OMG Finance Domain Task Force FDTF Monthly Statusreview

OMG Finance Domain Task Force (FDTF) Monthly Status/review call Tuesday October 6, 2020

Agenda • News • Sept QM report-back • FDTF ongoing activities • FDTF possible future activities • Related WGs and SIGs updates • Contextual Semantics activity • Agenda Planning – December – FDTF and Blockchain PSIG agendas – Room block bookings – Liaisons 2

3 NEWS • Dec QM will be all virtual again – And on Eastern Time • Any other news?

September QM Outcomes • FIGI for Crypto Assets – New WG on Certified Provider (CP) Appointment – Proposal in December QM • FIBO – FIBO 2. 1 RFC – Ongoing discussions on FIBO 2. 0 FTF close-out • Ontology Styles for Finance – In-depth discussion on styling choices on FIBO • Patterns v TLO considerations 4

FDTF Ongoing Activities • Joint activities and Liaisons – Blockchain PSIG • Blockchain PSIG and MARS Joint Initiatives – IDs for Crypto Assets WG – Federated Enterprise Risk Management (FERM) WG • Meeting again – need to remove old meeting calendar entries • Restarting in 2 weeks – encouraging further interaction from Gov folks - proposing potential standards in these areas (business focused conversation) – Potential for domain standard(s) – VCOI WG • Application of Gov. DTF Contextual Vocabulary work to FDTF terms • Active Standards Efforts – FIBO (v 2. 1 RFC) – FIGI (ID 4 CA is FIGI next version) 5

FDTF Directions and Future Work • Regulatory: – Monitor regulatory initiatives and requirements • • BCBS 239 EU / ECB US – SEC, CFTC, Fed, OFR etc. Bo. E, PRA/FCA etc. – FCA Po. C and follow-ups • New interoperability thing at FCA (internationally) = Global Financial Innovation Network • OMG Observer status applied for • Standards • Industry innovations • New tech – including Smart Contract, Crypto Assets (with BC-PSIG) 6

What else? • • What are the gaps in the finance industry that we should be trying to fill? How do we find those? – Brainstorm – Have conf calls with people (regulators, banks etc. ) – Microfinance etc. • Circle around to Fin. Tech and Reg. Tech – Find people who can articulate their frustrations, requirements – Talk to potential people we know in this – Do a standing search on Reg. Tech and Fin. Tech on news sources (Bloomberg, Reuters etc. ) – Lars contacts • Action: Come up with possible presentations on these things, for Dec QM • Blockchain v Fin. Tech – not synonymous – Blockchain has a financial angle (subset of Fin. Tech e. g. Cryptocurrencies) – Get CDBC WG to present to FDTF in Dec • Microfinance – find some source on that stuff 7

Related WGs and SIGs • Recently formed WGs – Central Bank Digital Currency (CBDC) WG – Vocabularies for Communities of Interest (VCo. I) WG – Statistics WG • Potential WGs under discussion – GBA / voting potential WG • Ongoing submissions activities – SBRM • Also starting to ask questions about how to better relate to ISO on finance related (TC 68) issues • Also SBIR (US specific); GSIBs (Basel) etc. • Stable Coins – under discussion • Ongoing WG: FERM 8

Other potential WG Activities • ACTUS (cashflows, conditional taxonomy on ACTUS model inputs) • MISMO: Gov or Finance – Incorporating MISMO for mortgage calcs • Also FERM WG • FHFA rules for mortgage servicers in US (Fannie, Freddie, GNMC) – Capital rule setting • Risks embedded in Fed balance sheet – Including mortgage holding – negative durations issue – WG? Or info for FDTF? • FNMA (Fannie Mae) liaison; regulatory reporting confidence spot- spin off • Semantic data definitions for a Data Dictionary • 2021 • Cyber Risk Government effort (via OFR) – Asking what Omg can do to help with cyber standards – Claude Baudoin, NIST, Freddie Mac 9

