Releases: edmcouncil/fibo
Q3 2024 Release
Q3 2024 Release Notes
Q3 2024 Revisions Summary
This quarter most of the development effort was spent in addressing issues uncovered by new hygiene tests and cleaning up open Jira issues. We also updated the ISO MIC codes to the September 2024 version. Finally, we released a small ontology representing commercial loans, which are needed for planned work on “green loans”, including sustainability and transition loans.
Note that some content that was deprecated in late 2023 due to integration with new ontologies in the OMG’s Commons Ontology Library will likely be removed by the end of the year.
Business Entities (BE)
The only change to the business entities ontologies in Q3 was to correct the range of a hasReach property related to the jurisdiction of Norway.
Business Process Domain (BP)
There were no changes to BP ontologies in Q3.
Corporate Action and Events Domain (CAE)
Changes made to CAE this quarter were aimed at eliminating punning issues with the ISO 15022/20022 corporate actions controlled vocabulary.
Derivatives (DER)
Changes to the derivatives ontologies include refinement of currency contracts, elimination of certain redundant restrictions in the definition of a derivative instrument, and deprecation of the notion of a foreign exchange rate observable, made moot by the revised description of a currency contract.
Financial Business and Commerce (FBC)
The primary change to FBC this quarter was to update the ISO MIC codes per the latest (September 2024) release from ISO. We also refactored the concept of a currency instrument, eliminated redundant restrictions in a couple of cases, and eliminated other bugs identified through new hygiene tests.
Foundations (FND)
There were no changes to FND ontologies in Q3.
Indicators and Indices (IND)
Changes to the indicators ontologies included revising the representation of an exchange rate (related to refactoring currency contracts), and eliminated bugs identified through new hygiene tests.
Loans (LOAN)
This quarter our primary accomplishment was to clean-up and release the Commercial Loans ontology. This modification was needed in anticipation of new use cases related to “green loans” that will be integrated over the course of Q4. FIBO users should also anticipate seeing increasing coverage of the Interagency Loan Data Reporting fields and ACTUS cash flow related properties of loans in general over the coming months, as well as new work related to mortgages.
Market Data Domain (MD)
There were no changes to MD ontologies in Q3.
Securities (SEC)
Our recent focus in the Securities domain area was on jurisdiction specific securities restrictions. New modules and ontologies for US-specific and EU-specific securities restrictions were added this quarter. We also augmented the representation of exchange-specific shares and addressed a couple of bugs identified through new hygiene testing.
What's Changed
- SEC-97 - Regulatory related missing properties of exchange specific stock by @ElisaKendall in #2031
- SEC-185 - Several terms in the DebtAnalytics ontology should be included in the InstrumentPricing ontology by @ElisaKendall in #2034
- DER-143 - There is a gap with respect to the currency contracts related to the notion of an exchange rate by @ElisaKendall in #2036
- SEC-199 - Promote the Commercial Loans Ontology to Release Status by @ElisaKendall in #2043
- GitHub-2041 - fibo-fbc-fct-usnic:NationalInformationCenterClassificationSchemeAndCodeSet is used as an object of owl:hasValue by @ElisaKendall in #2044
- GitHub-2040 - fibo-sec-sec-idind:EuroclearClearstreamCommonCode is used as an object of owl:hasValue by @ElisaKendall in #2045
- FBC-321 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #2047
- GitHub-2038 - Implicit punning of OWL Classes in triples (as subjects) with datatype property by @ElisaKendall in #2048
- GitHub-2039 - Implicit punning of OWL Classes in triples (as objects) with object property by @ElisaKendall in #2049
- GitHub-2037 - Wrong value of fibo-fnd-law-jur:hasReach in fibo-be-ge-neuj:JurisdictionOfNorway by @ElisaKendall in #2050
- GitHub-2028 - Eliminate / address obsolete restrictions identified through hygiene testing by @ElisaKendall in #2053
- GitHub-2054 - Eliminate extra space in annotations on the US Securities Restrictions ontology by @ElisaKendall in #2055
- GitHub-2051 - Eliminate remaining issues related to deprecated elements that are still used somewhere in FIBO by @ElisaKendall in #2052
- DER-144 - ForeignExchangeRateObservable incorrectly modeled by @ElisaKendall in #2057
Full Changelog: master_2024Q2...master_2024Q3
Contributors
Assets 2
Q2 2024 Release
Q2 2024 Release Notes
Q2 2024 Revisions Summary
This quarter the revisions were focused primarily on open issues and bug fixing, primarily in securities. Minor corrections were made in a number of areas across FBC and SEC. We also refactored securities restrictions, moving US-specific restrictions into a domain specific ontology and setting the stage for adding other jurisdiction-specific restrictions, such as MiFID II related rules, which we plan to add in Q3. Reference data, including FpML common interest rates and ISO MIC codes were also updated this quarter.
Note that we anticipate removing a number of deprecated elements and a couple of ontologies (whose elements were all deprecated), due to migration of the FIBO concepts to the OMG Commons Ontology Library (available at https://www.omg.org/spec/Commons) later this year. Mappings that document the original and replacement elements are available in the FIBO Confluence wiki, at https://dil-edmcouncil.atlassian.net/wiki/spaces/FND/pages/7111313/Mapping+FIBO+to+the+Commons+Ontology+Library, to assist users in migrating their FIBO extensions and related applications.
