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1) Use Case reminder

2) Where we are on our road map. 

3) Open Action Items

4) JIRA Issues Review -

5) Todays content discussion.

6) For next week.


We spent today's meeting continuing our discussion of options.  Pete would like us to eliminate the separate exercise terms ontology, eliminate a separate 'terms' class for exercise terms, and change them to be first class relationships on the option class.  This may cause issues with respect to creating an exhaustive set of classes corresponding to the CFI standard, but perhaps that's not important for options.  Other kinds of instruments have exercise terms, so the question is whether or not we need to elevate the various conventions to derivatives basic terms to avoid a requirement that other ontologies import options.

Some discussion around the definitions related to exercise style:

A Canary option is an option whose exercise style lies somewhere between European options and Bermudian options. (The name refers to the relative geography of the Canary Islands.) Typically, the holder can exercise the option at quarterly dates, but not before a set time period (typically one year) has elapsed.  See

American and European options The key difference between American and European options relates to when the options can be exercised: • A European option may be exercised only at the expiration date of the option, i.e. at a single pre-defined point in time. • An American option on the other hand may be exercised at any time before the expiration date.

Bermudan option • A Bermudan option is an option where the buyer has the right to exercise at a set (always discretely spaced) number of times. This is intermediate between a European option—which allows exercise at a single time, namely expiry—and an American option, which allows exercise at any time (the name is jocular: Bermuda, a British overseas territory, is somewhat American and somewhat European—in terms of both option style and physical location—but is nearer to American in terms of both). For example, a typical Bermudian swaption might confer the opportunity to enter into an interest rate swap. 

We agreed to eliminate the restriction on option that there are exercise terms that reflect a specific individual, but created hasExerciseSchedule to capture cases where there may be more than one date, and need to add the concept of a maturity or termination date instead of exercise date, which could be a synonym, since it is not a separate concept.  Note that we have a property in Documents for hasExpirationDate, whose value is a date (should be explicit date).  The CFTC has a definition: Expiration Date: The date on which an option contract automatically expires; the last day an option may be exercised, which implies that this term is more specific, and perhaps we need an OptionExpirationDate that has, as a synonym, exercise date.

From John G's research: For the list of listed and exotic options I'm using the lists at the bottom of this link.  His most recent notes are captured in  and 

And here are Pete's notes on John's researcch: 


Action items