Releases: edmcouncil/fibo
2022 Q1 Release
Q1 2022 Release Notes
REVISIONS SUMMARY by Elisa Kendall
This quarter we expanded our efforts in several areas, including Asset-Backed Securities (in SEC/Debt), Corporate Actions and Events (CAE), and Loans (LOAN), as summarized below. New production concepts include those related to entity-level corporate actions and pool-backed securities. 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, primarily related to ongoing work on LOANs. FIBO users should be aware that deprecated the concepts in BE that have been deprecated for over a year will be eliminated in Q2 2022.
Business Process Domain (BP)
This quarter the domain of business processes remained stable.
Corporate Action and Events Domain (CAE)
We made significant progress on corporate actions this quarter, including releasing the top level CorporateActions ontology, and adding a “make file” for integration and test in GitHub. The corporate actions ontology covers entity level actions that both the Global Legal Entity Foundation (GLEIF) and ISO 20022/15022 messages include, excluding those that are more security / income oriented. The starting point for coverage of security-specific actions is in a separate, still provisional ontology, as are the codes corresponding to the Global Legal Entity Foundation (GLEIF) and ISO 20022/15022 messages in the CAE domain. We will be extending the provisional securities oriented corporate actions ontology to cover more of ISO 20022/15022 along with the mapping to each code set over the next couple of releases.
Derivatives (DER)
This quarter the focus in derivatives was on clean-up and expansion of some of the existing ontologies. We made incremental improvements in depository receipts and options, addressed gaps in swaps with respect to the ISO CFI standard, and fixed a few bugs uncovered in our testing process. We plan to continue improving CFI coverage, initiate work on master agreements, and fill gaps with respect to the CPMI/IOSCO common data elements over the coming months. We will also be working on finalizing the content in the provisional Equity Forwards ontology (likely integrating it with other released ontologies) and begin tackling Exotic Options next quarter. FIBO users should be aware that deprecated the concepts in equity and interest rate swaps will be eliminated in Q2 2022.
Financial Business and Commerce (FBC)
Our FBC work in Q1 was mainly with respect to debt, including revisions 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 expect that work will continue over the coming months as we work towards releasing our first LOAN ontology. As mentioned last quarter, we are also working towards better alignment with the latest GLEIF ontologies and plan to publish a mapping ontology to further demonstrate how to integrate FIBO with the GLEIF data published at data.world. We also revised the ISO 10383 Market Identifier Codes (MIC) to incorporate the latest changes published by ISO, i.e., as of 11 March 2022.
Foundations (FND)
There were minor changes in FND this quarter related to ILDR support in LOANs and general bug fixes. FIBO users should be aware that deprecated the concepts in FND will be eliminated in Q2 2022, including but not limited to hasTag in the Relations ontology. We anticipate further work will be needed in FND with respect to building out the definitions related to master ISDA agreements in DER, which FIBO users will see over the next couple of quarters.
Indicators and Indices (IND)
Most of the revisions made in Q4 were related to corporate actions (see CAE, above). Next steps include answering competency questions related to the impact of corporate actions on various indices, once we have released the security-specific corporate actions and related codes ontologies. FIBO users should be aware that deprecated the concepts in basket indices will be eliminated in Q2 2022, though the deprecated terms in FpML interest rates will be retained until such time as they are eliminated in FpML itself.
Loans (LOAN)
We initiated work in Q1 to support a new use case for loan data reporting covering required elements specified in the US Interagency Loan Data Reporting standard and corresponding elements required for ACTUS cash flow analyses. LOAN is an area that we had not spent a lot of time on to date, mainly because of the need to provide more complete coverage for securities master data in general, which is FIBO’s primary use case. However, as we started investigating requirements for supporting asset-backed securities it became apparent that we could no longer put off work on the core LOAN ontologies. 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 this year.
Market Data Domain (MD)
This quarter the domain of marked data remained relatively stable - the only (minor) change was a merge between DebtAnalytics and DebtPricingYields ontologies to eliminate circular dependencies between them.
Securities (SEC)
The focus this quarter was mainly on asset-backed securities, including merging and migration of ABS ontologies to the main Debt module in SEC and release of the first ABS ontology, namely the PoolBackedSecurities ontology. We also merged concepts from several provisional ontologies into other SEC released ontologies, such as moving participation notes into depositary receipts, expanded coverage of the CFI codes where there were gaps, and fixed a handful of bugs that were identified through testing. We anticipate much more work on ABS/MBS ontologies over the coming months – see LOAN, above for additional details.
