FIBO Foundations Content Team Mike Bennett EDM Council
FIBO™ Foundations Content Team Mike Bennett EDM Council ● October 18, 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 2/18/2021 EDM-Council/FIBO Foundations Content Team
News! • FIBO-V Debt up and running – Debt common terms alignment for Loans, FBC, SEC, Debt planned • FIBO-V CCM OWL (ex “Red FIBO”) classification consistency checking on stream • Alignment of Red v Pink model content under way • Collaborator reports include Pink placeholders • OMG Submission successful for: – FBC – BE – IND • FIBO-FND RTF Report deferred to February 2017 – Focus on getting one consistent FIBO in place. Confidential EDM-Council/FIBO Foundations Content Team 4
Wiki • https: //wiki. edmcouncil. org/display/FND/ FCT-FND Confidential EDM-Council/FIBO Foundations Content Team 5
Use Case: FCTs Support • Each FCT needs to identify abstractions they need – Some exist in Green FND – 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 • How / when to turn these into JIRA issues Confidential EDM-Council/FIBO Foundations Content Team 6
Alignment: Red v Pink/Yellow/Green (was) FIBO-KR (“Red” FIBO) Upper Ontology ext/snap Sys. ML (QUDT) Social Constructs Transactions REA EDMC-FIBO Commitments Information Quantities Units. And. Measures Measurement. Types Quantities. And. Units Monetary. Measures Confidential Currency. Amount EDM-Council/FIBO Foundations Content Team 7
Alignment: Red v Pink/Yellow/Green (now) Conceptual material EDMC-FIBO ext/snap Upper Ontology etc Sys. ML (QUDT) Social Constructs DEBT Transactions REA LOAN Commitments Information Quantities SEC IND Units. And. Measures FBC Measurement. Types Monetary. Measures Confidential FND EDM-Council/FIBO Foundations Content Team BE 8
FCTs Support • Business Entities – – • Ownership and Control abstractions Some domain and range discrepancies Country Subdivision – not clear if still needed? Legal personhood for humans – agree that Legal. Person should be in FIBO (not sure when though) FBC – Quantities, Payments, Schedules - FND comments • IND – Statistical quantity specific datatypes. • Loans – Contracts / terms – See web link (later) – plus new page – Sets and Collections, structured and unstructured • Securities / Equity / Debt – The Contract Terms Set question Confidential EDM-Council/FIBO Foundations Content Team 9
Loans Support • Maintained on LOANS wiki space – https: //wiki. edmcouncil. org/display/LOAN/Recomm ended+Additions+to+Existing+FIBO+Ontologies – New feedback page • Maintained on FND wiki, for LOAN – https: //wiki. edmcouncil. org/display/FND/Feedback +on+FND Confidential EDM-Council/FIBO Foundations Content Team 10
Use Case: FIBO Anti-patterns • This is covered under Foundations although it embraces all Domains in FIBO – Corrections of OWL misuses and shortcuts – Addition of simple Restrictions • Overview of the ongoing plan for Antipatterns • Alignment – current activity – New namespaces; align with Pink etc. Confidential EDM-Council/FIBO Foundations Content Team 11
Anti-patterns: the Story So Far • EA model of all legacy FIBO – Placeholders for Green Beta 1 FND and BE in 2013 • Adaptive: – Automated anti-patterns – Automated addition of simple restrictions • CCM – Remaining anti-patterns – Enumerations become classes etc. – OWL consistency checks (Pellet Classifier) • FIBO Vocabulary – FIBO Debt FCT reviews of this CCM model on Cameo Collaborator – Model begins to be integrated with Pink placeholders • Contracts, Parties • Securities is next Confidential EDM-Council/FIBO Foundations Content Team 12
FIBO-V Repository – What is Where? • Pink FIBO • Red FIBO • Placeholder copies of old Green – Along with Red stuff not incorporated Confidential EDM-Council/FIBO Foundations Content Team 13
FIBO-V Repository – What is Where? • Dependencies on Placeholders • Dependencies on existing Red content • Being replaced with dependencies on current (Pink) – Corporate Bonds -> BE DONE – Parties in roles – in progress – Securities (FBC) Confidential EDM-Council/FIBO Foundations Content Team 14
This Week’s Agenda • JIRA Issues – Review current JIRA issues – Revisit March 2016 Triage: what’s left to do? • Go over the Contract Terms set issue • Prioritization and next actions – Getting our changes into Git. Hub / Production FIBO Confidential EDM-Council/FIBO Foundations Content Team 15
