20141003 fibo status update for ofdg
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Transcript of 20141003 fibo status update for ofdg
FIBO Status Update
Open Financial Data GroupFriday October 3rd 2014
Overview
• FIBO Status– Status of Current Activities
• FIBO Foundations• FIBO BE• FIBO Indices and Indicators• FIBO Specification status overview
• FIBO Conceptual (canonical reference) ontology• Roadmap and next steps
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FIBO OMG Submissions Status Overview
• FIBO Foundations – New Finalization Task Force (FTF2) chartered Sept 2014– Tasked with open issues and testing– Completion December 2014
• FIBO Business Entities– FTF chartered– Completion scheduled for Dec 2014
• FIBO Indices and Indicators– Approved September 2014– FTF chartered to work through open issues– Completion scheduled for March 2015
• FIBO Securities Common and Equities– FIBO Content Team in place under Richard Beatch (Bloomberg)– Will submit an RFP in December 2014 at OMG– Submission to follow in March 2015
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OMG Revision TF(RTF)
OMG Revision TF(RTF)
Current Roadmap
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FIBO Market Data, CAE, Risk/ReportingFIBO Market Data, CAE, Risk/Reporting
FIBO Market Data, CAE, Risk/Reporting
2013 2014 2015
Foundations
Business Entities
Securities Common and Equities
Indices & Indicators
Loans common
Other FIBO Components
Public review
Public review
Public review
OMG finalization TF(FTF)
OMG finalization TF(FTF)
OMG finalization
OMG finalization
Final
Final
Final
Q1 Q2 Q3 Q4
FTF2
Q4
FIBO Content Teams{
Q1 Q2
Derivatives
Beta2
RFP
Beta2 Milestone
Spec Activity
FTF2 OMG Task Force
Submission
Beta1
FIBO Development Process
5
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FIBO™ Development Process
Semantic Enhancement
Submission to OMG Architecture Board
OMG Public comments
EDM Council Determines Next FIBO™ SubDomain Release
from the UML Model
Happy
Industry Requirements
Review Readiness with SME
Team
Not Happy
Yes
Change FIBO™ BCO
No
Consistency Testing/Repairs
Changes No
Yes
Build/Test OMG Submission No
Refactoring
FIBO™ BCO/UMLModel in Cameo, VOM, RDF/OWL
Semantic Issues
Correction
Perform Architecture and Externality
Review
Change or add
yes
No
Validation with Instance Data
Spiral implementation of enhancements
Final SME Review
Enhance?No
Yes
Pass?
Yes
No
FIBO™ Use and Maintenance
FIBO-n….n-1
FIBO-FND
FIBO-IND
FIBO-BE
Red FIBOs are in QueuePink FIBOs have been approved by the OMG AB to enter the RFC processYellow FIBOs are dealing with issuesGreen FIBOs have exited the OMG process as ratified standards.
CC EDMC 201404/09/2023
[1] incl. MD files, VOM files, TopBraid layout files, protégé catalog files, etc[2] incl. Use Case documents, demo scenarios, etc.
Industry Requirements
(use cases, scenarios)
Systems LegendA Ontology Editors Protégé, TBC, Fluent, ….B Ontology Documentation Adaptive, TBC, VOWL, Gruff, ….C Modeling Tools MagicDraw, EA, …..D Model converters VOM, SysMO, ….E Testing Pellet, Hermit, Unit Test frameworks (Fitness)F Issue Managers, eg., Github/Jira
Industry SMEsIndustry DataModelers
Yellow processes are manualBlue processes run in Jenkins
OMG
All FIBO
GitHubRepo’s
(levels are tags)
OWL Files UML Documentation
Submission to Architecture Board
Public comments
Build/Test Submission
Educational Material
(incl. pattern
ontologies)
EDMC Website
GITHUB
Version Independent
Materials[2]
FIBO Content Teams (FCT)
F
B
E
C
D
A
F
Promotion to Standard
C
Development Support
Artifacts[1]
FIBO Conceptual Ontologies
• Canonical reference model of business meanings• Implements knowledge representation principles• Independent of operational OWL ontologies• Expressed in RDF/OWL
– Without technology constraints (computationally independent model)
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FIBO Conceptual Ontologies Status
• Now being output from the legacy UML model repository into RDF/OWL
• Namespaces are spec.edmcouncil.org• Represents the “Red” FIBO in the development
process• Includes upper ontology along with semantic
primitives (archetypes) for Commitment, transaction semantics, social constructs etc.