Hygiene Tests
This quarter the main effort was to parameterized hygiene tests so that they can be reused for other ontologies.
See also
2021 Q4 Release
Q4 2021 Release Notes
REVISIONS SUMMARY by Elisa Kendall
This quarter we made significant progress across domain areas, as summarized below. New production concepts include those related to rights and warrants as well the concept of a master agreement in contracts. Concepts related to organizational structure were promoted to the main organizations ontology, and our representation of legal entity-related concepts is more aligned with updates made by the Global LEI Foundation (GLEIF). We also made significant progress in areas including corporate actions and asset-backed securities, though we have not yet promoted the relevant ontologies to release status (planned for 2022). We also updated the ISO 10383 MIC codes and FpML interest rates to the latest released versions.
Business Entities (BE)
This quarter’s revisions in business entities were limited to migration of high-level concepts related to organizational structure from BE to FND and correction of a few typos in definitions and notes. FIBO users should be aware that although we have deprecated the concepts in BE in favor of their replacements in FND, we will likely eliminate the deprecated elements over the course of 2022.
Business Process Domain (BP)
This quarter the domain of business processes remained stable.
Corporate Action and Events Domain (CAE)
This quarter we initiated work to clean up and extend the securities-specific corporate actions ontology, to move corporate actions that are more general in scope and reflect changes at the legal entity level to a new corporate actions ontology in the CAE domain. We anticipate augmenting this ontology over the coming months to cover the range of entity level actions that the Global Legal Entity Foundation (GLEIF) and ISO 20022/15022 identify such that the codes used by either standard can be mapped to common definitions. We will also be extending the existing securities oriented corporate actions ontology to cover more of ISO 20022/15022, and moving the codes themselves into separate reference data ontologies to conform to the approach we have taken for reference data elsewhere in FIBO.
Derivatives (DER)
Our primary achievement this quarter was to revise and promote RightsAndWarrants to release status. We also addressed a number of “leftover” issues related to Options and other derivatives ontologies, including improved representation of exercise terms, and fixing a few inconsistencies and typos that we noticed during testing. Finally, we cleaned-up definitions in the swaps individuals ontology as a part of the process of normalizing our overall identifier hierarchy (see FBC for more details).
Financial Business and Commerce (FBC)
The primary accomplishment in FBC in Q4 involved restructuring and eliminating inconsistencies in the identifier hierarchy, eliminating odd inheritance structures, clarifying the nature of a registry identifier, and cleaning up issues related to LEI data so that our reference individuals and examples are better aligned with what is published by the GLEIF. We will continue to review and align with the latest GLEIF ontologies and plan to publish a mapping ontology over the coming months to provide FIBO users with a precise way of integrating the GLEIF data published at data.world with FIBO in their local knowledge graphs. We also revised the ISO 10383 Market Identifier Codes (MIC) to incorporate the latest changes published by ISO, i.e., as of 14 December 2021. Other changes this quarter include correcting a couple of bugs, fixing typos, and addressing side-effects of moving some of the organizational structure concepts from BE to FND.
Foundations (FND)
The most important changes made in FND in Q4 include incorporating concepts related to organizational structure in the main organizations ontology (originally in BE) and adding the concept of a master agreement to the contracts ontology. We also addressed a number of smaller outstanding issues that had accumulated over time. These included improving definitions related to rights under legal construct, clarifying the definition of a legal document, reconciling properties related to ownership with the situational pattern, improving the identifier hierarchy as noted in FBC, and fixing typos. We anticipate further work to augment the definition of a master agreement over the coming months with additional concepts such as a master services agreement and brokerage agreement, which will be further elaborated with respect to the concept of a master ISDA agreement in DER.
Indicators and Indices (IND)
Most of the revisions made in Q4 were related to corporate actions (see CAE). With basic concepts related to market indices covered, we are now working towards answering competency questions around the impact of corporate actions on those indices. We also revised the common interest rates individuals to reflect the latest changes to FpML reference rates. This was a major change that incorporated the 2021 updates to FpML. Note that some rates are now deprecated, corresponding to their deprecation in the original FpML rates. We will continue to include them in FIBO until they are eliminated from FpML. Other changes in IND include side-effects of the identifier hierarchy revisions, bug fixing and addressing typos.
Loans (LOAN)
This quarter the domain of loans remained stable.
Market Data Domain (MD)
This quarter the domain of marked data remained stable.