Roadmap / overall workload as of now • Loans cross-domain requirements – See wiki – Identify or raise JIRA issues – Session with Mike Uschold tomorrow (MB) • BE cross-domain requirements – See JIRA triage – when are remaining ones needed? – IND cross domain requirements • New FND Subject Areas – Accounting – Products and Services – Dates and times Confidential EDM-Council/FIBO Foundations Content Team 16
Recap since last meeting • Reviewing new FND content introduced by other FCTs – Detailed review tasks allocated – JIRA cross reference for these • Reviewed Loans cross-domain requirements • Reviewed JIRA open issues • Contract Terms /Terms Set / Collection / Commitment Confidential EDM-Council/FIBO Foundations Content Team 17
JIRA Triage OMG JIRA Cross reference • Elisa Only: – – – • FND-7 People - identity docs FIBOFND 11 -29 FND-11 ‘uses’ (should not have been closed) DEFERRED FND-21 identifies. Address EK along with 7 and 30. FIBOFND 11 -29 FND-30 Natural Person – FIBOFND 11 -29 FND-51 FND-52 (Rate, Price) for IND – EK DONE; FIBOFND 11 -20 Elisa and Dean – FND-29 Percentage (Dean / Elisa) DEFERRED • Mike – FND-37 Litigation Capacity FIBOFND 11 -43 (49) – FND-42 Legal Capacity Scope DEFERRED • PART OF FND-45 which is also DEFERRED – FND-49 FND-50 FND-56 Money Amount FIBOFND 11 -44 (48) • Mike Draft – Elisa to Review – FND-39 Physical address FIBOFND 11 -29 • Elisa and Mike – FND-44 generic has. Address with 39. FIBOFND 11 -29 Confidential EDM-Council/FIBO Foundations Content Team 18
JIRA Triage : Update since March 2016 • Elisa Only: – FND-11 ‘uses’ (should not have been closed) EK – FND-70 • Elisa and Dean – FND-29 Percentage (Dean / Elisa) LAST CYCLE? NOT DONE; DEFER – Alongside IND datatypes requirement • Mike – FND-42 Legal Capacity Scope DEFERRED • Confidential PART OF FND-45 which is also DEFERRED EDM-Council/FIBO Foundations Content Team 19
Ongoing JIRA Work • Elisa Only: – FND-11 ‘uses’ (should not have been closed) Priority • • • New issue needed – property and definition Legacy model is. Tender. In w range Geopolitical. Entity Introduce inverse YES call it allows. As. Tender - firm up the required business meaning in Currency. Codes and ISO 3166 – this has relations about authority and about tender / usage. Impacts Currency. Codes and Currency. Amount. Elisa and Dean – FND-29 Percentage (Dean / Elisa) High priority • Mike – FND-42 Legal Capacity Scope Resolution Done • • PART OF FND-45 which is also – a resolution done Awaiting knowledge of whether or not BE needs it in this cycle (Sept) • BE – Resolution K Confidential EDM-Council/FIBO Foundations Content Team 20
JIRA: Next to Do • FND-5 Indirect Control + FND-8 is. Owned. By – conceptual work done alongside other Ownership and control ones • • Confidential FND-27 – minor addition of property FND-43 part and members FND-48 Signatories FND-67 Municipality EDM-Council/FIBO Foundations Content Team 21
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 Confidential EDM-Council/FIBO Foundations Content Team 22
JIRAs in FBC/FND Cross-review • FND-33 and transactions v Products and services • FND-XX Confidential EDM-Council/FIBO Foundations Content Team 23
Contract Terms • Earlier work – Summarized below and in May 10 slides – Work from May 10 all in FIBO-V OWL and CCM • Subsequent activities – Ancestor class renamed to Contract Terms Composite Description • Homework sessions last 2 weeks – Took a fresh look 2 weeks ago: focus on Commitment – Last time: still needs work Confidential EDM-Council/FIBO Foundations Content Team 24
Contract Terms Recent Work – More thinking about the reasoner implications • Making has. Term a property of Contract makes implicit that contract Terms Set is really Contract – Doesn’t really work – We really want to say that the “Contract Terms Set” is a Commitment. – Either: • It is the commitment and these are its terms, OR • There is a Commitment and this is a description of it – Note that in FBC, Debt = sub class of Commitment now Confidential EDM-Council/FIBO Foundations Content Team 25
Idea (before discussion) • Use transitive property: has. Term Contract Thing is. Transitive has. Terms Commitment Debt Contract Confidential has. Interest. Terms Interest Payment Commitment EDM-Council/FIBO Foundations Content Team has. Rate 26 percentage
Idea (after: disposition) • Use transitive property: Contract has. Term Commitment qualified. By Is also a has part relation Debt Contract Confidential has. Interest. Terms Interest Payment Term EDM-Council/FIBO Foundations Content Team has. Rate 27 percentage
