20141003 fibo status update for ofdg

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Information about 20141003 fibo status update for ofdg
Data & Analytics

Published on October 15, 2014

Author: MikeHypercube1

Source: slideshare.net

Description

Update on Financial Industry Business Ontology status, as presented to the Open Financial Data Group. Includes description of the canonical reference model (business conceptual ontology) and the principles by which this was built

1. FIBO Status Update Open Financial Data Group Friday October 3rd 2014

2. Overview • FIBO Status – Status of Current Activities • FIBO Foundations • FIBO BE • FIBO Indices and Indicators • FIBO Specification status overview • FIBO Conceptual (canonical reference) ontology • Roadmap and next steps 2

3. FIBO OMG Submissions Status Overview • FIBO Foundations – New Finalization Task Force (FTF2) chartered Sept 2014 – Tasked with open issues and testing – Completion December 2014 • FIBO Business Entities – FTF chartered – Completion scheduled for Dec 2014 • FIBO Indices and Indicators – Approved September 2014 – FTF chartered to work through open issues – Completion scheduled for March 2015 • FIBO Securities Common and Equities – FIBO Content Team in place under Richard Beatch (Bloomberg) – Will submit an RFP in December 2014 at OMG – Submission to follow in March 2015 3

4. OMG Revision TF (RTF) OMG Revision TF (RTF) Current Roadmap FIBO Market Data, CAE, Risk/Reporting FIBO Market Data, CAE, Risk/FIBO Market Data, CAE, Risk/Reporting 4 2013 2014 2015 Business Entities Securities Common and Equities Indices & Indicators Loans common Other FIBO Components Public review Public review Public review OMG finalization TF (FTF) OMG finalization TF (FTF) Final Final OMG finalization Final Q1 Q2 Q3 Q4 FTF2 Q4 FIBO Content Teams { Q1 Q2 Derivatives Beta2 RFP Beta2 Milestone Spec Activity FTF2 OMG Task Force Submission Beta1

5. FIBO Development Process 5

6. FIBO™ Development Process Semantic Enhancement Submission to OMG Architecture Board OMG Public comments Happy EDM Council Determines Next FIBO™ SubDomain Release from the UML Model Industry Requirements Review Readiness with SME Team Not Happy Yes Change FIBO™ BCO No Consistency Testing/Repairs Build/Test OMG Submission No Yes Changes No Refactoring FIBO™ BCO/UML Model in Cameo, VOM, RDF/OWL Semantic Issues Correction Perform Architecture and Externality Review Change or add yes No Validation with Instance Data Spiral implementation of enhancements Final SME Review Enhance? No Yes Pass? Yes No FIBO™ Use and Maintenance 6 FIBO-n….n-1 FIBO-FND FIBO-IND FIBO-BE Red FIBOs are in Queue Pink FIBOs have been approved by the OMG AB to enter the RFC process Yellow FIBOs are dealing with issues Green FIBOs have exited the OMG process as ratified standards.

7. Yellow processes are manual Blue processes run in Jenkins Build/Test Submission [1] incl. MD files, VOM files, TopBraid layout files, protégé catalog files, etc [2] incl. Use Case documents, demo scenarios, etc. 10/15/2014 Industry SMEs Industry DataModelers Industry Requirements (use cases, scenarios) Systems Legend A Ontology Editors Protégé, TBC, Fluent, …. B Ontology Documentation Adaptive, TBC, VOWL, Gruff, …. C Modeling Tools MagicDraw, EA, ….. D Model converters VOM, SysMO, …. E Testing Pellet, Hermit, Unit Test frameworks (Fitness) F Issue Managers, eg., Github/Jira CC EDMC 2014 OMG All FIBO GitHub Repo’s (levels are tags) OWL Files UML Docume ntation Submission to Architecture Board Public comments Education al Material (incl. pattern ontologies ) EDMC Website GITHUB Version Independent Materials [2] FIBO Content Teams (FCT) F B E C D A F Promotion to Standard C Development Support Artifacts[1]

8. FIBO Conceptual Ontologies • Canonical reference model of business meanings • Implements knowledge representation principles • Independent of operational OWL ontologies • Expressed in RDF/OWL – Without technology constraints (computationally independent model) 8

9. FIBO Conceptual Ontologies Status • Now being output from the legacy UML model repository into RDF/OWL • Namespaces are spec.edmcouncil.org • Represents the “Red” FIBO in the development process • Includes upper ontology along with semantic primitives (archetypes) for Commitment, transaction semantics, social constructs etc. • Looking to Applied Ontology community for additional guidance and input 9

10. FIBO Conceptual Ontologies (Lattice etc.) 10 • Lattice and other high level abstractions – Provide the conceptual “glue” for business meaning – Few practical applications would use directly – To be maintained in separate EDM Council namespace • Maintained in RDF/OWL alongside other conceptual nuances • RDF/OWL Coming soon… – For reference not reasoning • Initial OMG specifications – Reflect but not include a variant of these patterns • Ownership and Control: simpler “associative” relations added • Other model elements remain as seen • Future OMG submissions may include this material – Scoping is determined by the FCT