Securities (SEC)
This quarter we spent significant time reviewing concepts related to asset-backed securities. This is an area that has been relatively untouched to date, though last quarter we merged some ontologies and eliminated circular dependencies. Focus to date has been on refining the top-level pool-backed securities ontology, which we plan to release in Q1 2022. We also addressed some issues in the bonds hierarchy, notably adding support for certain index-linked bonds, addressed side-effects of other issues and fixed typos.
Hygiene Tests
This quarter we extended the set of hygiene tests with the check for OWL 2 illegal punning. In fact, it is a composite check, which we split into 6 separate SPARQL queries - see all checks with 1624 infix in their names.
In addition we refactored all other checks so that they ignore all deprecated resources (in the sense of the owl:deprecated property.)
See also
2021 Q3 Release
Q3 2021 Release Notes
REVISIONS SUMMARY by Elisa Kendall
The primary focus this quarter was on releasing additional derivatives ontologies, including currency contracts and commodities contracts, and in cleaning up and consolidating the provisional asset-backed securities ontologies in preparation for further work. We also spent some time reviewing provisional corporate actions with the intent to separate business/legal entity oriented actions from security-specific corporate actions and preparation for releasing ontologies reflecting both classes of corporate actions soon, updated the ISO MIC codes, and addressed various other minor clarifying issues.
Business Entities (BE)
This quarter the Business Entities domain area remained stable, with no revisions.
Derivatives (DER)
In Q3, the DER content team formalized and released two ontologies: CurrencyContracts and CommoditiesContracts. In preparation for releasing those ontologies we also cleaned up concepts specific to spot contracts and integrated them as a general notion into the FinancialInstruments ontology in FBC. Other revisions included clean-up of the remianing SecurityBasedDerivatives with an eye towards releasing EquityForwards next quarter.
Financial Business and Commerce (FBC)
Changes related to FBC this quarter were due to changes initiated in (1) SEC with respect to refining the notion of time to maturity and adding a number of market classifications to the markets ontology, (2) DER, to integrate spot contracts in the main financial instruments ontology, and (3) IND, in support of refining definitions of baskets related to market indices. We also updated the ISO MIC codes to reflect the latest updates from ISO and to incorporate the additional market classifications, providing further classification of the markets specified in the ISO standard.
Foundations (FND)
This quarter the Foundations domain area remained stable, with a handful of changes to annotations for clarification as needed based on work in other domain areas.
Indicators and Indices (IND)
Much of the work accomplished this quarter in IND involved background research on corporate actions, which we will continue to work on next quarter. One issue with respect to representation of the S&P 500 as an example market index was resolved, however.
Loans (LOAN)
Minor changes to the provisional LoanEvents ontology were made this quarter to clean up concepts and add properties related to legal proceedings with respect to default events. The intent is to continue clean-up work next quarter with the potential for releasing the primary core loan ontology.
Securities (SEC)
The majority of the work performed this quarter was related to asset-backed securities. A number of provisional ontologies were merged, renamed and the architecture revised to conform to the overall strategy used elsewhere in FIBO. We also eliminated some amount of duplication in properties to better integrate the ABS ontologies with other parts of FIBO and cleaned up a number of definitions and annotations. There is still significant work to be done before these ontologies can be released, but the effort completed this quarter will be quite useful going forward, such that we can begin to release these ontologies either later this year or early next year. Other minor changes included clarification of definitions for time to maturity, bill of exchange, and dividend related concepts.
See also
2021 Q2 Release
Q2 2021 Release Notes
REVISIONS SUMMARY by Elisa Kendall
The most important change this quarter is the release of the Options ontology by the DER FCT. In addition, the SEC FCT released the depositary receipts ontology, and new international jurisdictions and government entities for Asia are now available in BE (5 ontologies), which are essential to KYC, AML and regulatory reporting use cases. Other updates include better integration of situational patterns for ownership and control, new Canadian tax authorities and identifiers in FBC, new classes supporting naming patterns that can be used to address interoperability, data lineage, and related requirements in FND, and bug fixing as needed.
Business Entities (BE)
This quarter’s notable revisions for business entities included restructuring high level ownership and control relations to better reflect patterns implemented in FND over the last several months for situational knowledge. We also updated our reference data for jurisdictions to include Asian jurisdictions at the country level, for all independent countries identified in the U.N. M49 as being part of the continent of Asia. We anticipate adding Oceania and Africa over the coming months, which will give us complete coverage of jurisdictions at the country level as needed for regulatory reporting, KYC, AML, and other use cases.
