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Dennis Wisnosky



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.


20151214 FIBO-SEC FCT

Slides presented on the summary of what we have done, from the OMG meeting in La Jolla – 


Update from the OMG meeting:  FBC approved for Adoption (Friday Domain Task Force meeting) having passed the AB and FDTF with flying colors. LCC (which FBC depends on) moved forward for "Issuance" as per our proposed schedule.  Today : open issues both on FBC and on Securities.  Then take a look at our current backlog. Elisa will do overview of Securities, including previously unseen UML (ODM) diagrams.  People will then be able to review these ahead of the next session.  Outstanding Issues. 


FBC open issues in JIRA. However, Wiki meeting page shows no outstanding open actions for this week.  So all the open actions are in JIRA only.  The same is the case for Securities.


JIRA38  fibo­sec has 1 open issue. SEC­1 is to integrate the materials for the starting point for this work.  This should be closed by the start of 2016.  Will then have a full complement of Securities ontologies.  Will then move the basic equities and debt instruments content into GitHub as we have done triage on those.  By January will have debt common terms in pink as well as what is in Equities currently ­ these will be in FIBO Pink in GitHub for the start of the year. 


FBC: has a backlog of open issues. These are things we have raised ourselves so far, against the material in GitHub, along with some other issues raised by David Newman and others.  We will start working on those in January.  The largest body of work is around integration with the changes to BE in the model Wells Fargo has put forward.  Some of these items will need to wait until that BE re-architecting is done. Some other JIRA issues can be done ahead of that.  The BE stuff should be very well firmed up by mid February.  This means we won't be jumping on some of those issues until that BE moving target has slowed down.  Until then we will work on other things that are independent of that. 


Q: What exactly is happening on the BE ide of things and is all that available in GitHub?  Yes. David Newman has been working independently on a number of BE proposals in his own fork in GitHub (which should also be available).  Also there is a page on the BE wiki showing the work that David Newman and Dean Allemang have done on the diffs.  This is the most suitable point of reference for seeing what is going on (per Gareth's question above). This set of diffs compares David's work with work at the same time in the formal EDM Council GitHub fork, and compares these to a common ancestor.  Most changes are simply additive. In addition there are 4 ontologies where substantive differences have needed to be teased out.  Elisa has asked them to address the LegalPersons ontology and one other, as the first priority, as these are the ones that will impact our work here.  Elisa did some queries against FBC at one point to determine the impact. The main impact is on our Functional Entities material where we define Financial Institution. The main impact in that part is the name change of one class from FormallyConstitutedOrganization to ContractuallyConstitutedOrganization.  That is a name change with no change in semantics.  So the exposure of FBC is minimal.  There are also changes in the LEI Entities ontology (another of the 4 that have substantive differences) that will also impact FBC and/or SEC.


Gareth has progress to report on individuals and some follow-up questions.  Has created individuals for a UK company that is not financial and made some assertions on the individual to see what the inferred status of it is.  The use case is a UK corporation recognized in the UK jurisdiction.  Also there is Deutsche Bank AG, which is a German entity, which is recognized in London as a Branch.5 So there is a separate individual for the "Affiliate" which is a branch of DB.  AG, asserted it is governed by the UK jurisdiction. 


Q: The jurisdiction is given as UK, which does not apply to the UK level (CompaniesHouse is in the jurisdiction of England and Wales). However, this is something else, at a UK jurisdiction level.  Q: What is meant by Branch.  This is not the same as a kind of high street branch.  The concept arises from the LEI work, where we refer to a foreign branch of an entity registered in another jurisdiction. This needs to be made clear in the definition of Branch.  Gareth has created individuals for DBank other banks, both for the mother ship (the actual legal entity e.g. in Germany, in Spain etc.), and the "Branch" in this sense.  Some of the assertions / inferences haven't worked out, for branches. So this needs work.  In summary Gareth has made really good progress and also gives us a basis for the vetting we need, as well as useful input for BE and for FND, where this needs to be taken into account. 


Q: is this LEI specific concept of Branch in BE yet?  No, we have the concept of an organizational sub unit but we have not distinguished this very specific LEI usage of Branch, which should probably be in the LEI Entities ontology.