• Looking to Applied Ontology community for additional guidance and input
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FIBO Conceptual Ontologies (Lattice etc.)
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• Lattice and other high level abstractions– Provide the conceptual “glue” for business meaning – Few practical applications would use directly– To be maintained in separate EDM Council namespace
• Maintained in RDF/OWL alongside other conceptual nuances• RDF/OWL Coming soon…
– For reference not reasoning
• Initial OMG specifications – Reflect but not include a variant of these patterns
• Ownership and Control: simpler “associative” relations added• Other model elements remain as seen
• Future OMG submissions may include this material– Scoping is determined by the FCT
Meaning
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• Syntax is not Semantics
• Truth is not Meaning
• “The lack of common meaning is a billion dollar problem for the financial industry”– Linda Powell, US Treasury Office of Financial Research
Speaking at OMG “Crossing the Chasm” event, March 2014
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Consider the Dictionary
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Consider the Dictionary
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Consider the Dictionary
Where does the meaning get in?
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Semantic Networks
• Directed Graph• The meaning at each node is a product of its connections to
other nodes• So where does the meaning get in?
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Semantic Networks
Semantic Grounding for Businesses
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• Monetary: profit / loss, assets / liabilities, equity• Law and Jurisdiction• Government, regulatory environment• Contracts, agreements, commitments• Products and Services• Other e.g. geopolitical, logistics
What are the basic experiences or constructs relevant to business?
Making it Meaningful
• Putting something into RDF/OWL does not make it meaningful
• So, what is a meaningful model– 1. Formal relationship between model and subject matter:
• “Everything is a Thing”
– 2. Formal notation grounded in common logic– 3. Abstraction of kinds of thing into their simplest possible
building blocks• Contracts, Parties, Legal Entities etc.
Approaches to Meaning
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Rosetta Stone Mayan Language
Approaches to Meaning
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Rosetta Stone Mayan Language
• Existence of already-understood terms enabled translation
• Semantics grounded in existing sources
• No existing common language to enable translation
• Translation was possible only from internal consistency of concepts
Rosetta Stone v Mayan Stone
• Rosetta Stone: Semantic grounding
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Rosetta Stone v Mayan Stones
• Rosetta Stone: Semantic grounding• Mayan stones: internal consistency
• Ontologies: – Semantic grounding: identify concepts which have an
understood meaning• Other concepts have meaning with reference to this
– Deductive Closure: Internal consistency of model reflects the consistent relationships between thigns in the domain of discourse
• Requires reasoning to establish
• We need both!22
Applying Meaning to Financial Semantics
• Everything is a Thing– What kind of Thing?– What distinguishes it from other things?
• What kind of Thing?– Share is a Security is a Transferable Contract … is a
Contract
• What properties?– Share gives the holder some Equity– Share confers on the holder some Voting Rights
23Copyright © 2010 EDM Council Inc.
Where does this lead?
• Taxonomy of kinds of contract• Taxonomy of kinds of Rights
– Rights, Obligations are similar and reciprocal concepts– Note that these don’t necessarily correspond to data
• Semantics of accounting concepts – Equity, Debt in relation to assets, liabilities– Cashflows etc.
• Semantics of countries, math, legal etc.
24Copyright © 2010 EDM Council Inc.