Derivatives (DER)
Our primary achievement this quarter was to revise and promote the Options ontology to release status. The effort, which we initiated in Q1, included moving some concepts related to exotic options to a new ExoticOptions provisional ontology, which we will address over the coming months. We also merged some concepts related to currency contracts into a single ontology, which we moved from a subordinate module into Derivatives Contracts, again provisionally, but stay tuned for that to be released over the coming months. We also cleaned up the provisional commodities ontologies as part of that effort.
Financial Business and Commerce (FBC)
FBC mainly played a supporting role to changes that propagated from securities and derivatives this quarter. Some tweaks reflected revisions to the situational pattern changes in BE, minor bug fixes, and a few issues identified through work on the newly released options ontology related to pricing. We also integrated tax identifiers for Canadian business entities with the assistance of new FIBO users who needed them for their application this quarter.
Foundations (FND)
Like FBC, changes to FND in Q2 were mainly related to (1) further refinements of the situational pattern for ownership and control, (2) minor bug fixes, and (3) changes that propagated from securities and derivatives. Notably, we added new classes for reified names, including Name in Agents and ContextualName in Parties, which allow for aggregation of various properties such as name prefixes and suffixes for people, and most importantly, support user extensions for pedigree, provenance, and data lineage related to names. We also simplified the hierarchy involving independent parties, people, and organizations, thereby reducing confusion that some FIBO users had identified.
Hygiene Tests
The only changes to hygiene tests this quarter involved clean up of some duplication, and clean-up of the test descriptions in the ontology guide.
Indicators and Indices (IND)
This quarter most of the changes to IND ontologies involved bug-fixes identified through usability testing. The IND ontologies are relatively stable at this point, and we have met a number of the goals set out in our IND use cases. Next steps for IND will focus on corporate actions, and the impact such actions have on various indicators. We will be developing additional examples as a consequence, as well as further testing our time series representation not only for market rates but for economic indicators.
Loans (LOAN)
There were no changes to the provisional loan content this quarter. We anticipate ramping that effort back up so that we can release the provisional LoanCore and LoanApplications ontologies soon, however.
Developer Guide (DG)
This quarter's efforts did include a refresh on the developers guide (see hygiene related detailed issues for more information on the changes).
Securities (SEC)
The most visible change made to securities this quarter was finalization and release of the depositary receipts ontology in SEC/Equities. Other changes included (1) addressing downstream impacts of the changes related to the situational ownership and control patterns, (2) addressing the downstream impact of eliminating the confusion between independent parties, people, and organizations, (3) clean-up of equivalences related to the legal structure of a fund and common shares, (4) correcting logic issues in the provisional CIV ontology, and (5) addressing a gap related to the number of shares outstanding for any class of shares.
See also
2021 Q1 Release
Q1 2021 Release Notes
REVISIONS SUMMARY by Elisa Kendall
This quarter we made significant progress across domain areas, as discussed below. One major accomplishment is that although we’ve added many new hygiene tests, especially in the last several months, we’ve also eliminated all of the errors in the production ontologies using those tests. In other words, there are NO remaining hygiene errors in the production ontologies. This doesn’t mean that there aren’t any issues, of course, just that for the set of tests we have automated to date, the production FIBO ontologies are error-free. We will continue to add to that arsenal of tests which will likely find more issues, but with 21 tests today, we believe that the contributions of any community member are much more likely to be of higher quality that they would be otherwise.
New production concepts for credit facilities, additional common contract clauses, futures, and forwards are now available. We’ve also updated the ISO 10383 MIC codes and FpML interest rates to the latest released versions. And, we now have an exhaustive set of classes representing the ISO 10962 CFI codes for common and preferred shares.
Business Entities (BE)
This quarter’s revisions were primarily syntactic, with a handful of exceptions. We updated our reference data for jurisdictions in general to handle language-specific diacritic and other special characters properly, revised references that were no longer available, eliminated remaining circular definitions, and addressed other hygiene issues. One interesting change involved revising the jurisdiction reference data for the European Union to reflect Brexit. We also added a new CorporateBylaws class including a restriction related to hasSharesAuthorized; added a property for hasNominalValue, and used that property in a new top-level restriction on financial instruments to address use cases we are working on in securities and derivatives.
