing: Review of ontologies gifted to FND by other FCTs • Transactions concepts modeled • Services etc. • How to find each newly introduced term? Confidential EDM-Council/FIBO Foundations Content Team 46
Current CCM Master Alignment Issues • Loans – not in step with latest in OWL – Name of clearing package – Location of moved items – How to get there from here • Values Ontology Confidential EDM-Council/FIBO Foundations Content Team 47
Duplicate ontologies and Concepts • Known: – LOAN • Full alignment to be done by MB / MU – FCT-gifted concepts (Service etc. ) • See ongoing FND review work • Actions on these: – Renamed non unique named ontologies – Segregate “Extension” (informative) material – Reconciled list of “Extension” ontologies with OWL namespace changes • Many in FND were identified as Ext but are not Confidential EDM-Council/FIBO Foundations Content Team 48
CCM: FIBO-Master Maintenance • Requirement: – Things in OWL (Git. Hub) round tripped back to CCM model – Diagrams in CCM Model – Things in CMC Model output to Git. Hub (OWL) when changes originated at CCM • Requirements for the requirements – Align namespaces prior to OWL ingest – Track status location – Maintain Frig List Confidential EDM-Council/FIBO Foundations Content Team 49
The Frig List • List of things frigged in CCM to be unfrigged once a feature is present • List: – Dean script for named cascading restrictions – Odd syntactical outputs if any – Use of Values / user defined datatypes – Emission of Enumerated Data Range – What else? Confidential EDM-Council/FIBO Foundations Content Team 50
Takeaway slides: Ongoing JIRA Triage • Notes held over from previous sessions • Working through these alongside the Loans coagulation and naming collisions Confidential EDM-Council/FIBO Foundations Content Team 51
JIRA Triage • JIRAs triaged into easy / legacy ontology promotion / discussion required / done but held back – These can now be done in CCM and output to OWL • Raise new JIRAs for FIBO-Master matters – Mixed modules – Changing modules names for Ext – De-duplicating Ontology names • Raise JIRAs for things found during Alignment – E. g. the Derivatives underlying issue – MB has a longer list on desktop Confidential EDM-Council/FIBO Foundations Content Team 52
JIRA • OMG JIRA for Foundations 1. 2 RTF • EDM Council JIRA • Summary – – Confidential Critical JIRAs identified for FND 1. 2 Defer remaining ones to June (FIBO 2. 0) FCT has identified priorities for EDMC JIRAs FCT has proposed resolutions “in th pipe” for several of these EDM-Council/FIBO Foundations Content Team 53
OMG JIRAs in FND 1. 2 RTF • • • Confidential FIBOFND 12 -1 – Inability to import UML-XMI files into generic UML FIBOFND 12 -2 – Definition of property 'provides' implies a specific audience FIBOFND 12 -3 – The domain of the "uses" and range of "is. Used. By", added in FND 1. 1, cause reasoning errors FIBOFND 12 -4 – comprises needs an explanatory note and inverse property FIBOFND 12 -5 – Schedule in FND/Dates. And. Times should be a child of Collection (+ minor change to property) FIBOFND 12 -6 – Several additional concepts are needed in the Business Dates ontology to support specific schedule definitions FIBOFND 12 -7 – Revise and refactor Contract. Terms. Set and its relationship to Contract FIBOFND 12 -8 – Not all transferable contracts are unilateral FIBOFND 12 -9 – Move Structured. Collection from IND to FND FIBOFND 12 -10 – Several FND about files have incorrect prefixes EDM-Council/FIBO Foundations Content Team 54
FND-73: Repo split for /etc • Not possible? – History retained even when things moved Confidential EDM-Council/FIBO Foundations Content Team 55
FND-74: Person name semantics • Check the model • Semantics of “Name” versus name as textual data – Conform with our in-progress rules for FIBO pragmatic ontologies versus conceptual semantics – THIS IS: properties with text as a type • Resolution: add properties in the same style for the prefix suffix etc. as asked for. Confidential EDM-Council/FIBO Foundations Content Team 56
