- Cory Casanave
- John Gemski
- Maxwell Gillmore
- Pete Rivett
- Rob Nehmer
- Unknown User (michaelatkin)
- Date value proposition,
- Contracts abstractions,
- Ratings topics,
- Jira review,
- FND roadmap
FND 235 - now called "combined date/time" and merged
Contracts - what's the appropriate hierarchy for FIBO?
Review basic contract structure of FIBO (summary of e-mail thread)
Q1 - is there a problem with the current FIBO structure on contract vs financial instrument
Caution with the terms "asset" vs. "liabilities" vs. "securities" - these have specific meanings in various areas of activity
Terminology vs Ontology
1) FIBO terms are not applied for every type of financial concepts equally (i.e. bond vs savings bond; bought vs. sold vs traded)
MG - bond = commitment (supported by side contracts) to people in general. It is not a "contract" at this point
MG - commitment is to a general party (bearer) to make a repayment. If a security is underwritten - there is a separate contract created.
FIBO view - a bond is a type of security and a security is a type of contract
Savings bond (can buy the SB, but can't sell them to another). You can redeem them.
The existence of "consideration" is a concept that is missing from FIBO (i.e. a bond can be issued, but doesn't become a contract until it is sold)
JG - give consideration to the concept of an "issuing agent" (issuing agent doesn't "buy" the bond in all circumstances)
JG - example of a mutual fund (has a prospectus) - doesn't become a contract until someone buys into the fund. Same holds true for the bond (it is proposed and exists even if the bond is not purchased)
Contracts versus Purchase of Something
The concept of creating the "facility" for the contract vs the purchase of the contract
CC - buying a contract makes no sense. You buy a "consideration" or a "position" in the contract. You don't buy a contract. The thing that is created is called something (?).
MG - calls this an "undertaking" (not a contract). Only becomes a contract when it involves two or more parties making an agreement
You are buying into a set of commitments and obligations (i.e. shares of a company) - there is no "contract"
There is a "thing." There is something you "buy/sell." And something that represents a "commitment"
read https://en.wikipedia.org/wiki/Contract rather long explanation of what constitutes a contract
The terms for these things are not completely clear in FIBO
Terms for these "things" and how the terms are applied and how they relate to one another is the FND task
Contracts Discussion - Email Thread
Not all Securities, and not all Financial Instruments, are kinds of 'Contract' in the sense now defined in FIBO. Some are evidence of holding of some Commitment.