11. Meaning 11 • Syntax is not Semantics • Truth is not Meaning • “The lack of common meaning is a billion dollar problem for the financial industry” – Linda Powell, US Treasury Office of Financial Research Speaking at OMG “Crossing the Chasm” event, March 2014

12. Consider the Dictionary 12

13. Consider the Dictionary 13

14. Consider the Dictionary Where does the meaning get in? 14

15. Semantic Networks • Directed Graph • The meaning at each node is a product of its connections to other nodes • So where does the meaning get in? 15

16. Semantic Networks 16

17. Semantic Grounding for Businesses 17 What are the basic experiences or constructs relevant to business? • Monetary: profit / loss, assets / liabilities, equity • Law and Jurisdiction • Government, regulatory environment • Contracts, agreements, commitments • Products and Services • Other e.g. geopolitical, logistics

18. Making it Meaningful • Putting something into RDF/OWL does not make it meaningful • So, what is a meaningful model – 1. Formal relationship between model and subject matter: • “Everything is a Thing” – 2. Formal notation grounded in common logic – 3. Abstraction of kinds of thing into their simplest possible building blocks • Contracts, Parties, Legal Entities etc.

19. Approaches to Meaning 19 Rosetta Stone Mayan Language

20. Approaches to Meaning 20 Rosetta Stone Mayan Language • Existence of already-understood terms enabled translation • Semantics grounded in existing sources • No existing common language to enable translation • Translation was possible only from internal consistency of concepts

21. Rosetta Stone v Mayan Stone • Rosetta Stone: Semantic grounding 21

22. Rosetta Stone v Mayan Stones • Rosetta Stone: Semantic grounding • Mayan stones: internal consistency • Ontologies: – Semantic grounding: identify concepts which have an understood meaning • Other concepts have meaning with reference to this – Deductive Closure: Internal consistency of model reflects the consistent relationships between thigns in the domain of discourse • Requires reasoning to establish • We need both! 22

23. Applying Meaning to Financial Semantics • Everything is a Thing – What kind of Thing? – What distinguishes it from other things? • What kind of Thing? – Share is a Security is a Transferable Contract … is a Contract • What properties? – Share gives the holder some Equity – Share confers on the holder some Voting Rights 23 Cop yrig ht © 201 0 ED M

24. Where does this lead? • Taxonomy of kinds of contract • Taxonomy of kinds of Rights – Rights, Obligations are similar and reciprocal concepts – Note that these don’t necessarily correspond to data • Semantics of accounting concepts – Equity, Debt in relation to assets, liabilities – Cashflows etc. • Semantics of countries, math, legal etc. 24 Cop yrig ht © 201 0 ED M

25. Classification Theory

26. Overview of Classification Theory • “Classification” – a system that employs a “meaningful clustering” of items • Kwashnik (1999) – the “orderly and systematic arrangement” of items into a “system of mutually exclusive and nonoverlapping classes” • Jacob (2004) • There are various kinds of classification 26 Cop yrig ht © 201 0 ED M

27. Classification – General View • A Classification is a hierarchical structure • This has two properties (Loehrlein 2012) – a hierarchical structure organizes categories on some sort of continuum. – could be "big to small," "general to specific," "powerful to not powerful," etc. – more categories occupy one end of the continuum than the other • One such hierarchy is a type hierarchy – That is, a classification of some things, in some domain of discourse, from the general to the specific 27 Cop yrig ht © 201 0 ED M

28. Classification Requirements • Classification schemes may be – Monohierarchical – Polyhierarchical • Polyhierarchical classification depends on multiple inheritance – one class may have several parents • A whale is both a marine animal and a mammal • An IR Swap is both a Swap Contract and an Interest Rate Derivative • There is no one right way to classify 28 Cop yrig ht © 201 0 ED M

29. Taxonomy • Taxonomy: – system that can be used to group, arrange, and describe items according to meaningful principles, and which provides users with an overview of the domain being organized • Lambe (2009) • A taxonomy uses a classification scheme to arrange the items in the domain of discourse • A Taxonomy forms the basis for any ontology 29 Cop yrig ht © 201 0 ED M

30. Common Semantics Roadmap 30 • Changes to the Legacy FIBO Models • Common Semantics

31. Improvements to the Legacy FIBO Models 31 • Restrictions – Simple restrictions on class – Complex restriction structures • Datatypes versus Information Kinds • Namespaces • Use of SKOS?? • Legacy non-OWL features – Enumerations etc.

