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Diagrams and Screenshots from Protege

Specification materials were presented to the Securities/FBC and Loans working groups the week of May 4th, 2015.  This presentation has been split into two parts due to the size of the images.

Part 1 - Financial Instruments, Financial Intermediaries and Regulatory Agencies – FBCUpdate-20150506-Part1.pptx

Part 2 - Regulatory Agencies (continued), Registration Authorities, Products and Services, Clients and Accounts, and Payments and Schedules, as well as homework including a few draft individuals as examples – FBCUpdate-20150506-Part2.pptx

Meeting slides covering Languages and Countries, presented in the Securities/FBC working group session on June 1 – FIBO Securities Content Team Meeting 20150601.pptx

Meeting slides covering Business Registries, presented in the Securities/FBC working group session on June 8 – FIBO Securities Content Team Meeting 20150608.pptx

Revised presentation materials from the OMG Technical Meeting, Finance Domain Task Force (DTF) Plenary Session, 17 June 2015 – FBCUpdate-20150617-Part1.pptxFBCUpdate-20150617-Part2.pptx

Meeting slides covering extensions to Regulatory Agences, presented in the Securities/FBC working group session on June 29th – FIBO Securities Content Team Meeting 20150629.pptx

 

Draft Definitions

Spreadsheets containing many of the definitions for terms in the ontologies have also been distributed at a number of recent meetings.

Revised definitions as of the week of 5/11 to incorporate some of the feedback from Citi and comments made during meetings - 

Definitions as of 4/13, by ontology (definitions for each ontology are in a separate tab) - FBCTermsAndDefinitions-20150413.xlsx

Comments on the definitions as of 4/13 by Citi, provided 4/24 - Citi input to FBCTermsAndDefinitions-20150424.xlsx

 

Examples

Example individuals, in spreadsheet form, for Legal Entities and corresponding Functional Entities – LegalEntityAndFunctionalEntityExample.xlsx

Example individuals, revised spreadsheet including Fidelity examples – LegalEntityAndFunctionalEntityExample-20150601.xlsx

Example individuals (RDF/XML serialized OWL file) as of July 20th 2015 – ExampleIndividuals.rdf

Draft Ontology Status

Languages, Countries and Codes Specification (LCC) as of 08/13/2015 – 

  • Languages Module – current in GitHub in LCC/Languages includes AboutLanguages, LanguageRepresentation, ISO639-1-LanguageCodes, ISO639-2-LanguageCodes to date; AboutLanguages and LanguageRepresentation, and ISO639-1-LanguageCodes are in final form, the ISO639-2-LanguageCodes ontology lacks German names, identifies Language and isMemberOf CodeSet properties
  • Country Codes – current in GitHub in LCC/Countries, includes AboutCountries, CountryRepresentation, ISO3166-1-CountryCodes, ISO3166-2-SubdivisionCodes; AboutCountries and CountryRepresentation is in final form, the codes ontologies are still in work (3166-1 alpha 3 codes need Identifies Country and isMemberOf CodeSet properties (alpha 2 codes are complete), review wrt latest UN revisions; 3166-2 codes are a starting point draft, work there is ongoing)

Additions to Foundations (FND) as of 8/09/2015 --

  • Classification Schemes – current in GitHub in FND/Arrangements, no anticipated changes
  • QuantitiesAndUnits – current in GitHub in FND/Quantities, no anticipated changes
  • Revised CurrencyAmount ontology and Currency Codes – current in GitHub in FND/Accounting, includes ISO4127-1-CurrencyCodes; the codes ontology is still in work (needs identifies Currency, isMemberOf CodeSet properties, review wrt latest ISO revisions)
  • BusinessCenters – in work, not yet in GitHub (may not make it in this draft)
  • ProductsAndServices Module – current in GitHub in FND/ProductsAndService, includes AboutProductsAndServices, PaymentsAndPaymentSchedules, and ProductsAndServices
  • Revised LegalCapacity ontology – current in GitHub including licensing definitions as of 8/11/2015