Business Entities (BE)
Changes to BE in Q2 were limited to revising the definition of investor to add a subclass relationship with contract party as part of SEC-113.
Business Process Domain (BP)
Revisions to the BP domain this quarter were limited to bug fixes.
Corporate Action and Events Domain (CAE)
There were no changes to the CAE domain area in the second quarter. We anticipate promoting two ontologies to release status next quarter, however, representing controlled vocabularies for corporate actions from ISO 20022 and the ACTUS Foundation.
Derivatives (DER)
Revisions to the DER domain this quarter were limited to bug fixes.
Financial Business and Commerce (FBC)
Revisions to FBC in Q2 include bug fixes and updates to the ISO MIC codes and related business centers.
Foundations (FND)
Revisions to the FND domain this quarter were limited to bug fixes.
Indicators and Indices (IND)
Revisions to the IND domain this quarter include bug fixes and updates to the FpML reference interest rates.
Loans (LOAN)
There were no changes to the LOAN ontologies this quarter. We anticipate launching a new FIBO working group starting this fall to flesh out coverage of mortgages, and related to that, mortgage backed securities (MBS). Please let us know if you are interested in participating in that effort, which we plan to launch in mid-September.
Market Data Domain (MD)
There were no changes to the Market Data domain area this quarter.
Securities (SEC)
The primary area of new work in Q2 was in the SEC domain. We've refactored the securities restrictions ontology to split out jurisdiction-specific content, added a new US securities restrictions ontology and augmented the content, and plan to add a similar EU securities restrictions ontology in Q3. Neither ontology is intended to be exhaustive, but rather to provide examples that can be extended using similar patterns, depending on the use case. We also addressed several outstanding smaller issues to clean up content as appropriate.
What's Changed
- SEC-196 - Revise the definition of ticker-symbol to broaden its scope by @ElisaKendall in #2010
- SEC-138 - adjustable dividend rate needs reference to some sort of formula or benchmark by which it's adjusted by @ElisaKendall in #2012
- GitHub-2015 - corrected bug for incorrect prefix on hasRole by @ElisaKendall in #2017
- FBC-284 - The definition of Issuer should be adjusted to allow the same issuer to issue more than one by @ElisaKendall in #2014
- FBC-320 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #2023
- IND-126 - Revise FpML reference rates to reflect the latest revisions as of June 2024 by @ElisaKendall in #2025
- GitHub-2021 - Deprecated resources in use by @ElisaKendall in #2027
- Fix to fractional seconds trailing zeros by @mereolog in #2029
- SEC-113 - Add a new North American securities folder and related ontology covering US-specific securities regulations by @ElisaKendall in #2020
Full Changelog: master_2024Q1...master_2024Q2
Contributors
Assets 2
master_2024Q1
Q1 2024 Release Notes
Q1 2024 Revisions Summary
This quarter the FIBO development team made significant progress in several areas: (1) integrated the latest revisions from the migration of several FIBO ontologies to the OMG's Commons Ontology Library v1.1, including roles, parties, and situations, and scalar quantities and units, documents, (2) clean-up and alignment of the various places in FIBO that defined interest rates, rate resets and schedules related to loans and other debt instruments, and (3) additional changes to clean-up and augment debt baskets and swap related terminology. We also revised the ISO MIC codes to reflect the latest publication as of March 2024.
Note that elements that have been migrated to the OMG's Commons library in Q1 that are now deprecated in FIBO will be removed altogether in Q4 2024.
Business Entities (BE)
Revisions to Business Entities in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library. Further migration, including certain elements related to legal entities and organizations will be transitioned to OMG in the next iteration as a part of the Commons 1.2 library.
Business Process Domain (BP)
Revisions to Business Processes in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library.
Corporate Action and Events Domain (CAE)
Revisions to Corporate Actions in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library. Note that we plan to release controlled vocabularies for ISO 20022 and ACTUS related corporate actions over the coming months.
Derivatives (DER)
As mentioned in the summary, there were significant changes this quarter with respect to derivatives. These include alignment of various kinds of schedules for interest rate changes, rate resets, and related concepts that were initially buried in the IR Swaps ontology but are now available across all debt instruments in FIBO. The changes will facilitate mapping to ACTUS parameters over the coming months, with the expectation that an ACTUS-specific controlled vocabulary and mapping will be included as a part of FIBO. There were also a number of changes related to debt baskets and clean up of the swaps related class hierarchy as well. Changes related to migration of several ontologies to the OMG's Commons library also affected a number of DER ontologies.
Financial Business and Commerce (FBC)
A number of the modifications made to realign rates and schedules also impacted FBC, particularly with respect to the Debt ontology. We see these changes as being long overdue, and believe that FIBO users will be able to better represent any kind of debt instrument, including payment and rate related schedules in a far more consistent way. Changes related to migration of several ontologies to the OMG's Commons library also affected a number of DER ontologies. The ISO MIC codes were also updated this quarter to reflect the latest updates from ISO.