32. Restrictions 32 • Legacy model: single-use properties – Implication: each property is a necessary condition – Did not identify necessary and sufficient conditions • Changes: – Replace properties with restrictions – Add restrictions • Complex Restrictions – Legacy: Some properties had “logic” icon identifying multiplicity of ranges – Transformed to OWL Union Classes – Need to apply restrictions which state what the logic icons said – OMG FIBO has similar structures (restrictions “cascades” and more

33. Datatypes / Information Kinds • OWL Datatypes – Platform Specific – Limitations to XML datatype usage • Information Kinds Examples – RDA Types Registry

34. Conceptual and Physical Ontologies Business Conceptual Ontology (CIM) Extract and Optimise Operational Ontology (PSM) Business The Language Interface Technology 34

35. Types and Datatypes Business Conceptual Ontology (CIM) Extract and Optimise Operational Ontology (PSM) Business The Language Interface Technology Data types Data types Platform specific matter 35

36. OWL Datatypes • These are XML Schema datatypes – Only a sub-set of XML Schema datatypes are supported • OWL datatype provision therefore very limited • Examples: – 11am LIBOR – uses dateTime in FIBO-IND – Coupon date – want to use XML gDayMonth – Dates in general: have had to enforce the use of dateTime with midnight times in data where only a date is intended • This is not at all like a computationally independent model 36

37. Information Kinds • Names • Textual material • Dates and Times • Yes or No (or maybe) • Numbers – Whole numbers – Numbers with decimal places – Positive Numbers – Fractions – Percentages • URL • Pictures • Sounds • Words • Letters • And many more…

38. Datatypes • Text – Restricted text – Unrestricted text • Dates and Times • Boolean • Numeric datatypes – Integer – Float – Positive integer, positive float • URL/URI • Other information kinds are rendered in files, for example vector graphics, rich text, video and sound formats

39. Relating information kinds to datatypes • Different kinds of information need to be stored in a computer • Datatypes determine how these are stored for optimum memory usage – XML datatypes differ on this, in that textual conventions are used to render different datatypes, which must then be translated to application datatypes for processing if needed • Numeric datatypes allow for arithmetic calculations on the data • Textual datatypes allow for alphanumeric sorting

40. FIBO Conceptual Roadmap 2: Common Semantics • Transactions /REA Alignment – Commitments – Transaction process • Social Constructs (Searle) • Geophysical v Geopolitical • Addresses • Date and Time • Occurrent (perdurant) – Temporality • Even t / Activity /Process • Information Artifacts (identifiers etc.) • Mereology • Math • Units of Measure • Accounting • Business: services, policy, goals etc. • Risk 40

41. FIBO Content and Status 41

42. Key to Colors Planned Phase Colors Status Colors OMG Substa ntive Mod el Initial Foundations and Business Entities, Indices Red = EDM Council legacy Common Concepts all Instruments; Equity; Debt Pink = Initial Refactoring Derivatives Common; Loans Common Yellow = OMG Submission Derivatives: Rate, Credit, Fx Green = OMG Final Loans: Mortgage Debt: Structured Finance, Money Markets Derivatives: Asset, Commodity, CFD Derivatives: Exchange Traded Collective Investment Vehicles Rights and Warrants 1 2 3 4 OMG = in RDF/OWL; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect; Initial = Not Yet Modeled 10/15/2014 42 © 2014 EDMC FIBO 5 6 7 8 9 10 Future

43. FIBO Development Scenario (September 2014) Reference Data (product) Semantics Phase Domain Sub-Domain Dependency OMG RDF/ OWL Beta Model 1 Foundations X 1 Business Entities X 1 Indices and Indicators X 2 Common Concepts (all instruments) X 2 Equity Instruments Equities X 2 Debt Instruments Debt Terms (including bonds) X 5 Structured Finance Dependent on bonds and mortgage X 5 Money Markets (includes Repo, Treasury, Government, Tax Free) X 3 Loans Common Loan Terms X 5 Mortgage Loan Terms X 7 Other (i.e. general purpose, construction, student, miscellaneous) X OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect;

44. FIBO Development Scenario (September 2014) Reference Data (product) Semantics Phase Domain Sub-Domain Class Dependency OMG RDF/ OWL Beta Model 3 Derivatives Common Concepts X 4 OTC Derivatives Rate Based Dependent on indices X 4 Credit Default Dependent on common concepts for loans, common debt terms, indices X 4 Foreign Exchange X 7 Asset Dependent on equities, bonds, common debt terms X 7 Commodity X 7 Contracts for Difference X 8 Exchange Traded x 9 Collective Investment Vehicles Dependent on listed instruments, derivatives, indices X 10 Rights & Warrants Dependent on common concepts for all instruments x OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect;

45. 45 Cop yrig ht © 201 4 ED M FIBO Development Scenario (September 2014) Market Data (time and date) Semantics Domain Sub-Domain Dependency OMG RDF/ OWL Beta Model Common Terms X Equity Pricing X Debt Temporal Terms Debt Pricing and Yields X Debt Analytics X Debt Pool Analytics X CIV Temporal Terms X Loan Temporal Terms X Trading Status X Credit Temporal Terms Credit Rating X Credit Status X Future Phase OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect;

46. Process Related Semantics Domain Sub-Domain Dependency OMG RDF/ OWL Beta Model Corporate Actions and Events X Securities Issuance Common Issuance Process Terms X Equity Issuance (includes IPO, primary market) X Debt/Bonds Issuance (includes auction, syndication and other issuance processes X Asset-Backed / Mortgage-Backed Issuance (includes agency and non-agency) X Securities Transactions (includes trade, post trade, clearing, settlement) OTC Derivatives Transactions X Payments Processing Portfolio and Holdings s Future Phase FIBO Development Scenario (September 2014)

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