Derivatives (DER)
Our primary achievement this quarter was to revise and promote FuturesAndForwards (formerly called Forwards in the DerivativesContracts module) to release status. We made significant revisions to the provisional Options ontology with an eye towards release in Q2, including merging exchange-traded options with over-the-counter options ontologies, whose features largely overlapped, better integration of the options content with other released ontologies, and started reviewing, cleaning up, and extending the remaining content. This work involved refactoring across a number of the provisional ontologies in derivatives, including significant clean-up in any that were related to options or forwards/futures. Some concepts/properties were moved “higher up the food chain”, to DerivativesBasics or to FBC, depending on the situation, mainly for reusability purposes. It is likely that we will extract content specific to exotic options from the main ontology as we move towards releasing the main options ontology for better modularity and ease of use. As part of our clean-up effort, we also merged some of the small asset class-specific ontologies to aid usability and reduce overhead related to maintenance costs. Finally, we eliminated all remaining hygiene issues in the released ontologies.
Financial Business and Commerce (FBC)
Notable revisions to FBC this quarter include (1) integration of the provisional credit facilities ontology with the debt ontology and thus promoting that content to release status, (2) integration of the provisional communications ontology content with reporting in FND and loan applications in Loans, with some impact to FBC but mainly FND, (3) revised the ISO 10383 MIC codes to reflect the latest ISO publication, (4) migration of PromissoryNote from Contracts in FND to Debt in FBC, integrating it with the new credit facility concepts, and (5) revised references that were no longer available, eliminated remaining circular definitions and other hygiene issues. We also made a few changes to the provisional settlement and instrument pricing ontologies to reflect requirements bubbled up through securities and derivatives.
Foundations (FND)
Important revisions in Q1 include integration of concepts from the informative AgreementsExt module reflecting contractual commitments into contracts, and elimination of the informative module. Other changes involved minor updates supporting various other domain areas, and addressing syntactic issues, including revising references that were no longer available, eliminating remaining circular definitions, and resolving other remaining hygiene issues. We also revised content related to use cases from other domain areas, for example, merging what was the provisional communications ontology into other released ontologies to minimize maintenance overhead and support consistency.
Hygiene Tests
In Q1 we've introduced four new hygiene tests:
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a test testHygiene1289.sparql that searches for object properties that may be isA impostors. The search looks for object properties whose local names: are identical to 'isA' string, start with 'may' string and contain either 'become' or 'also' strings,
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a test testHygiene1290.sparql that finds all top-level classes outside FND, FBC, and LCC domains,
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a test testHygiene1292.sparql that find classes that refer to multiple concepts by means of the logical constructs of conjunctions and disjunctions,
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a test testHygiene1293.sparql that searches for the min 1 cardinality restrictions - both qualified and non-qualified.
Three hygiene tests: testHygiene0114.sparql, testHygiene1289.sparql, and testHygiene1290.sparql have been promoted to prod errors.
Indicators and Indices (IND)
Most of the revisions made in Q1 were driven by testing, cleaning up some minor issues we discovered, and eliminating issues uncovered through expanded hygiene testing. One notable change is that we updated the FpML reference interest rates to reflect the latest version. We also extended the definition of volatility to include implied and historical volatility, which, as it happens, are critical to understanding when reflecting on issues related to recent developments in the markets such as the Archegos debacle.
Loans (LOAN)
This quarter we continued the clean-up work we have been doing in LOANs, and integrated the now released credit facility concepts, allowing us to merge/eliminate another provisional loans ontology (LoansBasicTerms).
Developer Guide (DG)
Securities (SEC)
In Q1 we continued our focus on the representation of preferred shares, and on building out the exhaustive set of classes needed to fully model the ISO 10962 CFI standard with respect to common and preferred shares. That effort is now complete, using multiple inheritance to expand the flattened hierarchy included in the ISO standard, and we anticipate continuing that process to add the exhaustive set of classes for representing convertible common and preferred shares in Q2, as w...
2020 Q4 Release
Q4 2020 Release Notes
REVISIONS SUMMARY
A number of ontologies were created and/or promoted to release status this quarter.
These include
- security-based derivatives and equity swaps,
- funds, which have been moved from their own CIV domain to SEC/Funds, and (3) new government entity and jurisdiction ontologies for Central and South America as well as a start on Asian entities (Eastern Asia).
Additional areas of significant effort stemmed from support of the EDM Council's AML working group (new legal entities, new relationships under ownership and control, streamlining of relationship patterns for better query and reasoning results), and changes identified through our ongoing use-case based example work, including clean-up and extension of provisional derivatives and corporate actions ontologies.