FND-75: Person restrictions; OWA/CWA • Should be covered by documented approach to OWA in OWL • Does the model conform to our rules? – Yes, in the open world the ontology is right – Elisa will write a response • This is an educational issue not an ontology issue Confidential EDM-Council/FIBO Foundations Content Team 57
JIRA: Resolutions Agreed by FND Team • FND-70: Country uses currency = OMG-3 – Deprecate “uses” usage for country / currency – Moot • FND-67 Municipality – Rename to Municipal Area • FND-62 Independent Party label – Thought this was addressed? • FND 58 Antipatterns – Just post the actions taken • FND 45 – Control capabilities + FND-5 – Detailed resolution mapped out – Maybe more conceptual than FIBO needs? – David Newman: Will review this when resuming work on BE; not for 1. 2 • • Confidential FND-42 has. Capacity scope FND-27 – minor addition of property EDM-Council/FIBO Foundations Content Team 58
FND-67 Municipality • Rename to Municipal Area NO – Check how the current model and the BE model relate – FND: Municipality as a kind of Geopolitical entity (like state) – BE: the corresponding Polity • Municipal Entity (deprecated) • Municipal. Entity – Synonym: municipity – a Polity – Close no change Confidential EDM-Council/FIBO Foundations Content Team 59
FND-62 Independent Party label • Thought this was addressed? • Problem not seen as described – Close no change Confidential EDM-Council/FIBO Foundations Content Team 60
FND 58 Antipatterns • Just post the actions taken Confidential EDM-Council/FIBO Foundations Content Team 61
FND 45 – Control capabilities + FND-5 • Detailed resolution mapped out • Maybe more conceptual than FIBO needs? Confidential EDM-Council/FIBO Foundations Content Team 62
FND-42 has. Capacity scope • Needs more discussion – Detailed resolution exists – Did we implement it at the time, given that BE was asking for some changes to be held – May be lined with FND-45 et al • MB to check status of already proposed change – What the current Confidential EDM-Council/FIBO Foundations Content Team 63
FND-27 – minor addition of property • Add property with range of Jurisdiction – What to call it? • This also relates to the recent thing about – Add an assertion in BE that ties the Legal person concept and the Legally Capable Person concept (not directly equivalent of course) – See also BE issues relating to natural person – Note there are two distinct meanings to the words Natural Person • FND to identify proposals to BE Confidential EDM-Council/FIBO Foundations Content Team 64
JIRA: Next to Do • FND-5 Indirect Control + FND-8 is. Owned. By – conceptual work done alongside other Ownership and control ones • • • Confidential FND-40 Owners. Equity FND-42 Monetary Amount restriction FND-43 part and members FND-48 Signatories FND-66 Currency restriction issue EDM-Council/FIBO Foundations Content Team 65
Promotion of existing ontologies – And review of these • FND-34 Address details (for LOAN) • FND-36 Contract physical elements (for Loan) • FND-53 Real Estate + FND-55 • FND-54 Documents • FND-68 risk model Confidential EDM-Council/FIBO Foundations Content Team 66
Promotion of existing ontologies – How to? • Colors – Pink – Dirty. Pink – Ext • not Dirty. Pink • How to distinguish? • Process: Confidential – In UML – Via Git. Hub EDM-Council/FIBO Foundations Content Team 67
JIRAs in FBC/FND Cross-review • FND-33 and transactions v Products and services • FND-55 Economic Resource • FND-47 Payment Obligation – Name change – Alongside other transaction concepts Confidential EDM-Council/FIBO Foundations Content Team 68
JIRAs with BE cross-dependencies • FND-35 People / sovereign etc. – = Resolution K in BE • FND 45 – Control capabilities + FND-5 – Detailed resolution mapped out – Maybe more conceptual than FIBO needs? – = Resolution E? Confidential EDM-Council/FIBO Foundations Content Team 69
Don’t really know • FND-24 Macroeconomics – Surely more conceptual? Confidential EDM-Council/FIBO Foundations Content Team 70
Conceptual to Logical Transformations • FND-8 is. Owned. By align to new “Lattice” • Also consider level of detail needed in – FND-24 – FND-45 + FND-5 – FND-68 – FND-34 Confidential EDM-Council/FIBO Foundations Content Team 71
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