Foundations (FND)
The primary revisions to Foundations in Q1 reflect migration of several ontologies to the OMG's Commons Ontology Library. These include the entire Roles ontology, much of the Parties ontology, the entire Quantities and Units ontology, and much of the Documents ontology.
Note that elements that have been migrated to the OMG's Commons library in Q1 that are now deprecated in FIBO will be removed altogether in Q4 2024.
Indicators and Indices (IND)
Revisions to Indicators in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library.
Loans (LOAN)
Revisions to Loans in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library. Having said this, the changes made with respect to rates and schedules also impacted the loans area, improving the consistency of representing the kinds of schedules that are relevant to any kind of loan, especially mortgages.
Market Data Domain (MD)
Revisions to the Market Data ontologies in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library.
Securities (SEC)
The changes made to realign rates and schedules also impacted the securities arena, particularly with respect to debt instruments, as mentioned above. Changes related to migration of several ontologies to the OMG's Commons library also affected a number of SEC ontologies.
What's Changed
- FND-380a - Revise / replace several ontologies with their counterparts from the Commons Ontology Library v1.1 by @ElisaKendall in #1995
- DER-126 - Need to clean up the hierarchy of swap-related events by @ElisaKendall in #1992
- FBC-317 - The concepts related to interest rate schedules, rate resets and related events needs to be cleaned up by @ElisaKendall in #1997
- SEC-181 - Augment the set of debt baskets with some additional refinements by @ElisaKendall in #2000
- FND-382 - Add an isClassifiedBy restriction on Occurrence by @ElisaKendall in #2002
- FBC-319 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #2005
- FBC-318 - Add the concept of a business calendar by @ElisaKendall in #2007
- Fix to report from testHygiene_performance_multiple_different_individuals by @mereolog in #2003
Full Changelog: master_2023Q4...master_2024Q1
Contributors
Assets 2
Q4 2023 Release
Q4 2023 Release Notes
Q4 2023 Revisions Summary
This quarter the focus was mainly on clean-up and realignment with updates to the OMG's Commons Ontology Library (see https://www.omg.org/spec/Commons/). Elements that had been deprecated for more than six months due to the initial set of commons ontologies were removed and we initiated work to align with new ontologies in the library for documents and for quantities and units, deprecating the duplicate elements from FND. We will continue this work in Q1 2024 for roles and parties. FIBO users should anticipate more deprecation, in other words, over the coming months.
Other areas of work included extensions related to pool-backed securities and credit default swaps where we found gaps, extensions related to securities classification, and increased coverage of concepts related to commodity swaps. Some refactoring of the class hierarchy and contract parameters related to swaps is underway and will be integrated in Q1 2024 as well.
Business Entities (BE)
Changes made to Business Entities in Q4 included minor spelling corrections and elimination of duplicate content with respect to the new Commons ontologies as well as elimination of deprecated elements from early 2023.
Business Process Domain (BP)
Changes made to the business process ontologies were limited to elimination of duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023.
Corporate Action and Events Domain (CAE)
Changes made to corporate actions-related ontologies were limited to elimination of duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023.
Derivatives (DER)
Much of the new work completed in Q4 was with respect to the derivatives domain, as mentioned. These include: (1) credit default swap index and basket of credit default swaps, (2) attachment and detachment points, (3) and collateral value as of date and 'has estimated total collateral value at issuance'. We also revised the definition of 'auction method' for instrument pricing and moved it to the instrument pricing ontology to enable broader usage. Definitions related to commodity swaps were also improved via (1) realigning the distinction between notional and nominal amount across instruments, (2) adding subproperties of hasNotionalAmount per the CFI standard in DerivativesBasics, and (3) adding the definition of a commodity index to the commodities contracts ontology. We also eliminated duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023.
Financial Business and Commerce (FBC)
Changes to the FBC domain area this quarter include updating the ISO MIC codes to reflect the latest revisions from ISO, eliminating duplicate content with respect to the new Commons ontologies, and eliminating deprecated elements from early 2023. Revisions to instrument pricing as mentioned under DER are also reflected in that ontology in FBC.
Foundations (FND)
Changes to the Foundations ontology mainly involved the revisions to eliminate deprecated elements and replace content in the Documents and Quantities and Units ontologies with their equivalents in the OMG Commons Ontology Library v1.1. Note that mappings from the old names to new ones are documented in the FIBO Foundations (FND) wiki, under https://wiki.edmcouncil.org/display/FND/Mapping+FIBO+to+the+Commons+Ontology+Library.
Indicators and Indices (IND)
Changes made to the IND ontologies in Q4 were limited to elimination of duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023.
Loans (LOAN)
Changes made to the LOAN ontologies in Q4 include elimination of duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023. We also revised several loans ontologies to normalize the definitions of nominal / notional amounts as described with respect to derivatives.
Market Data Domain (MD)
Changes made to the market data ontologies in Q4 were limited to elimination of duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023.
