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FIBO Releases

2023 Q4

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 https://github.com/edmcouncil/fibo/pull/1971
  • DER-138 - Need to add relationships to tranches and model them with respect to an index tranche CDS by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1974
  • FND-381 - Eliminate deprecated elements from revisions due to the integration of the Commons 1.0 library by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1976
  • DER-140 - Wording of the definition of AuctionMethod in CDS is clumsy by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1978
  • SEC-195 - Address misspellings in the CIV ontology by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1979
  • issue-1955 - Spelling error "Sultinate" should be "Sultanate" by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1980
  • SEC-119 - Need to bring in classification schemes that are used by the SEC and other regulators for classifying shares by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1982
  • DER-127 - Coverage of Commodity Swaps with respect to the CFI standard is incomplete by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/1984
  • issue-1956 - Incorrect definition of EBITDA by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/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 https://github.com/edmcouncil/fibo/pull/1987
  • FBC-316 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall and @rivettp in https://github.com/edmcouncil/fibo/pull/1990

New Contributors

  • @techie2000 made their first contribution in https://github.com/edmcouncil/fibo/pull/1971

Full Changelog: https://github.com/edmcouncil/fibo/compare/master_2023Q2...master_2023Q4