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.
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