Securities (SEC)
This quarter the securities classification ontology was extended to cover the ICB benchmark and scheme managed by FTSE Russell and
the GICS classifier (code) and scheme managed by S&P. We also revised the pool-backed securities ontology, as mentioned above, including defining attachment and detachment points, augmenting the definition of tranche, and incorporating better definitions related to collateral. We also eliminated duplicate content with respect to the new Commons ontologies and deprecated elements from early 2023.
What's Changed
- Read.me documentation was updated by @techie2000 in #1971
- DER-138 - Need to add relationships to tranches and model them with respect to an index tranche CDS by @ElisaKendall in #1974
- FND-381 - Eliminate deprecated elements from revisions due to the integration of the Commons 1.0 library by @ElisaKendall in #1976
- DER-140 - Wording of the definition of AuctionMethod in CDS is clumsy by @ElisaKendall in #1978
- SEC-195 - Address misspellings in the CIV ontology by @ElisaKendall in #1979
- issue-1955 - Spelling error "Sultinate" should be "Sultanate" by @ElisaKendall in #1980
- SEC-119 - Need to bring in classification schemes that are used by the SEC and other regulators for classifying shares by @ElisaKendall in #1982
- DER-127 - Coverage of Commodity Swaps with respect to the CFI standard is incomplete by @ElisaKendall in #1984
- issue-1956 - Incorrect definition of EBITDA by @ElisaKendall in #1985
- FND-380 - Revise / replace details from the FIBO Documents and Quantities and Units ontologies with their counterparts from the Commons Ontology Library v1.1 by @ElisaKendall in #1987
- FBC-316 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall and @rivettp in #1990
New Contributors
- @techie2000 made their first contribution in #1971
Full Changelog: master_2023Q2...master_2023Q4
Contributors
Assets 2
Q3 2023 Release
Q3 2023 Release Notes
Q3 2023 Revisions Summary
Much of our work this quarter focused on preparation for and release of the Asset-Backed Securities ontology. To that end, we also released two ontologies in the LOAN domain, including Consumer Loans and Student Loans. We also updated the ISO MIC codes to the September 2023 version. Finally, we continued work on representing some of the controlled vocabularies required to map FIBO to the US National Information Center’s repository of institutional reference data and to the ACTUS Foundation’s JSON parameters for ACTUS contract types.
Business Entities (BE)
There were no substantial changes to ontologies in the BE domain in Q3 2023.
Business Process Domain (BP)
There were no changes to ontologies in the BP domain in Q3 2023.
Corporate Action and Events Domain (CAE)
There were no changes to ontologies in the CAE domain in Q3 2023.
Derivatives (DER)
Due to the focus on ABS this quarter, there was less emphasis on the derivatives domain, but definitions for mini-future certificates were added to the Rights and Warrants ontology. We anticipate augmenting the derivatives ontologies with key parameters from the ACTUS algorithmic contract definitions over the coming months. We will also be extending and integrating relevant corporate actions that trigger CDS contracts in the first half of 2024.
Financial Business and Commerce (FBC)
The primary change to FBC this quarter was to update the ISO MIC codes per the latest (September 2023) release from ISO.
Foundations (FND)
Changes to FND this quarter were limited to the addition of a definition for EBITDA.
Indicators and Indices (IND)
There were no changes to ontologies in the IND domain in Q3 2023.
Loans (LOAN)
This quarter our primary accomplishments included clean-up and release of the Consumer Loans and Student Loans ontologies. FIBO users should anticipate seeing increasing coverage of the Interagency Loan Data Reporting fields and ACTUS cash flow related properties of loans in general over the coming months.
Market Data Domain (MD)
There were no changes to ontologies in the MD domain in Q3 2023.
Securities (SEC)
Summary: The primary focus in the Securities domain area this quarter was to complete the clean-up and release of the Asset-Backed Securities (ABS) ontology. Other minor changes include: (1) normalization of our representation of security forms, and (2) migration of tranche-related concepts from MBS to CDOs, in preparation for continued work to refine the MBS ontology.
What's Changed
- SEC-188 - Tranche related concepts in MBS should be moved to CDOs by @ElisaKendall in #1952
- issue-1949 - change resource name from Syria to SyrianArabRepublic by @aamedina in #1954
- DER-117 - The Rights and Warrants ontology is missing the concept of a mini-future certificate by @ElisaKendall in #1947
- SEC-190 - Consumer loans is incomplete and needs additional content / definitions by @ElisaKendall in #1958
- SEC-191 - Eliminate the class WACBondCoupon as redundant by @ElisaKendall in #1960
- SEC-192 - Move the inheritance link between consumer loan and credit cards to the credit cards ontology by @ElisaKendall in #1962
- LOAN-167 - The student loan ontology is missing government-backed student loan by @ElisaKendall in #1964
- SEC-193 - The concept of an auto loan pool in ABS requires the notion of a motor vehicle lease by @ElisaKendall in #1966
- FBC-315 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #1970
- SEC-194 - Complete the work to release the ABS ontology by @ElisaKendall in #1969
- issue-1950: add separate references to england and wales by @aamedina in #1953
New Contributors
Full Changelog: master_2023Q2...master_2023Q3
Contributors
Assets 2
Q2 2023 Release
Q2 2023 Release Notes
Q2 2023 Revisions Summary -
This quarter there were a number of areas of focus, including (1) moving the credit card ontology to loans and releasing it, (2) augmenting our definitions for financial institutions for better coverage, including but not limited to better coverage of the kinds of entities that are reflected in the US Federal Reserve / FFIEC National Information Center (NIC) repository, (3) improving coverage of structured instruments in DER, (4) improving coverage of ABS and of structured instruments more generally in SEC, and (5) updating our reference data and improving the representation of FpML business centers and reference interest rates as well as the ISO MIC codes.
