Q2 2023 Release
Q2 2023 Release Notes
Q2 2023 Revisions Summary -
This quarter there were a number of areas of focus, including (1) moving the credit card ontology to loans and releasing it, (2) augmenting our definitions for financial institutions for better coverage, including but not limited to better coverage of the kinds of entities that are reflected in the US Federal Reserve / FFIEC National Information Center (NIC) repository, (3) improving coverage of structured instruments in DER, (4) improving coverage of ABS and of structured instruments more generally in SEC, and (5) updating our reference data and improving the representation of FpML business centers and reference interest rates as well as the ISO MIC codes.
Revisions for specific domain areas are highlighted in more detail below. Note that many of the deprecated concepts due to integration of the OMG's Commons Ontology Library will be eliminated in the Q4 release, so FIBO users should be prepared for that update.
Business Entities (BE)
Only minimal changes were made to BE this quarter, mainly for demonstration purposes to show how multilingual labels might be leveraged for some FIBO users.
Business Process Domain (BP)
There were no revisions to the provisional content in the BP domain this quarter.
Corporate Action and Events Domain (CAE)
There were no revisions to the CAE domain this quarter. However, FIBO users should anticipate updates to incorporate the ISO 20022 and GLIEF-specific corporate actions into production over the coming months.
Derivatives (DER)
In Q2 our primary accomplishments was to add a new StructuredInstruments ontology to DER, with better coverage for certain pool-backed securities as well as for certificates. Minor, primarily clarifying, revisions were made to the interest rate swaps and commodity swaps ontologies to improve usability as well.
Financial Business and Commerce (FBC)
A number of significant updates were made to the FBC domain area this quarter, most notably moving the credit card ontology to the loans domain and releasing it. We also made significant updates to the FpML business centers and related ISO MIC municipalities, which are generated from the original sources, as well as revising the ISO MIC codes themselves, all of which are current as of the end of Q2 2023.
Foundations (FND)
In Q2 we made minor changes to the Foundations ontologies, including the addition of a definition for EBITDA. FIBO users should be aware that we anticipate moving additional ontologies from the FIBO FND domain area to the OMG Commons Ontology Library over the coming months, however, including eventual elimination of the resulting ontologies, replacing them with the formal OMG standard ontologies, once they are published by OMG.
Indicators and Indices (IND)
The primary change to the IND ontologies in Q2 was to revise the FpML reference interest rates. The reference rates are now current as of Q2 2023.
Loans (LOAN)
In Q2 the primary change to the LOANs domain area was to incorporate the credit card ontology that had been in FBC as provisional and release it. This ontology reflects significant research and testing with Wells Fargo and other members related to a combination of consumer and commercial credit cards and will provide the basis for ABS related to credit card accounts going forward.
Market Data Domain (MD)
The primary change to MD this quarter was to move certain common statistics for pooled debt instruments from the debt analytics ontology to pool-backed securities in SEC.
Securities (SEC)
A number of changes were made to securities this quarter, the most significant of which was the work related to the new structured instruments ontology. We added common common statistics for pooled debt instruments, as mentioned above, simplified the representation of security form for ease of use, augmented our CFI representation for equities, and continued our expansion of ABS-related concepts. We also addressed a couple of minor bugs found in implementation-related testing.
See also
What's Changed
- FBC-306 - Augment the mapping of US NIC repository codes to entity types to cover more of those defined in FBC by @ElisaKendall in #1910
- DER-134 - Support for Certificates by @ElisaKendall in #1913
- FBC-307 - Extend and refine definitions of financial institutions relevant to the NIC repository by @ElisaKendall in #1912
- DER-142 - Additional coverage of structured instruments is needed by @ElisaKendall in #1915
- FBC-310 - Augment two classes with labels in French for demonstration purposes by @ElisaKendall in #1917
- SEC-164 - Further revisions to the AssetBackedSecurities ontology are needed by @ElisaKendall in #1919
- SEC-184 - Add common pooled securities statistics by @ElisaKendall in #1922
- GIT-1889 - Use of owl:qualifiedCardinality "0"^^xsd:nonNegativeInteger by @ElisaKendall in #1923
- DER-84 - Commodity swaps are missing the concept of how much and a price at some point in time by @ElisaKendall in #1926
- SEC-73 - Augment the equities concepts with their CFI classification by @ElisaKendall in #1930
- IND-125 - Revise FpML reference rates to reflect the latest revisions as of June 2023 by @ElisaKendall in #1935
- FBC-313 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #1933
- SEC-187 - Address reasoning issue with the definition of limited partnership unit in Equities by @ElisaKendall in #1938
- FBC-311 - Move the provisional credit cards ontology to loans and release it by @ElisaKendall in #1936
- update config file by @patrycjamia in #1931
- FBC-314 - Update the FpML Business Centers based on the latest (March 2023) revisions by @ElisaKendall in #1940
- update config file by @patrycjamia in #1941
- SEC-186 - Add Bearer and Bearer/Registered to Security Form by @ElisaKendall in #1945
- FND-379 - Need to add a definition for EBITDA by @ElisaKendall in #1943
Full Changelog: master_2022Q4...master_2023Q2