Classification Theory
Overview of Classification Theory
• “Classification”– a system that employs a “meaningful clustering” of items
• Kwashnik (1999)
– the “orderly and systematic arrangement” of items into a “system of mutually exclusive and nonoverlapping classes”
• Jacob (2004)
• There are various kinds of classification
26Copyright © 2010 EDM Council Inc.
Classification – General View
• A Classification is a hierarchical structure• This has two properties (Loehrlein 2012)
– a hierarchical structure organizes categories on some sort of continuum.
– could be "big to small," "general to specific," "powerful to not powerful," etc.
– more categories occupy one end of the continuum than the other
• One such hierarchy is a type hierarchy– That is, a classification of some things, in some domain of
discourse, from the general to the specific
27Copyright © 2010 EDM Council Inc.
Classification Requirements
• Classification schemes may be– Monohierarchical– Polyhierarchical
• Polyhierarchical classification depends on multiple inheritance– one class may have several parents
• A whale is both a marine animal and a mammal• An IR Swap is both a Swap Contract and an Interest Rate Derivative
• There is no one right way to classify
28Copyright © 2010 EDM Council Inc.
Taxonomy
• Taxonomy:– system that can be used to group, arrange, and describe
items according to meaningful principles, and which provides users with an overview of the domain being organized
• Lambe (2009)
• A taxonomy uses a classification scheme to arrange the items in the domain of discourse
• A Taxonomy forms the basis for any ontology
29Copyright © 2010 EDM Council Inc.
Common Semantics Roadmap
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• Changes to the Legacy FIBO Models• Common Semantics
Improvements to the Legacy FIBO Models
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• Restrictions– Simple restrictions on class– Complex restriction structures
• Datatypes versus Information Kinds• Namespaces• Use of SKOS??• Legacy non-OWL features
– Enumerations etc.
Restrictions
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• Legacy model: single-use properties– Implication: each property is a necessary condition– Did not identify necessary and sufficient conditions
• Changes:– Replace properties with restrictions– Add restrictions
• Complex Restrictions– Legacy: Some properties had “logic” icon identifying multiplicity of
ranges– Transformed to OWL Union Classes– Need to apply restrictions which state what the logic icons said– OMG FIBO has similar structures (restrictions “cascades” and more
Datatypes / Information Kinds• OWL Datatypes
– Platform Specific– Limitations to XML datatype usage
• Information Kinds Examples– RDA Types Registry
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Conceptual and Physical Ontologies
Business Conceptual Ontology (CIM)
Operational Ontology(PSM)
Extract and Optimise
The Language Interface
Business
Technology
35
Types and Datatypes
Business Conceptual Ontology (CIM)
Operational Ontology(PSM)
Extract and Optimise
The Language Interface
Business
TechnologyData types
Data types
Platform specific matter
36
OWL Datatypes
• These are XML Schema datatypes– Only a sub-set of XML Schema datatypes are supported
• OWL datatype provision therefore very limited• Examples:
– 11am LIBOR – uses dateTime in FIBO-IND– Coupon date – want to use XML gDayMonth– Dates in general: have had to enforce the use of dateTime
with midnight times in data where only a date is intended
• This is not at all like a computationally independent model
Information Kinds
• Names• Textual material• Dates and Times• Yes or No (or maybe)• Numbers
– Whole numbers– Numbers with decimal places– Positive Numbers– Fractions– Percentages
• URL• Pictures• Sounds• Words• Letters• And many more…
Datatypes
• Text– Restricted text– Unrestricted text
• Dates and Times• Boolean• Numeric datatypes
– Integer– Float– Positive integer, positive float
• URL/URI• Other information kinds are rendered in files, for