Revisions for specific domain areas are highlighted in more detail below. Note that many of the deprecated concepts due to integration of the OMG's Commons Ontology Library will be eliminated in the Q4 release, so FIBO users should be prepared for that update.
Business Entities (BE)
Only minimal changes were made to BE this quarter, mainly for demonstration purposes to show how multilingual labels might be leveraged for some FIBO users.
Business Process Domain (BP)
There were no revisions to the provisional content in the BP domain this quarter.
Corporate Action and Events Domain (CAE)
There were no revisions to the CAE domain this quarter. However, FIBO users should anticipate updates to incorporate the ISO 20022 and GLIEF-specific corporate actions into production over the coming months.
Derivatives (DER)
In Q2 our primary accomplishments was to add a new StructuredInstruments ontology to DER, with better coverage for certain pool-backed securities as well as for certificates. Minor, primarily clarifying, revisions were made to the interest rate swaps and commodity swaps ontologies to improve usability as well.
Financial Business and Commerce (FBC)
A number of significant updates were made to the FBC domain area this quarter, most notably moving the credit card ontology to the loans domain and releasing it. We also made significant updates to the FpML business centers and related ISO MIC municipalities, which are generated from the original sources, as well as revising the ISO MIC codes themselves, all of which are current as of the end of Q2 2023.
Foundations (FND)
In Q2 we made minor changes to the Foundations ontologies, including the addition of a definition for EBITDA. FIBO users should be aware that we anticipate moving additional ontologies from the FIBO FND domain area to the OMG Commons Ontology Library over the coming months, however, including eventual elimination of the resulting ontologies, replacing them with the formal OMG standard ontologies, once they are published by OMG.
Indicators and Indices (IND)
The primary change to the IND ontologies in Q2 was to revise the FpML reference interest rates. The reference rates are now current as of Q2 2023.
Loans (LOAN)
In Q2 the primary change to the LOANs domain area was to incorporate the credit card ontology that had been in FBC as provisional and release it. This ontology reflects significant research and testing with Wells Fargo and other members related to a combination of consumer and commercial credit cards and will provide the basis for ABS related to credit card accounts going forward.
Market Data Domain (MD)
The primary change to MD this quarter was to move certain common statistics for pooled debt instruments from the debt analytics ontology to pool-backed securities in SEC.
Securities (SEC)
A number of changes were made to securities this quarter, the most significant of which was the work related to the new structured instruments ontology. We added common common statistics for pooled debt instruments, as mentioned above, simplified the representation of security form for ease of use, augmented our CFI representation for equities, and continued our expansion of ABS-related concepts. We also addressed a couple of minor bugs found in implementation-related testing.
See also
What's Changed
- FBC-306 - Augment the mapping of US NIC repository codes to entity types to cover more of those defined in FBC by @ElisaKendall in #1910
- DER-134 - Support for Certificates by @ElisaKendall in #1913
- FBC-307 - Extend and refine definitions of financial institutions relevant to the NIC repository by @ElisaKendall in #1912
- DER-142 - Additional coverage of structured instruments is needed by @ElisaKendall in #1915
- FBC-310 - Augment two classes with labels in French for demonstration purposes by @ElisaKendall in #1917
- SEC-164 - Further revisions to the AssetBackedSecurities ontology are needed by @ElisaKendall in #1919
- SEC-184 - Add common pooled securities statistics by @ElisaKendall in #1922
- GIT-1889 - Use of owl:qualifiedCardinality "0"^^xsd:nonNegativeInteger by @ElisaKendall in #1923
- DER-84 - Commodity swaps are missing the concept of how much and a price at some point in time by @ElisaKendall in #1926
- SEC-73 - Augment the equities concepts with their CFI classification by @ElisaKendall in #1930
- IND-125 - Revise FpML reference rates to reflect the latest revisions as of June 2023 by @ElisaKendall in #1935
- FBC-313 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #1933
- SEC-187 - Address reasoning issue with the definition of limited partnership unit in Equities by @ElisaKendall in #1938
- FBC-311 - Move the provisional credit cards ontology to loans and release it by @ElisaKendall in #1936
- update config file by @patrycjamia in #1931
- FBC-314 - Update the FpML Business Centers based on the latest (March 2023) revisions by @ElisaKendall in #1940
- update config file by @patrycjamia in #1941
- SEC-186 - Add Bearer and Bearer/Registered to Security Form by @ElisaKendall in #1945
- FND-379 - Need to add a definition for EBITDA by @ElisaKendall in #1943
Full Changelog: master_2022Q4...master_2023Q2
Contributors
Assets 2
Q1 2023 Release
Q1 2023 Release Notes
Q1 2023 Revisions Summary - This quarter the content revisions were focused primarily on open issues related to CFI support in a few areas, including Exotic Options, and Asset-Backed Securities (which we plan to release in Q2). We also initiated work in the Financial Business and Commerce (FBC) domain to represent some of the controlled vocabularies required to map FIBO to the US National Information Center’s repository of institutional reference data. There is a new provisional ontology in FBC’s North American Entities sub-module covering the first of these controlled vocabularies for Entity Types.