Business Entities (BE)
This quarter's updates include further additions to the set of government legal entities, governments, and jurisdictions FIBO covers, including Central and South America as well as Eastern Asia. We anticipate completing the Asian entities and jurisdictions in Q1 of 2021 and will incorporate Oceania and Africa over the coming months.
Also, this quarter we supported work going on in the EDM Council's AML working group by adding legal entities, such as limited liability companies and improving on our representation of trusts, adding other relationships and identifiers covering tax authorities, and streamlining control relationships, such as for beneficial ownership, and integrating their properties into our party patterns.
Derivatives (DER)
Our primary achievements this quarter include the promotion of two derivatives ontologies into production: Security-Based Derivatives and Equity Swaps. These new ontologies reflect months of work in the DER working group, where we also merged a number of smaller ontologies, eliminated duplication across a number of derivatives provisional ontologies, and initiated another round of work on Forwards and Options.
We plan to continue work on commodity swaps as well as on forwards and options in Q1 2021, and hope to release at least one of those ontologies by the end of Q1. Users should be aware that we will likely be merging more small ontologies in derivatives as we work through this process.
Financial Business and Commerce (FBC)
This quarter the FBC working group focused largely on supporting other FIBO working groups through adding legal entities - Association, Development Bank, Money Services Business, Mortgage Company, Registered Investment Advisor, and so forth. Other notable revisions include updates to the MIC codes to reflect changes published by ISO, and revision of all of our reference and example LEI URIs and related data to conform with the new reference data published by the GLEIF on data.world.
Foundations (FND)
Work on Foundations this quarter mainly involved continued simplification in areas such as the contract party hierarchy and additions of explicit concepts, such as DateOfBirth and DateOf Death, in support of the EDM Council's AML working group.
Hygiene Tests
This quarter we extended the set of hygiene tests on:
- hygiene test for class hierarchy cycles
- hygiene test for property hierarchy cycles
- hygiene test for direct circularity in owl imports
- hygiene test for dots in local names of FIBO classes and properties
Test for ambiguous definitions (i.e., the definitions that include 'or') has been removed. The test was supposed to find ambiguous definitions, but it turned out to produce a number of false positives.
Indicators and Indices (IND)
This quarter the IND working group focused mainly on clean-up and supporting other working groups. One notable achievement includes significant clean-up of the provisional corporate actions (CAE) ontology in support of our use case involving management of market indicies and how they change over time. We plan to continue the work on corporate actions based on our IND use cases in Q1 2021, and hope to release the securities-specific corporate actions ontology by the end of Q2. FIBO users should be aware that the securities-specific CAE ontology, which covers the relevant events but not message content, may be moved to a new sub-domain of SEC, but is still in its own domain for the time being.
Ontology Guide (OG)
Test candidate T6. "Partial modeling" has been removed from the ontology guide.
Securities (SEC)
This quarter the SEC working group continued work initiated earlier this year on the equities ontology to improve the representation of preferred shares and address issues uncovered in representing static data for listings and shares more generally, including new examples.
In addition, we moved what was a separate CIV (and special purpose vehicles) domain area under Securities. The original domain included one CIV ontology, which we've largely retained, but is now SEC/Funds/CIV.rdf. The new SEC/Funds module actually includes two ontologies: a high-level Funds ontology, released this quarter, as well as the remainder of the original CIV ontology, which we plan to work through over the coming months. We anticipate that at least some of the content of the CIV ontology will move to the new Funds ontology as we work with example data and further flesh out some of the details.
See also
2020 Q3 Release
Q3 2020 Release Notes
REVISIONS SUMMARY
This quarter we made progress in a number of areas, as outlined below. A number of new ontologies and extensions of others, including additional jurisdictions, merchant category codes, security-based derivatives (provisional), credit cards (provisional), market indices, and preferred share representation are included in the release.
Business Entities (BE)
This quarter’s BE updates include extensions to FIBO’s representation of government entities and jurisdictions, which now cover all countries in North America and Europe, including the devolved government entities in the U.K. We expect to integrate entities and jurisdictions for all countries represented in ISO 3166 over the coming months. We also added support for ISO merchant category codes this quarter, which are important for credit card transactions, among other use cases.
Derivatives (DER)
The focus in derivatives over the quarter is reflected primarily in the development (provisional) area, rather than on fully released ontologies. The FIBO DER working group has refactored the development class hierarchy related to security-based derivatives (formerly called asset derivatives, which some of our users found confusing). We have streamlined some of the content defining equity and debt security (bonds, for example) based derivatives, and will be releasing some of this work in Q4, as it matures enough to do so.