Financial Business and Commerce (FBC) as of 8/09/2015 --

  • FinancialInstruments – current in GitHub in FBC/FinancialInstruments, need to relate instruments to the currency they are defined in and test with individuals, review definitions based on inputs
  • FunctionalEntities Module – current in GitHub in FBC/FunctionalInstruments, includes AboutFunctionalEntities, BusinessRegistries, FinancialServiceProviders, Markets, RegistrationAuthorities, and RegulatoryAgencies; all refactored ontologies are current in GitHub as of 8/11/2015; remaining work includes renaming LegalRegistrationAddress and changing its parent in BusinessRegistries, as of 8/11/2015
  • ProductsAndServices Module – includes AboutProductsAndServices, FinancialProductsAndServices, and ClientsAndAccounts (complete as of 8/13/2015)  
  • Jurisdiction-Specific Ontologies – created new sub-folder called USJurisdiction in FunctionalEntities, refactored and moved USFinancialServicesEntities, with USRegulatoryAgencies in work as of 8/13/2015

Example Individuals as of 8/09/2015 --

  • The current set of examples is based on the Legal Entities and Functional Entities tabs in the examples spreadsheet, above.  It represents a snapshot as of 8/03, and will be revised to incorporate additional individuals over the coming weeks – ExampleIndividuals.rdf (for loading purposes, this should be dropped into FBC/FunctionalEntities)
  • Note that the individuals in the examples file have not yet been refactored – will be completed once the jurisdiction-specific ontologies have been updated
  • AboutFBC-1.0.rdf – loads all of FND, BE, and FBC (should be at the top level in http://spec.edmcouncil.org/fibo/FBC, or http://www.omg.org/spec/EDMC-FIBO/FBC/) – includes language, country, and currency code individuals,but needs revision to use the LCC versions, so HermiT may take a few minutes to run (it really does complete, but not quickly), although Pellet classifies it fairly quickly – AboutFBC-1.0.rdf
  • AboutFBC-1.0-test.rdf – imports all of FBC, including the new ontologies and test individuals, in addition to the language, country, and currency codes – AboutFBC-1.0-test.rdf

Draft FBC Specification

Preliminary draft version (as of COB 7/31/2015) containing some of the content that we are proposing for FND updates, mainly for a format check – see FinancialBusinessAndCommerce-PreliminaryDraft-20150731.zip

Preliminary draft version (as of 8/2/2015) containing most of the content proposed as changes to FND, for a format and content review – FinancialBusinessAndCommerce-PreliminaryDraft-201500801.pdf

Revised draft as of 8/6/2015 containing all of the proposed changes to FND and revised FinancialInstruments documentation – FinancialBusinessAndCommerce-PreliminaryDraft-201500806.pdf

Revised draft as of 8/9/2015 containing Financial Instruments, several of the Functional Entities, and the refactored Financial Products and Services ontology – FinancialBusinessAndCommerce-PreliminaryDraft-201500809.pdf

Revised draft as of 8/11/2015 contains all of the primary FBC jurisdiction-independent ontologies and all changes to Foundations, with the following exceptions: (1) renaming of LegalRegistrationAddress in BusinessRegistries, (2) refactored ClientsAndAccounts, with diagrams and definitions and (3) namespaces added for the architecture section of Foundations (6.4.9) – 

Revised draft as of 8/13/2015 contains all of the FBC jurisdiction-independent ontologies (complete), all changes to FND (with the exception of the namespace changes in 6.4.9) and the first of two US Jurisdiction ontologies – 

 

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5 Comments

  1. Reasonable EU definitions of markets ("Markets" tab)  http://www.linklaters.com/pdfs/mkt/london/MiFID_II_The_new_market_structure_paradigm_Client_Alert.pdf (plus a number of these will end up in the next release of the  FpML http://www.fpml.org/coding-scheme/execution-venue-type )

    A "regulated market " is defined as a multilateral system operated by and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of MiFID II.

     

    A "multilateral trading facility " or "MTF " means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract in accordance with the provisions of Title II of MiFID II.