Central Bank Digital Currency • See wiki at: – https: //www. omgwiki. org/CBDC/doku. php • Expected to become a SIG in due course – Firming up Mission, scope etc. – Platform v Domain v AB SIG decision • New outline material on overall CDBC considerations – Wiki will be structured around these things • SIG charter for December? – Charter: • https: //www. omgwiki. org/CBDC/doku. php? id=cbdc: public: 02_governance: 01_charter 10

Vocabularies for Communities of Interest (VCo. I) • Originally Gov. DTF Contextual Semantics activity • Outlines basic methodology for relating concepts to terms and definitions • To be reusable for any TF or SIG interested • Pilot implementation with Gov. DTF as ‘client’ • Projected deliverables (by content): – Term, Definitions Synonyms – Acronyms / abbreviations / Initialisms – References • Projected Deliverables (by format): – Wiki content (tables) – Document template inserts (OMG Doc sections for these 3 concerns) – Stand-alone wiki pages (with URI for Term, Acronym) 11

VCo. I Deliverables Detail • Concept ontology library (and ones to reuse) • Concept Scheme (SKOS and/or MVF (details TBC) – Formal representation of Context (also a concept) – SKOS defines how to relate Concept to Concept Scheme (but not what a context is) – MVF distinguishes Vocabulary element v Concept • Also supports identification of concepts in models • Terms and definitions – – Per WG (own definitions) – TF Ontology Broader / other source (e. g. OMG, other WG) Industry / Communities of Practice Official bodies / legal / standards • References – Many of the example terms are references rather than terms 12

Statistics WG • Sponsored by Government Domain TF Statistics activities • SIG plans – TBC. Awaiting more participation • Remains as WG until more participation seen 13

Proposed: Voting Related WG (GBA) • GBA is really about use of new technology in government related activities – Hence focus on Gov. DTF • Still working out how to break down into manageable chunks – Identification – Voting: process for voting standards – Includes Voting API, procedures for registering, counting etc. • 4 areas – Standards for Voter reg – Standards for Trust in ballot processing – Standards for Vote counting and contested validations – Standards for e. Voting • Steve Mac. Laird was discussing with OMG Management – Outcomes? 14

December FDTF Topics • FIGI – IDs for Crypto Assets – – • WG Outcomes: confirm process in sec for CP appointment Vote by FDTF on appointment of Kaiko as Certified Provider (anticipated outcome of WG explorations) FIBO Status and updates – FIBO v 2. 0 FTF • No-change FTF Report OR Diffs / spec plans – FIBO v 2. 1 RFC Status • • • RFC expected March WG Update(s) TC 68 TAG 1 – Expecting to see them meet in October • • If representing OMG, need to provide input as well as getting a report on this Need to see agenda and list of topics in advance – Expect a report-back session at FDTF in December QM • The CDBC WG continues to work on White Papers, wiki material, vocabulary and so on, which would also be able to report back to FDTF in December • Maybe: – Semantics for Finance (reprise)? • Verdict: don’t need another general discussion - has bubbled up into specific initiatives 15

Days to Meet and related groups • Monday – Afternoon: MARS joint with Blockchain PSIG • Tuesday – Morning: – Afternoon: • Wednesday – Morning: proposed: FDTF – Afternoon: proposed: Blockchain PSIG 16

September FDTF Agenda Timings • Later / next month’s meeting 17

Liaisons / other groups • • Blockchain PSIG MARS: Monday pm with BC-PSIG FERM WG ADTF (Wed? ) BMI (Monday) Gov DTF AI DTF – When? Related WGs – SBRM – Statistics WG: – CBDC 18

Questions? • IR Swaps BPMN Po. C diagrams we did for Blockchain – Before PSIG • Published (as slides) – Is it on the wiki? • Yes, has or had own page • Should it be brought the Blockchain PSIG Wiki? • MB to check what’s where on the wiki – Activity diagrams for in / off blockchain interaction • BPMN v UML Activity Diagrams • Need to cover this in Blockchain PSIG • Talk about that on Thursday at BC-PSIG 19