The FIBO Financial Business Commerce FBC Specification Elisa
+ The FIBO Financial Business & Commerce (FBC) Specification Elisa Kendall Thematix Partners LLC 7 May 2015
+ Agenda 2 n Overview n Current Status n Walkthrough of current content including gaps n Homework 2
+ Overview n FIBO Financial Business and Commerce (FBC) v Financial Instruments –reviewed in both SEC and Loans teams over several meetings, was moved from SEC to FBC v Functional Entities v § Financial Intermediaries (most content is new, includes legacy) § Markets (moved from legacy) § Registration Authorities (new, based on ISO 11179) § Business Registries (extends Registration Authorities based on the LEI ROC, several US state business registries, etc. ) § Regulatory Agencies (mostly new, based on ISO 11179) Products and Services • Products and Services (high-level, most content from legacy) • Clients and Accounts (high-level, most content from legacy) • Payments and Payment Schedules (high-level, some content from legacy ontologies, uses Financial. Dates for schedules) 3 3
+ Additions to Foundations n Classification. Schemes – added to FND/Arrangements, so that we can relate registries, identifiers, instruments to various schemes that classify them n Quantities – added to FND/Arrangements, provides the capability to talk about amounts, commodities, indices, prices, etc. n Languages – new FND module including 3 ontologies: Language. Representation, Alpha 2 Language. Codes and Alpha 3 Language. Codes (could add support for IETF RFC 4646 / BCP 47 for language tagging downstream if needed) n Country. Representation, Country. Codes, Region. Codes – added to the FND/Places module, based primarily on ISO 3166, with a couple of extensions from UN FAO/geonames, as required for representing jurisidictions for several financial services standards, including LEI ROC, various business registries, and for defining ISO Currency Codes n Currencies – new FND module including 2 ontologies: Currency. Representation and Currency. Codes, based on ISO 4127 and FPML requirements for representation of currencies (requires ISO 3166 Country Codes) n Business. Centers – added to the FND/Places module, individuals only to support FPML business center requirements for securities and derivatives in particular 4 4
+ Current Status n Team: v v Steve Creek, Citi – financial institution chair Elisa Kendall, Thematix – ontologist Members of the SEC/Securities and Equities working group Members of the Loans working group n Most FBC ontologies (with the exception of Business. Registries) are already in “pink” in Git. Hub n Classification. Schemes, Quantities, and Languages are also already in “pink” in Git. Hub (Languages is an initial draft, the others have been reviewed and are stable) n Country. Representation and Country Codes will be posted by the end of next week (initial drafts) n Region Codes, Currency ontologies and Business Centers are in work, with plans to post initial versions to “pink” prior to Berlin 5 5
+ Current Status n Currently testing efficacy against use cases including v v n Diagrams and spreadsheet content form the body of the specification text, will be available in draft form next week v v n Counterparty identification – can we represent legal entities and their related functional entities (banks, investment companies, investment banks), their organizational identifiers by registrar and who regulates them Know your customer – can we use the ontology and examples to answer KYC questions spreadsheet with definitions has been available for several weeks, along with an earlier version of the diagrams in this presentation recent inputs from Citi internal review are being integrated for the draft to be published shortly Working to identify additional gaps, continue to evolve content to support use cases (both the above and for securities – and need use cases and test data from loans that impact FBC as well; stay tuned for homework requests) 6 6
+ Financial Instruments 7 7
+ Definition of Financial Instrument 8 8
+ Financial Instruments 9 9
+ Definition of Security 1010
+ Securities 1111
+ Definition of Issuer 1212
+ Issuers 1313
+ Financial Intermediaries 1414 14 Current work involves identifying gaps, e. g. , Clearing House, Special Purpose Entities, reviewing definitions, testing functional entities by creating individuals and relating them to corresponding legal entities
+ Financial Intermediaries 1515
+ Definition of Financial Service Provider 1616
+ Definition of Financial Intermediary / Intermediation Service Current discussion includes changing “intermediary” to “institution”, adding a hierarchy of services, and identifying regulators by the services they regulate with a corresponding hierarchy (one of the main open questions / gaps) 1717
+ Regulatory Agencies 1818 v A regulatory agency is a formally constituted organization and statutory body, that provides a regulatory service and regulates something.
+ Regulatory Agencies 1919
+ Definition of Examiner 2020 v An examiner is a natural person that represents a regulatory agency and has regulatory capacity.
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