Financial Business and Commerce (FBC)
Notable revisions to FBC this quarter include (1) alignment of concepts related to accounts and account-specific properties with the new situational pattern (see FND), (2) release of the credit events ontology, in support of our indicators use case, and (3) new support for credit cards and credit card accounts, which we needed to complete the mapping to schema.org. The credit card ontology is provisional, but we plan to release it as it matures over the coming months. We also generalized representation of redemption provisions for securities in response to requirements for preferred share representation in SEC.
Foundations (FND)
Most of the work performed in FND this quarter bug fixing and content clean-up. A Important revisions include: (1) elimination of redundancies and confusion with respect to the date/time and quantities ontologies, (2) refactoring of some domain/range definitions, unions “on the righthand side” of some axioms, and restrictions that force FIBO to be outside of OWL RL (ongoing work that we hope will make FIBO more usable with commercial rule engines), (3) simplification of the dependencies included in some ontologies to make them more reusable, and (4) introduction of a new set of situational patterns to allow more sophisticated representation and querying of time-sensitive relationships across FIBO. The new situational patterns, which include ownership and control, streamline and extend FIBO’s ability to connect the dots between parties via the roles that they play under various circumstances, using a number of new property chains. By overlaying our existing ownership-specific relations with these new patterns and eliminating non-compliant properties and restrictions, not only are we seeing better results in some FIBO user applications, but we’ve reduced the reasoning overhead in many of our domain areas by 10% to 25%. This streamlining work will continue over the coming months to complete the changes with respect to control relationships, among others, and augment FIBO with new relationship patterns as they are identified by our use cases.
Hygiene Tests
This quarter we extended the set of hygiene tests. Some hygiene tests were refactored.
Indicators and Indices (IND)
Changes in Q3 addressed two areas: (1) to extend the representation of various populations related to unemployment to better support some of the content published by the Bureau of Labor Statistics, Statistics Canada, and other countries about changes in the workforce (e.g., tracking the underemployed and people employed part-time for economic reasons, discouraged and marginally attached population), and (2) release of the market indices ontology, including examples such as the Dow Jones Industrial Average (DJIA) and S&P 500. The changes in employment population representation were motivated by the dramatic changes in employment due to the COVID pandemic. The examples we’ve included regarding market indices show how to model the value of an index and its constituents, but are not exhaustively complete. Next steps include integrating more details about the constituents of an index, such as how changes in the value of a given constituent impact the value of the index.
Loans (LOAN)
This quarter we continued streamlining and merging some of the content in LOAN, which will be an ongoing effort over the coming months in preparation for a new working group in this area.
Ontology Guide (OG)
This quarter the Ontology Guide was updated with information about new hygiene tests. Some clarifications were added regarding the PROV-O ontology.
Securities (SEC)
This quarter the SEC working group focused mainly on extending the equities ontology to provide better representation of preferred shares. Other changes included revision of our representation of a ticker symbol so that the same symbol can be reused over time as well as represent listings on more than one exchange, and a few bug fixes in Bonds.
See also
2020 Q2 Release
Q2 2020 Release Notes
Business Entities (BE)
This quarter we've leveraged the new Situation pattern introduced in Foundations (FND) to begin to rationalize, refactor, and simplify concepts and properties related to ownership and control. Although more work is needed to complete the process, especially involving control relations, the results have enabled a number of nice consequences in reasoning over our examples (mainly represented in FBC) related to ownership, parent organizations, and the like. We've also added more capabilities related to linking board members, corporate officers, and other authorized persons such as signatories to the organizations they support, which will allow us to create more interesting graphs showing how people are strategically connected across businesses.
Derivatives (DER)
We've integrated an example interest rate swap contract based on notional data provided by Mizuho and included some preliminary clean-up of provisional ontologies.
Financial Business and Commerce (FBC)
This quarter we've updated the ISO MIC codes to reflect the June 2020 published codes and cleaned up a few issues uncovered in testing.
Foundations (FND)
Aside from clean-up related to issues identified through other work, we've added the concept of a situation, which allows us to connect context, including time, location, and other characteristics, to relationships between various parties. We've also built out the set of 'lattice' properties relating roles and the parties that play those roles in any situation, which is the basis for cleaning up ownership and control relationships, and adding new ones, going forward.
Indicators and Indices (IND)
The only changes this quarter involved bug fixing.
