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Financial Industry Business Ontology™


The EDM Council is the originator and steward of the Financial Industry Business Ontology (FIBO)™.  FIBO™ is a business conceptual ontology standard providing a description of the structure and contractual obligations of financial instruments, legal entities, market data and financial processes. 

The primary application of the business conceptual ontology is for data harmonization and for the unambiguous sharing of meaning across data repositories.  This common language (or Rosetta stone) for the financial industry supports business process automation and facilitates risk analysis.

FIBO™ is being released as a series of standards under the technical governance of the Object Management Group (OMG), with the direct involvement of EDM Council membership (see below). 

It is being created as a collaborative effort among industry practitioners, semantic technology experts and information architects to standardize the language used to precisely define the terms, conditions, and characteristics of financial instruments; the legal and relationship structure of business entities; the content and time dimensions of market data; and the legal obligations associated with issuance, corporate actions, transactions and other financial processes.

Financial Industry Business Ontology (FIBO)™ Resources

       The complete Semantic Repository for FIBO™ (the existing domain ontology)
OMG Standards Documents for: FIBO Foundations, Business Entities, Indices/Indicators
Meeting Schedule: FIBO Content Team (equities)
Meeting Schedule: FIBO Content Team (loans)
Meeting Schedule: FIBO Operational Ontology Working Group
Meeting Schedule: FIBO Vendor Team Working Group
Meeting Schedule: EDMC/OMG Financial Domain Task Force Joint Working Group
FIBO Meeting Notes and Presentations


EDM Council members are welcome and encouraged to participate in the FIBO development process.  Complete information about the development process, the FIBO ecosystem and our collaboration mechanism is defined in the “FIBO Build, Test, Deploy and Maintain document”.

The baseline for FIBO (Foundations, Business Entities and Indices/Indicators) was developed by EDM Council staff along with our leadership team of ontologists and architects.  There are now multiple FIBO Content Teams (FCTs) underway under the leadership of EDM Council members.  FCTs consist of subject matter experts and qualified architects who have agreed to review, validate and extend the existing domain ontology, ensure its expression in RDF/OWL and help navigate the model through the OMG standards process.

The EDM Council has assembled a state-of-the-art collaboration process for the coordination and management of FIBO as an open source standard.  We use GitHub as the primary repository for all FIBO artifacts.  Jenkins is the automated testing platform for FIBO and JIRA is the tracking mechanism for all issues.  Together these components make up the FIBO process for supporting industry-wide technical collaboration.

For more information on the FIBO development process, participation in the FCT activities and access to the collaboration resources, please contact Dennis Wisnosky (FIBO lead) or Mike Bennett (FIBO Architect and Standards Lead)


FIBO Content Team (equities)

This is focused on the development of the final standard for common concepts to all instruments and equities.  The FCT leader is Richard Beatch, Content Architect, Bloomberg.  The EDMC leadership team ontologist is Elisa Kendall.

This FCT meets every other Monday from 11:00am-12:30pm (eastern) via Go-to-Meeting Dial in details. The current schedule (subject to change):

January 26: Issuance and listings
February 9: Regulators and registrars
February 23: Identification and classification

FIBO Content Team (loans)

This is focused on the development of the final standard for loans and mortgages.   The FCT leader is Randy Gilster, SVP, Business Capability Development, Wells Fargo Home Mortgage.  The EDMC leadership team ontologist is Dean Allemang.

This FCT meets every Thursday from Noon-1:00pm (eastern) via Go-to-Meeting Dial in details. The current schedule (subject to change):

January 29: HMDA Content/Rule Overview
February 5:  FIBO and MISMO for Loan Comparisons
February 12: HMDA Identification and Scope
February 19: HMDA Covered Loan And Actions
February 26: HMDA Property
March 5: HMDA Borrower
March 12: HMDA Loan Process Data
March 19: HMDA Loan Characteristics
March 26:HMDA Handling and Data Formats

FIBO Operational Ontology Working Group

This is focused on the operational implementation of FIBO.  Some of the tasks of the group include vetting the conceptual ontologies developed by the FIBO Content Teams (FCT), developing quality assurance tests of the ontologies, developing reference and prototype operational ontologies that pragmatically demonstrate how FIBO can be executed to support business use cases. The FIBO operational ontology leader is David Newman, Strategic Planning Manager, Senior Vice President, Enterprise Architecture and IT Strategy, Wells Fargo (and Chair EDM Council Semantics Initiative).

This working group meets every Tuesday from 11:00am-12:30pm (eastern) starting January 6, 2015 Dial in details (subject to change).

FIBO Vendor Team

This is focused on the deployment of FIBO in commercial models and vendor deployment environments.  The Vendor Team Working Group leader is Dennis Wisnosky, Senior Advisor, EDM Council (and overall FIBO lead).

This Working Group meets every Wednesday from 11:00am-noon (eastern) via Go-to-Meeting Dial in details (subject to change).

EDM Council/OMG Joint Working Group

This is an update on the overall status relating to the work of the EDMC/OMG Finance Domain Task Force. The FDTF leader is Mike Bennett.

This Task Force meets the first Wednesday of each month from 1:30pm-2:30pm (eastern) via Go-to-Meeting Dial in details.