example vector graphics, rich text, video and sound formats
Relating information kinds to datatypes
• Different kinds of information need to be stored in a computer
• Datatypes determine how these are stored for optimum memory usage– XML datatypes differ on this, in that textual conventions
are used to render different datatypes, which must then be translated to application datatypes for processing if needed
• Numeric datatypes allow for arithmetic calculations on the data
• Textual datatypes allow for alphanumeric sorting
FIBO Conceptual Roadmap 2: Common Semantics
• Transactions /REA Alignment– Commitments– Transaction process
• Social Constructs (Searle)• Geophysical v Geopolitical• Addresses• Date and Time• Occurrent (perdurant)
– Temporality
• Even t / Activity /Process• Information Artifacts (identifiers etc.)• Mereology• Math• Units of Measure• Accounting• Business: services, policy, goals etc.• Risk
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FIBO Content and Status
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Key to Colors
Planned Phase Colors Status Colors OMG Substantive
Model
Initial
Foundations and Business Entities, Indices Red = EDM Council legacy
Common Concepts all Instruments; Equity; Debt Pink = Initial Refactoring
Derivatives Common; Loans Common Yellow = OMG Submission
Derivatives: Rate, Credit, Fx Green = OMG Final
Loans: Mortgage
Debt: Structured Finance, Money Markets
Derivatives: Asset, Commodity, CFD
Derivatives: Exchange Traded
Collective Investment Vehicles
Rights and Warrants
1
2
3
4
OMG = in RDF/OWL; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect; Initial = Not Yet Modeled
© 2014 EDMC FIBO 04/09/2023
5
6
7
8
10
Future
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FIBO Development Scenario (September 2014)
Reference Data (product) Semantics
Phase Domain Sub-Domain Dependency OMG RDF/OWL Beta Model
1 Foundations X
1 Business Entities X
1Indices and Indicators X
2 Common Concepts
(all instruments)X
2 Equity Instruments
Equities X
2
Debt Instruments
Debt Terms (including bonds) X
5 Structured Finance Dependent on bonds and mortgage X
5 Money Markets (includes Repo, Treasury, Government, Tax Free) X
3
Loans
Common Loan Terms X
5 Mortgage Loan Terms X
7 Other (i.e. general purpose, construction, student, miscellaneous) X
OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect;
Reference Data (product) Semantics
Phase Domain Sub-Domain Class Dependency OMG RDF/OWL Beta Model
3
Derivatives
Common Concepts X
4
OTC Derivatives
Rate Based Dependent on indices X
4 Credit DefaultDependent on common
concepts for loans, common debt terms, indices
X
4 Foreign Exchange X
7 Asset Dependent on equities, bonds, common debt terms X
7 Commodity X
7 Contracts for Difference X
8 Exchange Traded x
9Collective
Investment Vehicles
Dependent on listed instruments, derivatives,
indices X
10 Rights & Warrants Dependent on common concepts for all instruments x
OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect;
FIBO Development Scenario (September 2014)
45
Copyright © 2014 EDM Council Inc.
Market Data (time and date) Semantics
Domain Sub-Domain Dependency OMG RDF/OWL
Beta Model
Common Terms X
Equity Pricing X
Debt Temporal Terms
Debt Pricing and Yields X
Debt Analytics X
Debt Pool Analytics X
CIV Temporal Terms X
Loan Temporal Terms X
Trading Status X
Credit Temporal Terms
Credit Rating X
Credit Status X
Future Phase
OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect;
FIBO Development Scenario (September 2014)
Process Related Semantics
Domain Sub-Domain Dependency OMG RDF/OWL
Beta Model
Corporate Actions and Events X
Securities Issuance
Common Issuance Process Terms X
Equity Issuance (includes IPO, primary market) X
Debt/Bonds Issuance (includes auction, syndication and other issuance processes X
Asset-Backed / Mortgage-Backed Issuance (includes agency and non-agency) X
Securities Transactions (includes trade, post trade, clearing,
settlement)
OTC Derivatives Transactions X
Payments Processing
Portfolio and Holdings s
Future Phase
FIBO Development Scenario (September 2014)