The most comprehensive changes made in Q1 involved replacing a number of concepts that we reused from the Object Management Group’s Languages, Countries, and Codes (LCC) ontologies with those in the recently published Commons Ontology Library (see https://www.omg.org/spec/COMMONS), as well as revising FIBO to use those terms rather than their local equivalents. No FIBO elements were deleted, however. Those terms that are now sourced from the Commons ontologies have been deprecated and mapped. For a detailed mapping from the original terms to the current classes and properties, see (1) https://wiki.edmcouncil.org/display/FND/Mapping+Specification+Metadata+and+some+properties+in+the+FIBO+Annotation+Vocabulary+to+the+Commons+Annotation+Vocabulary for a detailed mapping of many of the annotations we use, and (2) https://wiki.edmcouncil.org/pages/viewpage.action?pageId=109609714 for the complete set of classes and properties that have been migrated to commons. The mappings include the original and replacement IRIs for users that have built applications using FIBO.
Note that many of the concepts that have been replaced were derived from FIBO, but needed in various other domain areas, including pharmaceuticals, manufacturing in general, retail, and others at both the EDM Council and at OMG. There are additional ontologies in FIBO, particularly in Foundations, that we believe will be migrated to Commons over the coming months in addition to those that were impacted this quarter. These include, for example, quantities and units, which we are revising at OMG with NIST and the SysML community and through our Identification of Medicinal Products (IDMP) project, with the BIPM community. Another near-term candidate is our Foundations products and services ontology, which we are reviewing with the OMG’s Retail Domain Task Force, including GS1, with the IDMP team and with NIST’s Industrial Ontology Foundry (IOF) supply chain working group. As these ontologies are extended and added to the Commons library, corresponding revisions will be made to FIBO to leverage the additional semantics. Again, nothing will be deleted from FIBO for at least 2 quarterly releases, but users should anticipate that after 6 months, the deprecated elements may be eliminated.
Business Entities (BE)
Changes to the ontologies in BE in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Business Process Domain (BP)
Changes to the ontologies in BP in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Corporate Action and Events Domain (CAE)
Changes to the ontologies in CAE in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Derivatives (DER)
Changes to the ontologies in DER in Q1 included updates to the Exotic Options ontology to incorporate terminology from the CFI standard that was missing, such as support for LEPOs, and revisions supporting integration of the Commons Ontology Library elements, including annotations. We anticipate augmenting the derivatives ontologies with key parameters from the ACTUS algorithmic contract definitions over the coming months. We will also be extending and integrating relevant corporate actions that trigger CDS contracts in the first half of 2024.
Financial Business and Commerce (FBC)
The primary extensions made in FBC in Q1 involved the addition of a number of classes representing additional financial institutions, many but not all of which are from a US perspective, and the addition of the preliminary National Information Center controlled vocabularies ontology mentioned in the summary, above. We also completed the revisions needed for integration of the Commons Ontology Library elements, including annotations.
Foundations (FND)
A number of changes were made to the Foundations ontologies this quarter, primarily related to integration of content from the OMG Commons Ontology Library, deprecating the original content in FIBO. Most of the patterns included in the Commons to date were originally in the OMG’s Languages, Countries, and Codes (LCC) ontologies, but there are some concepts and relationships that were part of FND and are now in Commons that were replaced. For a detailed mapping from the original terms to the current classes and properties, see (1) https://wiki.edmcouncil.org/display/FND/Mapping+Specification+Metadata+and+some+properties+in+the+FIBO+Annotation+Vocabulary+to+the+Commons+Annotation+Vocabulary for a detailed mapping of the annotations that were revised, and (2) https://wiki.edmcouncil.org/pages/viewpage.action?pageId=109609714 for the complete set of classes and properties, including those from LCC as well as a number of elements from the FND Agents, Analytics, Arrangements, Classification Schemes, Financial Dates, Identifiers and Indices, Jurisdiction, Parties, and Relations ontologies that have been migrated to Commons. The mappings include the original and replacement IRIs for users that have built applications using FIBO.
Indicators and Indices (IND)
Changes to the ontologies in IND in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Loans (LOAN)
Changes to the ontologies in LOAN in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations. FIBO users should anticipate seeing increasing coverage of the Interagency Loan Data Reporting fields and ACTUS cash flow related properties of loans in general over the coming months to support planned ABS and MBS work.
Market Data Domain (MD)
Changes to the ontologies in MD in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Securities (SEC)
There were minor changes in SEC this quarter, including extensions and some clean-up of the ABS ontology in addition to the revisions supporting integration of the Commons Ontology Library elements, including annotations. The development team is continuing to review provisional SEC/Debt ontologies, however, and will continue working on ABS and MBS over the coming months.
