FIBO Foundations Content Team Mike Bennett EDM Council
FIBO™ Foundations Content Team Mike Bennett EDM Council ● January 12, 2016 Confidential
Agenda 1) 2) 3) 4) 5) 6) Confidential 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
FIBO™ Foundations Content Team Leaders name: Mike Bennett Title: Head of Semantics and Standards Organization: EDM Council The Team: Dennis. Pierson@mphasis. com, dave. mccomb@semanticarts. com, e. abilahoud@ucc. ie, Dmitry_Bogachev@otpp. com, abcoates@contakt. org, uschold@semanticarts. com, mtempler@gmail. com, Harsh. Sharma 1@ge. com, marina. severinovskaya@citi. com, Kevin. Tyson@jpmorgan. com, jacobus. geluk@bnymellon. com, dallemang@workingontologist. com, igor_ikonnikov@manulife. com, ljb@tahoeblue. com, bobbin@nomagic. com, koethe@88 solutions. com, James. phare@datatovalue. co. uk, nigel. higgs@datatovalue. co. uk, Kieran. Mc. Keown@hsbc. com, Malcolm. HYDE@uk. bnpparibas. com, Maxwell. Gillmore@anz. com, ian. maung@citi. com, david@dfrankelconsulting. com, jgemski@thegoldensource. com, William. Nichols@treasury. gov, david_wynter@yahoo. com, nehmer@oakland. edu, saharajib 2001@yahoo. com, JLuciano@gmail. com, garethjisaac@gmail. com, christofr. hasse@ubs. com, stephen. j. creek@citi. com, email@jamesodell. com, mccarthy@bus. msu. edu, wim. laurier@ugent. be, eric. e. cohen@us. pwc. com, aldrich. wright@citigroup. com, aldrichwright@hotmail. com, andrea. engelstad@semanticarts. com, skcreek@gmail. com, stephen. j. creek@citi. com, DMBlaszkowsky@State. Street. com, akeen@keenassoc. com, david. vunkannon@treasury. gov , maxwellrgillmore@gmail. com, teegs@earthlink. net, martin. east@credit-suisse. com, steven. n. scott@citi. com, Toby. Berla@fmr. com, jlogan@nomagic. com, ch. hasse@gmail. com, szymon. klarman@datatovalue. co. uk, rene. pietzsch@eccenca. com Confidential 10/23/2021 EDM-Council/FIBO Foundations Content Team
Wiki Confidential EDM-Council/FIBO Foundations Content Team 4
Use Case: FCTs Support • Each FCT needs to identify abstractions they need – Some exist in Green FND – Some are work for us to do • New Wiki page – https: //wiki. edmcouncil. org/display/FND/FI BO+Content+Team+Requirements+for+Fo undations • How / when to turn these into JIRA issues Confidential EDM-Council/FIBO Foundations Content Team 5
Non OMG FIBO Key Po. C Legacy Refactoring/ testing 2015 Q 2 Public review OMG finalization OMG Spec 2016 Q 3 Q 1 Q 4 OMG Revision TF (RTF) also for FBC FIBOFND FTF 2 Legal Persons, LEI Entities; Beta 2 Ownership and Control Q 3 Q 2 Q 4 RTF 2 For Loans, FIBOFND vn Sec, Der ? ? ? FIBO-BE Final FIBO-BE v 2: Government, Jurisdiction Indices & FTF 2 Incorporate Indicators Beta 2 concepts in FBC Financial Business and Commerce Final RFC Securities and Equities Loans Common FIBOBE 2 FTF RFC Final RFC Dry Run Derivatives Po. C IR Swaps RFC Final Derivatives By Contract type; by underlying asset type RFC SKOS FIBO schema. org Confidential Other FIBO Components FIBO Market Data, CAE, Risk/Reporting FIBO Market Data, CAE, 6 Risk/Reporting FIBO Market Data, CAE, Risk/Reporting 6
FCTs Support • • • Confidential Business Entities FBC IND Loans Securities / Equity / Debt EDM-Council/FIBO Foundations Content Team 7
BE Support • JIRA Issue Resolutions Needed: Confidential EDM-Council/FIBO Foundations Content Team 8
FBC Support • JIRA issue(s) have been raised against the FBC submission material for FND – Payment Obligation etc. • First, baseline has to be implemented (current RTF ballots) • JIRA Issue Resolution(s) to be worked on from March Confidential EDM-Council/FIBO Foundations Content Team 9
Loans Support • See – https: //wiki. edmcouncil. org/display/LOAN/Recomm ended+Additions+to+Existing+FIBO+Ontologies • Loan Content slides at: – https: //wiki. edmcouncil. org/display/LOAN/Draft+Ov erview+of+Key+Loan+Concepts? preview=/255660 8/2556634/Loan%20 Concepts%20 Integrated. MU. pptx Confidential EDM-Council/FIBO Foundations Content Team 10
Use Cases: Red v Pink Lattice ext/snap etc. QUDV Platonic REA Relatives Quantities Units. And. Measures Measurement. Types Monetary. Measures Quantities. And. Units Currency. Amount Confidential EDM-Council/FIBO Foundations Content Team 11
Where are we on our roadmap? • Quantities and Units – Conceptual work done – OMG / Pink FIBO sub-set of these concepts delivered b Elisa – RDF/OWL still to be submitted into Git. Hub • Continuants and Occurrents – – • Conceptual work done Some now linked into legacy FIBO concepts Accrual schedules to be done Look at concepts needed for loans FCT Transactions – RED FIBO content t be introduced piecemeal as required – See JIRA issue on FBC inconsistencies with this • Ownership and Control – Abstractions (Social Constructs) done – Control and Ownership alignment with these – See JIRA Issue Resolution Confidential EDM-Council/FIBO Foundations Content Team 12
This Week’s Agenda • JIRA Issues – Recent and triage • Agree change actions for individual JIRA issues – With reference to FND spec or FBC 6. 4 • Summarize work to date on the modules that have combined JIRA issues on them – Ownership and control – social constructs to support – Transaction concepts – REA and FBC elements – Address research Confidential EDM-Council/FIBO Foundations Content Team 13
Recap since last meeting • More JIRA issues triage • Substantial progress on the Ownership and Control changes as requested by the BE FCT – Not yet complete • Detailed REA investigation for FND-47 • REA Transaction Additions for FC Products and Services Payments And Schedules • Still to figure out: how to carry the out – Elisa has offered to do the VOM once we can itemize the changes – Today we look at the itemized changes. Confidential EDM-Council/FIBO Foundations Content Team 14
JIRA Triage • Ownership and Control JIRA issues – FND-45, 40, 8, 5 – FND-37 Litigation capacity • • • Confidential Documents and Records - 36 Addresses – 44, 39 (done), 34, 21 Organization – 38 People – 35, 30, 7, 27 Percentage – 29, 28 Quantities and Units, Monetary Amounts – 41, 32, 25, 24 Times and Dates – 19 Relations (domains and ranges) – 43, 42, 40, 20, 11 Buyer and Seller, Product etc. – 33 EDM-Council/FIBO Foundations Content Team 15
JIRA Issues Review • Spreadsheet • Individual Issue Resolution docs Confidential EDM-Council/FIBO Foundations Content Team 16
JIRA-47 Payment Obligation issue 1. Rename Payment. Obligation to Payment. Commitment 2. Is there a case for classifying commitment into Payment. Commitment, Delivery. Commitment? – This is a classification question • If Yes: then Payment. Commitment must be a child of commitment. 3. There must also be Delivery. Commitment – this is not in Product And Services and not in Paymentsand. Schedule • Resolution: we add Delivery. Commitment to Payments. And. Schedules • Why are these together? no good reason but they already are. Confidential EDM-Council/FIBO Foundations Content Team 17
Products. And. Services Ontology • Payment. Event - is good • Buyer and Seller - why are they there? - See FND-33 – Product are offered not sold. – Selling is a transaction matter. • Transaction. Confirmation: – There are 2 entirely different statuses of Txn confirmation messages: one has standing as a legal contract (in conjunction with the Master Agreement), and another has no such standing and merely confirms what was agreed. – (from memory we think Fx is explanatory only, and the Derivatives ones are legal contracts; and a separate copy of the same message is a record with only explanatory standing, these being distinguished by the XML wrapper of the message. ) • Therefore the class given as this in FBC can't stand without further elaboration of this distinction. Confidential EDM-Council/FIBO Foundations Content Team 18
REA Definitions – Original Model Ontological Concepts Categories (Classes) Economic. Resource Economic. Event Economic. Agent Claim relationships between categories duality stock. Flow participate responsibility Confidential Definition Source Objects that (1) are scarce and have utility, and (2) are under the control of an enterprise A class of phenomena that reflects changes in scarce means (economic resources) resulting from production, exchange, consumption, and distribution Persons and agencies who participate in and are accountable for the economic events of the enterprise An imbalance in a duality association that indicates a future right to economic inflows or outflows (needs two associations materialize and settle) plus explanation of debt and equity examples Ijiri 1975; Mc. Carthy 1982 Goetz 1939; Yu 1976; Mc. Carthy 1982 An association between an economic event that results in an increase in the resource set of the enterprise and a corresponding economic event that results in a decrease An association between an economic resource and an economic event describing the inflow or outflow of the economic resource as a result of the economic event. An association between an economic event and the inside/outside parties involved in the economic event A hierarchical association among economic agents where the superior is accountable for the economic actions of the subordinate Mattessich 1964; Ijiri 1975; Mc. Carthy 1982 EDM-Council/FIBO Foundations Content Team Mc. Carthy 1982 ISO 2007 Mc. Carthy 1982 19
Next Meeting • We now meet weekly – FCT leads invited – Tuesday at 3 pm Eastern Time • But now it is the Holiday Season • Next call – Tuesday ? ? ? Confidential EDM-Council/FIBO Foundations Content Team 20
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