Loans (LOAN)
This quarter we've continued to integrate some of the legacy, provisional loans ontologies, merging a number of them and moving concepts around as appropriate, in preparation for launching a new loans working group later this year.
Metadata (META)
Changes this quarter are primarily to address bugs identified through testing of our deployment processes.
Securities (SEC)
Primary changes in this release involved revising the equities ontologies to enable support for the ISO CFI classification scheme, including examples. We've completed an initial pass for common shares, and will be working on preferred shares and other equity concepts as well as bonds over the coming months. We also integrated a new pricing ontology, which leveraged work in provisional ontologies and has been tested with example shares we've added.
See also
2020 Q1 Release
2020 Q1 Release
Q1 2020 activities were primarily use case driven. We have added a number of examples, in BE to provide individuals representing companies the issue shares, in FBC to augment those individuals with GLEIF LEI registration and other details, in SEC to add examples representing shares those companies issue, and in IND to show how to integrate the information about those shares in an index, such as the Dow Jones Industrial Average. Additional work included clean up / merging of content that was in informative ontologies, better integration with the OMG Languages, Countries, and Codes (LCC) standard to eliminate redundancy (which we already depended on), and address bugs raised by the community.
BUSINESS ENTITIES
This quarter’s BE updates, in addition to adding the examples described above, were usability oriented.
BUSINESS PROCESS
The BP domain is provisional, and some amount of the content has been moved/integrated with the released FIBO domain areas, such as Securities. In addition, overall consistency issues were resolved.
DERIVATIVES
The focus in derivatives over the last six months has been on documenting use cases, particularly for Standardized Reporting. We also initiated work on swap-related examples that will be added FIBO in Q2. In addition, overall consistency issues were resolved.
FINANCIAL BUSINESS AND COMMERCE
Updates to FBC were driving by use case and example development for securities primarily. The most important change is the inclusion of a new InstrumentPricing ontology, which was needed to support our SEC, IND, and DER use cases.
FOUNDATIONS
Most of the work performed in FND this quarter involved integration and/or elimination of informative ontologies that were largely duplicative or unused (and in need of complete refactoring/replacement). Important revisions include: (1) the elimination of classes and properties that duplicated concepts in LCC – all were replaced with the LCC equivalent, (2) revision of the address hierarchy and related concepts and properties, including migration of a number of properties from FBC to FND, elimination of unnecessary subclasses in BE and FBC, and support for the US Postal Service Publication 28, which is a US-specific address standard for addressing used by many countries for shipping, and (3) revision of the definition and hierarchy of asset, to align more closely with US GAAP and IFRS accounting definitions. As a result of the work done this quarter, there are only a handful of informative ontologies remaining in FND (and FIBO in general), 1 related to contracts, and a number of transaction-specific ontologies. We anticipate merging/integrating these and a few additional provisional ontologies remaining in FND over the course of Q2 2020.
INDICES AND INDICATORS
Two major updates were completed in Q1 with respect to IND: (1) revision of the strategy for the representation of interest rate benchmarks, such as those published as FpML reference interest rates, and (2) significant work towards releasing market indices, including examples such as the Dow Jones Industrial Average (DJIA) and S&P 500, among others. The work was largely the outcome of our use case work on market indices and represents the first step among many needed in this area. The examples provided allow us to demonstrate how to model the value of an index and its constituents, whose current stock values and market cap we can now represent. The next step will be to integrate more details about the constituents of an index, including how changes in the value of a given constituent impact the value of the index.
LOANS
This quarter we spent some time to begin to ‘coagulate’ loans, to quote Dennis and Michael Uschold, who worked on the LOAN FCT for many months, ending roughly a year ago. The goal is to take the work to the next level so that it can be released for use by the community. Work completed this quarter was just the starting point but lays the groundwork for additional ‘coagulation’ and integration over the coming months.
MARKET DATA
Several MD provisional ontologies were merged/eliminated this quarter, integrated into the new pricing ontology in FBC.
SECURITIES
Most of the work this quarter built on use case work completed at the end of last year, towards demonstrating how to represent individual equities in FIBO. We started with the basic information available in OpenFIGI and then augmented that with some of the listing information we found in various sources online. The goal of the securities use case is to be able to represent instrument master data in FIBO, for which we now have the most basic details. The examples are now available in the released version of FIBO and include the set of equities we use in IND to demonstrate how to represent the constituents of the DJIA. Other issues we resolved were primarily things we noticed along the way.
See also: