FIBO Release Notes

2022 Q4

Revisions Summary by Elisa Kendall

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