The Financial Industry Business Ontology (FIBO) defines the sets of things that are of interest in financial business applications and the ways that those things can relate to one another. In this way, FIBO can give meaning to any data (e.g., spreadsheets, relational databases, XML documents) that describe the business of financeis a formal ontology that provides a common vocabulary for financial contracts and related concepts. FIBO evolved out of concerns that arose during the 2008 financial crisis among individuals who worked together in data governance and management to address requirements for standardized terminology for regulatory reporting and other analyses. The resulting ontology has continued to grow and evolve since its initial publication in 2014, with increasing support for use cases related to securities master data management, reporting, and risk analysis and management.
FIBO is hosted and sponsored by the Enterprise Data Management Council (EDMC) and is standardized by the Object Management Group (OMG) under a shared marketing and trademark agreement. It is published in a number of human and machine-readable formats for operating use and business definitions. FIBO is a trademark of EDM Council, Inc. It is also standardized by the Object Management Group (OMG)in business and operational settings, ranging from online glossaries to rich knowledge graph applications. Revisions are made on a continuous basis by several teams addressing specific domain areas (e.g., securities, derivatives, indices, and so forth), available in GitHub, with formal updates published quarterly.
FIBO is developed as an ontology in the Web Ontology Language (OWL). The language is codified by the World Wide Web Consortium (W3C), and it is based on Description Logic. The use of logic ensures that each FIBO concept is framed in a way that is unambiguous and that is readable both by humans and machines.
FIBO Viewer is an application that is specifically designed to access both the FIBO structure and its content in the easiest possible way. It can serve both as a web application and REST API. FIBO Viewer is an open-source project that is hosted by EDM Council. See https://spec.edmcouncil.org/fibo/ontology
FIBO concepts have has been reviewed by EDMC member firms over the years, and the concepts defined in the released ontologies represent a consensus of the common concepts as understood in the industry. The original work was based on a number of industry standards, such as ISO 20022, FpML, various regulatory glossaries, the BIS Common Data Elements (CDE) for derivatives, and as reflected in industry data models and message standardsso forth. Member participants have continued to keep the content current as these standards and the industry itself has changed over time.
A number of companies and people have made substantial contributions to FIBO over the years. These include, but are not limited to: 88 Solutions, Adaptive, Inc., agnos.ai, Bank of America, Bank of England, BIAN, Bloomberg LP, Bureau of Economic Analysis (BEA, US Department of Commerce), Bureau of Labor Statistics (BLS, US Department of Commerce), Census Bureau (US Department of Commerce), Citigroup, Commodities Futures Trading Commission (CFTC), Credit Suisse, Dassault Systemes (No Magic), Deutsche Bank, Exprentis, Federal Reserve Bank of Kansas City, Goldman Sachs, HP Enterprise / (Mphasis), HSBC, MakoLab, Mizuho, NoMagic, Nordea Bank AB, Office of Financial Research (US Dept of the Treasury), Pinnacle Bank (Morgan Hill, California), Quarule, Scotiabank, State Street Bank and Trust, Statistics Canada, Tahoe Blue Ltd, Thematix Partners LLC, Wells Fargo, and Working Ontologist.
Since January 2020, EDMC FIBO has been developed by an open community process with a mission to develop, maintain, and promote global platform-independent, machine-readable and unambiguous data standard that enables understanding of the financial terminology, cross-system federation and aggregation of data to improve effectiveness of decisions, to improve efficiency in regulatory reporting and to fast-track the adoption of advanced analytical capabilities for financial services.
How to contribute
The FIBO development process follows rigorous and well-defined rules and principles.