    New FpML MTF definition - "Registered Multilateral Trading Facility (MiFID & MiFID II) – Pursuant to MiFID II, refers to a multilateral system operated by an investment firm or market operator, which brings together multiple third-party buying and selling interests in financial instruments in the system, in accordance with non-discretionary rules, in a way that results in a contract in accordance with the provisions of Title II of the MiFID II"

     

    An "organised trading facility " or "OTF " means a multilateral system which is not an RM or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract in accordance with the provisions of Title II of MiFID II. Unlike RMs and MTFs, operators of OTFs will have discretion as to how to execute orders, subject to pre-transparency and best execution obligations.

    ETP (new code) = "Electronic Trading Platform as defined in the Japanese Financial Instruments and Exchange Act."

      

  2. The FpML roles may also be of use: http://www.fpml.org/coding-scheme/party-role as a reference for aspects of "Financial Intermediary" or "PartyInRole".

    A new one will be added of  ClearingClient – "An organization that clears trades through a clearing house, via a clearing broker (member of the clearing house) who acts as an agent on its behalf. The term "client" refers to the organization's role in the clearing process in relation to its clearing broker, and not whether it is a price maker or taker in the execution process."

     

  3. On slide 6 "Definition of Client" (part 2) that seems to define the client to mean it "has a Service Agreement". Guessing we do not "Buy" one of those, so when I get a "Savings Account" do I buy one of those? Simply put I believe the position is that a Client has agreed to use some formal view of a service, and a customer "Buys" a product.

    I'm under the assumption that an account is a service and not a Product,  if that is the case when (See Slide 10) would an "Account Holder" be a Customer? The reason for linking Account holder to Customer is unclear to me.

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    Slide 12 - Are we saying a Payment is always a Money Amount? What about payment using Oil, Wheat, Gold, Goats - we should also cover Payment-In-Kind construct(http://www.investopedia.com/terms/p/paymentinkind.asp). That all being said in FpML the Payment is considered monetary (http://www.fpml.org/spec/fpml-5-5-4-tr-1/html/reporting/schemaDocumentation/schemas/fpml-shared-5-5_xsd/complexTypes/Payment.html) , so the current definition as being Monetary is in-line with FpML,  but we minimally should have a place holder construct for non-cash payments.

     

     

  4. In section 9.3.2, which elaborates the ontology for Financial Services Entities, there appear to be some incorrect classifications in Figure 9.15 ("Definition and Class Hierarchy for Banks").

    The Bank for International Settlements ("BIS") and "Central Bank" are listed, along with "Commercial Bank", as sub-classes of "Bank", which is a sub-class of "DepositoryInstitution".

    The Bank for International Settlements and Central Banks (presumably meaning institutions of sovereign governments) are not depository institutions – certainly not in the meaning that is most frequently intended for that classification.

    The fact that such supranational entities (e.g., BIS) and government institutions are mis-classified (in my opinion) suggests that the Top-Level Financial Services Entities Class Hierarchy ( Figure 9.12 ) is missing the correct higher level classification of these types of financial institutions.  The current top-level financial institutions hierarchy in fact caters entirely to classifications of private sector institutions.   To stick sovereign and supranational institutions as a leaf under Depository Institutions / Banks is an indication that the top-level hierarchy is missing the appropriate higher-level category.

  5. The Bank for International Settlements should probably be an individual rather than a class – with members including the Bank of Canada, the Federal Reserve, and the European Central Bank – maybe in a new InternationalJurisdiction ontology, but then the question is what should it's parent class be - FinancialInstitution?  Central banks, on the other hand, do take deposits, at least from member institutions – maybe not in the classic sense of a commercial bank, but according to my "local SME", member banks do deposit funds with the Fed.  I think that makes it a depository institution if you read the definition, which isn't specific with respect to what kinds of deposits are relevant.  The definition of "Bank" as it stands may be too narrow, though.  So hopefully when we discuss this you can help with a better definition of "Bank", such that CentralBank and CommercialBank can both be children of Bank.