Pete Rivett:  Need to fix hasSubUnit which has domain of FormallyConstitutedOrganization.  Mike B and Elisa can work off line on this Branch question and see where it might go (may even put it in FND?). Can pass this on to the BE team when it's ready to be added. 


Slide 3 ­ SEC overview:  Where it goes next ­ definitely identification, possible risk and the others in that list.  Pool ­ not needed now (needed for asset backed securities and for CIV). 


Slide 4:  Under Debt, there are some pieces that will be worked on in the SEC group, for DebtFoundations.    These are things the other FCTs will need, including for the new Bonds FCT and for Loans. They will need the Debt foundations to hook into.  there are 6 ontologies in this module, we will probably do some of these in the NewYear. 


Slide 5 ­ additions to Foundations in Securities.  Includes additions and changes.  These will be included in Foundations 1.1 in some form, with some minor changes identified by the Foundations team. All changes identified in the RFC Section 6.4 will be included in FND 1 with or without minor changes.


Slide 6 updates on the team.


Slide 7 is diagrams, some of them may be new.  Baskets ­ need to unhook the relationship with financial instruments and refine the scope of Basket Constituent.  See definition of basket in Protege.  Convertible security has very little. May merge with another ontology. Most substantive terms are for specific kinds of convertible instrument, e.g. convertible bonds. 


Something on Slide 11 is a hang over from having moved Financial Instrument to FBC.  Has just the classification piece now.  Securities Issuance ­ slide 13 (classes in white are local to this ontology).  Similarly offering, which comes into securities issuance ­ is a kind of agreement but is inferred to be a written contract from inference on existing properties. 


Securities Listing. Slide 18. Please review.  Registered Security is defined, as a listed security. Some definitions do not have sources.  To review: should we keep listed and exchange traded securities as distinct classes?  Q: Dependencies between Debt Common and Loans: does this mean that the definition of Security includes things beyond traded, securitized contracts, to include e.g. Loans?  A: we need to determine whether some of the debt instrument terms are applicable only to tradable securities (contracts that can be bought and sold, or to debt more generally.  MB clarifies that some of the original stuff that wasn't unique to securities was in FND/Accounting and should now be in FBC, with only security specific debt stuff in the Debt Securities Common terms. Meanwhile some stuff e.g. over the counter debt, also needs to have its roots in FBC and not in SEC.


Slide 22 ­ portfolio holding:  Need to include a more abstract concept of portfolio to include e.g. jewelry and art, which is not in the existing or legacy) terms and we agree needs to be. Elisa and MB will work on that.  Portfolio ­ again very basic terms here, but already more specific to Financial /Wholesale markets. need to generalize.


FBC overview (Slide 3, FBC deck).  Actions to Foundations in Slide 4 all approved at the meeting.1 Dean and Elisa have an action to take all the FBC and related material and checkpoint to Yellow, as these are now "Adopted" in OMG. Will be done over the holidays. 


See slide 7 ­ more diagrams from FBC.  Some of the diagrams further down may be out of date.  EK will forward Parts 2 of the FBC presentation from last week's FDTF, to MB for posting to the OMG document server. 


Slide 19: Next Steps for FBC is the "Finalization" process, which covers resolutions to any open issues, along with Gareth's work on individuals.  There is also a hold for the LCC work, which as long as it is on track in March, will be OK.  Also has dependency on BE.  We need the FBC FTF Report done for June (May 23 deadline), since SEC will have a dependency on this.  So the earliest we can submit something for SEC will be June. So if there is additional debt common material that needs to be in FBC, this needs to be in place as well before the SEC stuff is done.  Also Loans would depend on any debt common material that needs to be added to FBC. Such would have to be added as part of the Finalization process, by June.


Next Meetings: Monday 21st.  We will not meet 28th.  4th January meeting is still on.  Meanwhile over the holidays the BE work takes priority for Elisa. 


AOB?  MB will be working extensively on modeling work and therefore will be unable to scribe. Richard will take the action to have some scribing in place. These will focus on action items.  That is, we do not really need the 'Hansard' style of notes for these meetings.


Merry Christmas,



Action items