FIBO Vocabulary Early Adopter Program
June 2016
Confidential
G-SIBS ADOPTING ONTOLOGY FOR BCBS 239
• G-SIBs are adopting common language and ontology
approaches for BCBS 239, transparency and efficiency
• Want expedited development of FIBO Vocabulary
standardized across the industry
FIBO Vocabulary – Benefits for Early Adopters
The benefits to the early adopters will be direct input and prioritization,
early access and baseline familiarity with the content of the FIBO
standard. Early adopters will also become well versed in the structure of
FIBO and support their firms in achieving the business benefits (and
regulatory mandates) of data harmonization.
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SOLUTIONS FOR BCBS-239 USING CONVENTIONAL TECHNOLOGY
MIGHT ONLY SUPPORT TWO DIMENSIONAL VIEWS OF ENTERPRISE DATA
** Significant challenges in getting line of business agreement on terms and definitions
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FIBO VOCABULARY CAN PROVIDE A STRUCTURED, SEARCHABLE AND
INTERACTIVE MULTI-DIMENSIONAL VIEW OF GLOSSARY TERMS
FIBO Vocabulary provides a
standards based taxonomy
structure to organize your corporate
glossary initiatives while still
leveraging definitions work from
your existing glossary initiatives
* Slide courtesy of David Newman, Wells Fargo Bank
* Screen shot SmartLogic Semaphore Ontology Review Tool
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FIBO VOCABULARY DEVELOPMENT PROCESS (for early adopters)
Status
Domain
2016 Plan
FIBO Repository Alignment – Q1 & Q2 2016
Comprehensive
Foundations
Green ()
Comprehensive
Business Entities
Green (+)
Structural resolution – i.e. properties with more than one sub-property, name union/anonymous union, enumerated number ranges, object
and data types properties replaced with restrictions, missing definitions, restrictive explanations, classification approach
Substantive
Indices / Indicators
Green (+)
Substantive
Finance & Business
Yellow ()
Substantive
Securities / Equities
Yellow ()
Substantive
OTC Derivatives
Yellow ()
Substantive
Loans (common)
Yellow ()
Complete
Debt / Bonds
Pink (FCT)
Majority
Collective Investment
Vehicles
Pink (FCT)
Complete
Equity & Debt Pricing
Pink (FCT)
Majority
Structured Finance
Pink
Majority
Rights & Warrants
Pink
Good
Money Markets
Pink
Good
Exchange Traded
Derivatives
Pink
Good
Mortgage Loans
Pink
Good
Corporate Actions
Pink
Initial
Transactions, trading status, credit
rating & status, payments, issuance,
portfolios & holdings
•
•
•
•
•
•
❶
Member Verification Process
• Enhancement & finalization
• Prioritize Domains
• Managed by dedicated
resource
❺
Align with FIBO, validate and generate
OWL expressed as a single repository
Address gaps and align with
FIBO design principles
Unified OWL Repository
Q2 2016
Integrate into
FIBO
engineering
process for
inference
processing
Legend
Comprehensive: modeled, EDMC tested, OMG process
Substantive: modeled with SME review, to OMG
Complete: needs alignment with FIBO structure, FCT
Majority: modeled but not verified
Good: modeled but not complete
Initial: early stage
❸
❹
generate
EDMC GitHub
Q4 2016
align
build UML/
submit to
VOCABULARY V1.1
❷
FIBO DEVELOPMENT & FEEDBACK ECOSYSTEM
Industry Feedback
FIBO Vocabulary
Generated
SKOS – RDF/S
FIBO OMG
FIBO CORE
Generated
UML / SIMF
RDF / OWL
Aligned
FIBO.Schema.org
FIBO CORE: RDF / OWL is the system of record for FIBO (everything needed for inference processing)
FIBO Vocabulary: The FIBO business conceptual model expressed in SKOS (everything needed for the unification of data across repositories)
FIBO OMG: Standards partner with EDMC for visualizing FIBO in UML (everything needed for expressing FIBO as diagrams)
FIBO.Schema.org FIBO aligned to the Schema.org community financial data used for mapping existing web pages to FIBO
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FIBO VOCABULARY - EARLY ADOPTER PROGRAM
• Confirmed Initial Participants
o Additional companies in process
• Onboarding Process (Orientation – June 30th, 2016)
o Align with EDM Council’s Build, Test, Deploy, Maintain (BTDM) development methodology
o Ensure integration into FIBO collaboration infrastructure
• Participant Alignment
o Clarity of how members intend to use FIBO Vocabulary
o Objective for comprehensive first FIBO Vocabulary release in 2016
• Early Adopter Requirements
o Resources – two resources committing 10-16 hours / per week for each IT and Business SME
o Knowledge - must understand EDM Council process, OWL and have SME expertise
o Commitment - clearance to engage
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FIBO VOCABULARY – STARTING
WITH
DEBT INSTRUMENTS
• Phase One: Common Concepts associated with all debt (i.e. concepts related to tradable and
non-tradable debt, margin debt, put/call terms and schedules, guarantee, debenture conditions,
discounts, redemption, interest calculation, etc.)