Hygiene Tests
We updated the list of hygiene tests with those that were defined in other EDMC ontological projects.
See also
2022 Q4 Release
Q4 2022 Release Notes
Q4 2022 Revisions Summary – This quarter focused primarily on the Derivatives (DER) and Financial Business and Commerce (FBC) domain areas, as summarized below. The Credit Default Swaps (CDS) ontology is newly released in DER. We also extensively restructured our representation of the ISO 10383 MIC codes to reflect the changes made by the ISO working group over the last couple of years and updated the ISO 10383 MIC codes to include the latest ISO updates, accordingly.
Business Entities (BE)
There were minor changes in BE this quarter. These include (1) adding variable interest entity and loosening or eliminating restrictions on a couple of other concepts in the legal persons ontology, and (2) adding market data provider to the publishers ontology along with deprecation of the unused and largely duplicative concept of a publication house.
Business Process Domain (BP)
There were no changes to the BP domain in this quarter.
Corporate Action and Events Domain (CAE)
There were no changes to the CAE domain in this quarter.
Derivatives (DER)
The primary area of work in Q4 was to restructure and release the Credit Default Swaps (CDS) ontology. The concept of a credit derivative was added to the derivatives basics top-level DER ontology, and the CDS ontology was also augmented to cover the kinds of CDS listed in the CFI standard as well as others defined in various Federal Reserve and similar documentation. We anticipate augmenting this and other derivative ontologies with key parameters from the ACTUS algorithmic contract definitions over the coming months. We will also be extending and integrating relevant corporate actions that trigger CDS contracts in the first half of 2024.
Financial Business and Commerce (FBC)
The bulk of the changes made to FBC in Q4 involved restructuring our representation of the ISO 10383 Market Identifier Codes (MIC) and incorporating the latest changes published as of 12 December 2022. This involved significant changes not only to the markets ontology but to 20 other ontologies including the changes mentioned above to two of the business entities (BE) ontologies. The primary benefit of this restructuring is that now we can take advantage of and provide semantics for the legal entity and related LEI information that is available in the restructured ISO 10383 2.0 codes as related to the markets they operate. Some very interesting results, including ownership relations that leverage our situational patterns for parties and the roles they play can be inferred from the resulting graph, which we encourage FIBO users to explore.
Foundations (FND)
No changes were made to the Foundations ontologies this quarter. FIBO users should be aware that we will begin to replace some FIBO FND concepts and in a few cases ontologies with content from the new OMG Commons Ontology Library, which was formalized at OMG in December 2022, over the next few quarters, deprecating the original content in FIBO for at least a couple of quarters as we work towards complete integration of that material. Most of the patterns included in the Commons to date were originally in the OMG’s Languages, Countries, and Codes (LCC) ontologies, but there are a few concepts that are part of FND are now in Commons that will also be replaced. We anticipate this will be a continuing process, as there is a need for more of these patterns to be lifted from FND and possibly BE for broader reuse in domains other than finance that are needed by council members, OMG members, and projects such as NIST’s Industrial Ontology Foundry (IOF) activity.
Indicators and Indices (IND)
There were minor changes in IND this quarter, including changes to examples to reflect the revised MIC structure and to allow for calculated prices to be included in a price structure.
Loans (LOAN)
No changes were made to the Loans ontologies this quarter. FIBO users should anticipate seeing increasing coverage of the Interagency Loan Data Reporting fields and ACTUS cash flow related properties of loans in general over the coming months to support planned ABS and MBS work.
Market Data Domain (MD)
There were no changes to the MD domain in this quarter.
Securities (SEC)
There were minor changes in SEC this quarter, including changes to examples to reflect the revised MIC structure, augmenting the definition of certain depositary receipt to support variable interest shares (including the change to BE listed above to include the concept of a variable interest entity). The development team is continuing to review provisional SEC/Debt ontologies, however, and will be working primarily on ABS and MBS over the coming months.
Hygiene Tests
There were no changes to hygiene test in this quarter.
See also
2022 Q3 Release
Q3 2022 Release Notes
Q3 2022 Revisions Summary – This quarter focused primarily on the Derivatives (DER) domain area, as summarized below. Newly released ontologies include Exotic Options in DER and Settlement in FBC. We also integrated content that was originally in a separate Equity Forwards ontology into the Futures and Forwards ontology, and augmented the Options ontology with options trading strategies. We also updated the ISO 10383 MIC codes to include the latest ISO updates.
Business Entities (BE)
There were minor changes in BE this quarter. The primary changes involved revision/elimination of dead links and correction of certain text formatting issues.
Business Process Domain (BP)
There were no changes to the BP domain in this quarter.
Corporate Action and Events Domain (CAE)
There were no changes to the CAE domain in this quarter. Work to better integrate the corporate actions specified by GLEIF with the ISO 20022 corporate actions related to business entities is underway, and will be integrated over the coming months.
Derivatives (DER)
The majority of significant changes to FIBO in Q3 were made with respect to derivatives. We made substantial changes to and released the Exotic Options ontology, added options trading strategies to the main Options ontology, and integrated concepts that were originally in a separate Equity Forwards ontology into the Futures and Forwards ontology, since the additions were relatively small and the Futures and Forwards ontology already included most of the imports required to do so. The DER team plans to continue integration of the two remaining DER provisional ontologies, namely Credit Default Swaps and Derivatives Master Agreements, focused primarily on CDS, next quarter.
Financial Business and Commerce (FBC)
In Q3 we focused primarily on revisions needed for certain derivatives ontologies, including revising and releasing the Settlement ontology. We also revised the ISO 10383 Market Identifier Codes (MIC) to incorporate the latest changes published by ISO as of 12 September 2022. We also revised/eliminated dead links, addressed some minor text formatting issues and added an owl:sameAs link between two municipalities in the Business Centers Individuals ontology (Alma-ata and Almaty, which refer to the same place but are both referenced in the ISO MIC codes).
Foundations (FND)
There were minor changes in FND this quarter, involving revision/elimination of dead links and correction of certain text formatting issues. FIBO users should be aware that we will begin to replace some FIBO FND concepts and in a few cases ontologies with content from the new OMG Commons Ontology Library, which was published as a beta release in June 2022 over the next few quarters, deprecating the original content in FIBO for at least a couple of quarters as we work towards complete integration of that material.
Indicators and Indices (IND)
There were minor changes in IND this quarter, involving revision/elimination of dead links and correction of certain text formatting issues.
Loans (LOAN)
There were no changes to the LOAN domain in this quarter. FIBO users should anticipate seeing increasing coverage of the Interagency Loan Data Reporting fields and ACTUS cash flow related properties of loans in general over the coming months to support planned ABS and MBS work.
Market Data Domain (MD)
There were no changes to the MD domain in this quarter.
Securities (SEC)
There were minor changes in SEC this quarter, involving revision/elimination of dead links and correction of certain text formatting issues. The development team is continuing to review provisional SEC/Debt ontologies, however, and will be working primarily on ABS and MBS over the coming months.
Hygiene Tests
There were no changes to hygiene test in this quarter.
See also
2022 Q2 Release
Q2 2022 Release Notes
REVISIONS SUMMARY by Elisa Kendall
Q2 2022 Revisions Summary – This quarter focused primarily on the Loans (LOAN) domain area, as summarized below. Significant restructuring of Loans was completed and our first Loan ontology was released. Use cases include providing support for ILDR-based reporting for loans and support for ACTUS-driven cash flow analysis, as well as the enabling work on asset-backed securities later this year. We also updated the ISO 10383 MIC codes to include the latest ISO updates.
Business Entities (BE)
There were minor changes in BE this quarter. Deprecated concepts in BE that have been deprecated for several quarters were eliminated in Q2 2022.
Business Process Domain (BP)
There were no changes to BP this quarter.
Corporate Action and Events Domain (CAE)
No significant updates were made to the CAE ontologies in Q2. Work to better integrate the corporate actions specified by GLEIF with the ISO 20022 corporate actions related to business entities is underway, and will be integrated over the coming months.
Derivatives (DER)
Changes to the DER ontologies were limited this quarter to providing better support for composite identifiers and for the ISO Unique Transaction Identifier (UTI) in particular. Deprecated concepts in equity and interest rate swaps were eliminated in Q2 2022
Financial Business and Commerce (FBC)
In Q2 we continued work to improve coverage of reporting requirements outlined in the Interagency Loan Data Reporting (ILDR) standard in the United States and corresponding fields in ACTUS. We also initiated work on certain asset-backed securities provisional content that required support in FBC. We also revised the ISO 10383 Market Identifier Codes (MIC) to incorporate the latest changes published by ISO, i.e., as of 10 June 2022. Deprecated concepts in financial instruments and business registries were eliminated in Q2 2022.
Foundations (FND)
There were minor changes in FND this quarter. Deprecated concepts in FND that have been deprecated for several quarters were eliminated in Q2 2022.
Indicators and Indices (IND)
There were no changes to IND this quarter.
Loans (LOAN)
The bulk of the work done in Q2 was to restructure the LOAN domain area and revise content of what was the “LoanCore” ontology, now called “Loans” under a new LoansGeneral module, to support the majority of the required elements specified in the US Interagency Loan Data Reporting standard and corresponding elements required for ACTUS cash flow analyses. A number of smaller ontologies were merged and moved to new modules, with provisional construction loans, mortgages, and the related-jurisdiction-specific HMDA ontology in a new RealEstateLoans module, and other content such as for commercial and consumer lending under LoansSpecific. This restructuring effort, which we had put on hold for some time, will provide the support needed for basic loan data reporting, ACTUS-based cash flow analysis, and for asset-backed securities over time. We also released our first production Loans ontology. FIBO users should anticipate seeing increasing coverage of both required and optional ILDR fields and ACTUS cash flow related properties of loans in general over the coming months, sufficient to support ABS and MBS work later this year.
Market Data Domain (MD)
There were no changes to MD this quarter.
Securities (SEC)
There were minor changes in SEC this quarter. Deprecated concepts in SEC in funds, equities, and pools that have been deprecated for several quarters were eliminated in Q2 2022.
Hygiene Tests
There were no changes to hygiene tests this quarter.