FIBO FBC FCT 2015-04-27
Missing certain definitions. Commodity, Broker, etc. - all the definitions that are in highlighted in yellow on the spread sheet that is in the FBC Wiki Last Weeks meeting.
Goal remains to make an RFC for Berlin OMG meeting. The draft will be
There is concern that the model hierarchy is not consistent with the definitions.
Goal for this week is to be able to represent all details known into the spreadsheet.
When we can show the relationships of who is regulating whom, we will be able to show the benefit of FIBO that no other technology can do. We must be clear on what is USA and what is European,
It is important to show what Service can be offered by which BE type.
Decision: Need a hierarchy of Regulators and a hierarchy of Services. Need to add restrictions into some BE types and definitions.
Gareth has posted many comments into the FBC Wiki.
Our goal is to define what financial institutions do that are actually regulated. Regulations depend on the jurisdiction of the Regulator. Business rules define what an organization is regulated for.
Action: Elisa will draw a picture that describes the results of this discussion and post it for the Team to review.
For homework, pls look that spreadsheet and at the work that Gareth posted in the Wiki and suggest changes from your point of view. Focus on the Financial Entity.
What is a Financial Intermediary? Barron’s has a definition. Definitions of Financial Institutions and Financial intermediary must be decided by next week.