• Phase Two: Bonds (i.e. amortization terms, interest calculation, call terms, bond issuance, bonds
with warrant, coupon and repayment terms, conditional and variable coupon terms, floating rate notes,
amortization, periodic dates and length, schedule specification, linked bonds, inflation bonds, medium
term notes, sinking fund bonds, zero coupon terms, municipal and government bond information,
stepped terms, variable terms, convertible bond terms, etc.)
• Phase Three: Structured Debt (structured finance instruments i.e. asset-backed securities,
mortgage-backed securities, interest-only, jump tranches, mortgage-backed securities, mortgage
pools, collateralized debt obligations, synthetic and hybrid CDOs, CDO tranches, subordinated CDOs,
collateralized loan obligations, asset and debt pools, cash debt instruments, managed portfolios, pass
through instruments, planned amortization, private label deals and promised cash flow.
• Additional Parallel Phases: The other FIBO domains will be evaluated and tested as part of the
FIBO-V process based on the consensus priorities of our early adopters.
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FIBO VOCABULARY – TECHNICAL FRAMEWORK
• The system of record for FIBO-V is RDF/OWL. The OWL files are accessible via GitHub.
FIBO-V is also published/expressed in SKOS (RDF/S)
• Visual diagrams are managed via the Cameo Concept Modeler (based on the OMG SIMF
specification) from No Magic, Inc.
• The SKOS files and visual diagrams are also available via the GitHub repository. Many
vendors (i.e. Collibra, SmartLogic, Semantic Web Company, TopQuadrant, Synaptica,
Mondeca, MarkLogic and others) provide SKOS tools. Participants can use any tool they
desire to view SKOS as either diagrams or taxonomies.
• The EDM Council uses Protégé (a free, open source ontology editor developed at Stanford
University) as its validation tool for OWL.
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FIBO VOCABULARY – PROJECT MANAGEMENT
• Wes Moore – FIBO-V Project Management - Wes is an EDM Council member and is currently the cofounder and CEO of Quarule (ontology-based technology for risk control and compliance certification). Wes is a
career compliance and risk program director with major financial institutions and will help translate SME review
into our OWL system of record.
• Marc Alvarex - FIBO Debt Content Team Chair - Marc is the Chief Data Office of Mizuho
Securities USA and formerly the Senior Director of Reference Data at IDC
• Dennis Wisnosky - FIBO Development - Dennis is a senior advisor to the EDM Council and former Chief
Architect/Chief Technology Officer of the US DoD Business Mission Area within the Office of the Secretary of
Defense. Dennis defined the EDMC development methodology and manages the FIBO initiative.
• Mike Meriton – Industry Engagement - EDM Council members who have business questions about how
to engage in FIBO-V should contact Mike Meriton who is managing Industry Engagement for the Council.
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APPENDIX
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FIBO CONTRIBUTORS
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FIBO COLLABORATIVE DEVELOPMENT ENVIRONMENT
Collaboration
Governance
Quality
Assurance
Confidential
Standardization
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13
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FIBO BTDM METHODOLOGY
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MULTIPLE REGULATORY AGENCIES INTERESTED IN FIBO
ECB
OFR
SEC
FRB
OCC
CFTC
Confidential
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