Background Slides 1. Where we left it in May 2. Last week proposals Confidential EDM-Council/FIBO Foundations Content Team 28
Contract Terms Disposition Confidential
Recap from May • Contract Terms “Set” and Collection – Figured out what we think is the final disposition of these – To be incorporated into aligned legacy contracts ontologies – Reincorporation of Collection concept • • • Confidential Relates to collections of qualifying terms Missing intermediate construct between general and specific types of contracts Relate composite bundle of terms v collections of terms? Terms that are required v Qualifying Terms; may be added to a contract? E. g. specific pieces of collateral EDM-Council/FIBO Foundations Content Team 30
Bonds Cashflow Terms • Written set of terms is evidence of the contract. – Written = Text • Recall that these are a stream of payments a commitment thereto. – Therefore this is a composite description of a set of interest payment commitments. – So they are not a single Commitment. They are a functional description of a set of commitments. Confidential
Notes • Notes on diagram, against: – “Contract Terms Composite Description” • So this thing here becomes a composite description of a set of commitments • (where the members of the set may = 1) – Commitment v Aggregate Commitment • which needs a description: • Different kinds of commitment of necessity require specific kinds of (term? ) describing them or setting out the parameters. Confidential
Notes • Commitment as a Term – versus • Interest Amount as a Term • See "Operational Commitment" concept. – Accompanied by "supporting" terms and conditions that qualify the underlying commitment. Confidential
Straw Man: • • Operational v Qualifying Term Example: – Borrower commits to pay off the loan (Principal Repayment Commitment) – As part of that loan, may warrant that the certain financial ratios; becomes a condition on the contract (and on the above commitment); if you fail to meet that, we can do a thing. – - see also Smart Contracts, where a change in value of collateral might have such an effect. • Is that an absolute distinction or a relative one? – Is there some fundamental distinction? • Is it about how central it is to the existence of the Contract or is it something intrinsic to the nature of thing? • Seems to be relative to its usage in a specific contract. • - agreed. • Review the role of Collection in all this – Some intermediate construct between operational contract as a Set, and upper level construct of Contract Term(s) – Contract Type may intermediate between those – Articulate the relation between the two levels – Prescriptive v Descriptive? Also Product (contract type) versus actual Contract Confidential
Alternatives to Model • Option 1 – Use a relationship between them and not distinguish them • Option 2: – Have a relationship to the Contract that says that this term is Operational to that Contract • THIS ONE Confidential
Outcome • Then take Contract Terms, say it is made up of Commitment, Commitments, Assertion etc. – e. g. I will pay M If something happens. – cf Representations we talked about – And triggers. • Qualifying Terms – e. g. Accrual Basis Confidential
FINAL DISPENSATION (MAY 2016) • Qualifying terms would be a child of Term but we won't bother with that. – If we did they would have restrictions on the property 'is. Qualifying', comparable to 'is. Operational' • Commitments, Conditions, Representations are Operational Terms • Triggers, interest rates, all those details are Qualifying Terms • Qualifying Terms live in groupings that are effectively Composite Descriptions – These Composite Descriptions are to be ancestral to what were Contract Terms Set types (the yellow boxes, archetype = "Terms") – The Commitments (operational terms) are to be introduced to each instrument contract terms model. – These would inherit or restrict the relations between yellow composite descriptions and purple Commitments / Terms / Operational Terms and the like. Confidential
Disposition • Composite Thing • parent of Contract Terms Set – Makes “Contract Terms Composite Description” (FKA Contract Terms Set) the intermediate thigns we were looking for • Has within it the various Datatype Properties that are themselves Qualifying Terms – So we don’t need to reify those as we otherwise would in order to make them kinds of “Term” Confidential EDM-Council/FIBO Foundations Content Team 38
Model Changes now in CCM model • Move Contract Term from Contract. Elements ontology to Contracts ontology • Rename Contract Terms to Contract Terms Composite Description – Reflects that it is a composite description of a set of operational terms (consisting of Qualifying Terms) • Contractual Commitment – Move from Contractual. Constructs ontology to Contracts ontology – Make Contractual Commitment a child of Contract Term – Add property “is. Qualifying” – Add restriction on is. Qualifying all. Values. From Contract • Rename has. Term to qualified. By. Term Confidential
Model Changes in CCM Confidential
2. Subsequent Thinking • Grouping of terms is needed – For business understanding – For mapping and integration – For classification of instrument type according to sets of terms they have e. g. fixed interest terms • However it is not very ontological – All terms are terms of a contract – The collection of terms is therefore a grouping of properties whose domain is properly “contract” or some sub type thereof Confidential EDM-Council/FIBO Foundations Content Team 41
2. Subsequent Thinking • A simple workaround (MB) is to let the reasoner infer that the Contract Terms Set is really in some sense the “Contract” – This happens if we say that: • Contract has Term • All properties of Contract Terms Composite Description are children of Contract has Term • (either directly or indirectly e. g. via a common “Contract Terms Composite Description has Term” property) Confidential EDM-Council/FIBO Foundations Content Team 42
2. Subsequent review (Oct 2016) • Not completely satisfied with this • The Composite Terms Composite Description is not really anything in its own right • At the same time: • The terms we are grouping are (mostly) terms of specific kinds of Commitment • The Contract already identifies as something in which commitments are mutually agreed upon. • So: Why not use the Commitment as the grouping arrangements • With similar implication that the terms of a commitment are necessarily also terms of the contract • This is similar to the earlier proposal to speak of qualifying terms f a Commitment: Terms which qualify a commitment are terms of a Contract Confidential EDM-Council/FIBO Foundations Content Team 43
Terms: Next Steps • Terms of a “Contract Terms Set” are terms of a Commitment • Terms of a commitment are by extension terms of a Contract • How to model this? – Property chains? – Inference? Whereby each term of a Commitment is a sub property of Contract has. Term Contract Term Confidential EDM-Council/FIBO Foundations Content Team 44
Other Terms • There also contract terms which are NOT terms of a commitment – Conditions precedent (as modeled today) – Agreed triggers and measures • Thse generally relate to some commitments • Similarly there is optionality on many things that are like commitments – – Confidential Embedded options (debt calls and puts) Option derivative contract Usually one side is still an obligation, the other is a right Some are conditional (digital options etc. ) EDM-Council/FIBO Foundations Content Team 45
Immediate model changes • XYZ Terms Set becomes – XYZ? E. g. “Bond Interest Payment” • Too easy to conflate with amount or event – XYZ Commitment e. g. Bond Interest Payment Commitment • Better • Link all contract terms to the appropriate top level property Confidential EDM-Council/FIBO Foundations Content Team 46
Planning and Conclusions • Need to participate in the common debt alignment cross-domain activity – Initial session with Dean and Elisa early next week – Bring in the other debt players subsequently (part of FBC FCT workload) • Continue to align the FIBO-V work with this – and ACTUS – Will be a challenge to do all this and deliver a November RTF Report • Crack on with the work described here – Likely that co-ordinating with the JIRAs and the other moving parts would point to a March Reston RTF Report – To be determined Confidential EDM-Council/FIBO Foundations Content Team 47
Homework for Next Week • Issue Resolutions to complete – To be listed • Homework – Review FND material added by FBC, IND – Transactions concepts for Products and Services – Quantities – Open JIRAs • e. g. sells. To and buys. From issue • New concepts needed by e. g. Loans FCT Confidential EDM-Council/FIBO Foundations Content Team 48
Next Meeting • We meet weekly – FCT leads invited – Tuesday at 3 pm Eastern Time • Next call – Next call: 25 Oct Confidential EDM-Council/FIBO Foundations Content Team 49
- Slides: 49