20150831 FIBO-FBC FCT
No slides today.
FIBO FBC spec material in the WIKI as of Last Friday. Machine readable needs work. No show stoppers.
Currency codes complete except: Not in is "Entity not applicable" Next day USA Fund types in. Precious metals not in.
Ian: Ontos not complete is fine. Extensions will be recommended, as people need them and added to FIBO.
All from 2008 version added and current as of June 2015. All in Pink in GitHub. 157 currencies and currency codes, 8 funds and funds codes.
Pete: Use the 3 letter codes is better because it is more stable as the URI. Elisa: We use both because of what bankers want to see. The full name changes seldom. Very few differences since 2008. Pete and Elisa disagree on this. Pete says to use the URI only. Israel is a good example of how little things change. IAC updates can happen.
Jeff: Name is a property and should be included. It is virtually immutable over time.
Pete: Question on what is an individual and why? Elisa: Say what to do and it will be done.
Pete: Is there a reason why there are different codes for the same thing? Elisa: They don't say.
Gareth: Will this be core FIBO or outside FIBO. Elisa: Core.
Elisa: Numeric code is derived in many cases.
Elisa still updating example individuals which will be informative, not normative when done. Wes Moore said that regulatoryOrganization should be defined. If yes, where?
Gareth: Are regulatoryOrganizations Gov or not. Yes.
Elisa: Two questions: Should this go into FBC or elsewhere? How many individuals?
Gareth: Enough to start. Can't expect all. Just need a start for the banks. Need to be chrisp. Elisa: where to draw the line.
Jeff: Don't need DTCC. Elisa: Out.
Pete Rivett: From ISO: The three-digit numeric code is useful when currency codes need to be understood in countries that do not use Latin scripts and for computerized systems. Where possible the 3 digit numeric code is the same as the numeric country code.
Elisa: self-regulating Organization in. Others out.
Elisa: Pls review and provide gaps and what should go where. Clock is running for the Cambridge meeting.
JIRA has some issues based on feedback.
FBC-27: Ian will provide feedback.
FBC-53: Definition changed based on Wes input.
Elisa will work JIRA issues for next weeks FBC. But, most important is to review the spec. Every FBC onto is in GitHub as of this AM.
Pete: Where is denomination? Elisa: Out. Pete: What about relations bug. Nothing yet.
Jeff Braswell: Regarding definition of 'FinancialInstrument': this is from BIS/BCBS: "A financial instrument is any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments include both primary financial instruments (or cash instruments) and derivative financial instruments. A financial asset is any asset that is cash, the right to receive cash or another financial asset or a commodity, or an equity instrument. A financial liability is the contractual obligation to deliver cash or another financial asset or a commodity. Commodities also include non- tangible (i.e. non-physical) goods such as electric power."
Elisa: Want to do one fell swoop update based on comments. Waiting for OMG AB reviewers feedback before update.
Jeff: Pls look at definition that I just posted. My goal is to have the definition less specific, not what I said earlier. Ian and I talked. Please go back to more generic.
Elisa: I am grateful for all comments.
Gareth: How do we expect a future commodity instrument to be organized?
Elisa: Citi suggested the way that I have modeled. Options and Futures and Entitlements are a kind of Derivative. I am assuming that FIBO-DER will add the details as they come on line.
Gareth: The question is about ownership interest? What is the anticipated usage. Elisa: There are many examples, but not for instruments because we don't have the terminology yet. Steve Creek and Elisa worked through this at the very top.
Gareth: Words must match where the model will be used. Need examples to prove the point.