Financial Industry Business Ontology™
The Financial Industry Business Ontology (FIBO) is a business conceptual ontology developed by the members of the EDM Council. FIBO provides a description of the structure and contractual obligations of financial instruments, legal entities and financial processes. FIBO is used for harmonization of data across repositories as a common language (i.e. Rosetta stone) for risk analysis and business process automation. FIBO is expressed in the triplestore language of the Web (RDF/OWL) for machine readable inference processing and UML for people readable analysis.
Interest in FIBO is high as banks like State Street complete successful tests.Article published by Waters Technology
FIBO-V Debt Group Meeting, September 7 - Recording
Access to JIRA/Wiki and GitHub requires a username and password. The links that follow will not be accssible until you are logged in; 1) register with GitHub, 2) send your GitHub username to Dennis Wisnosky for permission to access FIBO Data Repositories, 3) log into GitHub before clicking on the Wiki links below.
- Development Process: The Council manages FIBO via GitHub (for content management), JIRA/Wiki (for project management) and Jenkins (for testing).
- FIBO-Vocabulary: Terms and definitions for financial instruments and processes
- FIBO-OWL: RDF/OWL is the system of record for FIBO and is maintained in GitHub
- FIBO.Schema.org: Definition of financial concepts for web applications – maintained in GitHub
- Meeting Schedules: Links to the Wiki that supports our FIBO content team meetings
- OMG Documentation: Technical governance for FIBO
- Semantics Tooling: Alternative easy acess to FIBO content
1. Development Process
FIBO is managed as a collaborative effort among financial institutions and vendors to precisely define the terms and characteristics of financial instruments, business entities, pricing and financial processes. The development process is documented in our “Build, Test, Deploy, Maintain” methodology. All FIBO content is maintained in our GitHub Repository (login is required for access) using JIRA for issue tracking and for team coordination. To access our FIBO Data Repositories, please send your GitHub user name to Dennis Wisnosky. To get access to the JIRA/Wiki for collaboration, please send a request to Dennis.
Council members are expediting the development of the structured vocabulary of FIBO. The vocabulary is derived based on subject matter expert verification of the way we have modeled FIBO. The output is to provide the membership with shared meaning about financial instruments and processes for alignment of internal repositories and to support both regulatory and business reporting. FIBO-Vocabulary is expressed in SKOS (RDF/S) and displayed via diagrams to support evaluation by business users.
3. FIBO Web Ontology Language (OWL)
The system of record for FIBO is RDF/OWL (W3C standard for objects). FIBO uses formal notation grounded in logic to abstract financial instruments and processes into their simplest building blocks. FIBO is based on the knowledge representation concepts of John Sowa and extended by the team of experts working on contract to the EDM Council including Mike Bennett, Dean Allemang, Elisa Kendall, Pete Rivett and Michael Uschold. The chair of FIBO is David Newman, SVP, Innovation Group, Wells Fargo. Day to day FIBO management is under the direction of Dennis Wisnosky.
4. FIBO on Schema.org
The Council is working in collaboration with Schema.org (a W3C consortium sponsored by Google, Microsoft, Yahoo and Yandex) to generate financial concepts and definitions as part of the infrastructure for the semantic web. Our work with Schema.org and W3C are extensions of our existing ontology work and aligned with RDF. We have hired EDMC member MakoLab to manage the initial submission. For more information, please send a note to Dennis Wisnosky.
FIBO is managed by the members of the EDM Council via the FIBO Content team (FCT) process. Content teams are formed to perform an in-depth evaluation of a FIBO domain. FCTs are operational for Equities, Loans, Indices/Indicators, FIBO-Foundations, Business Entities, FIBO processes and vendor testing. FCTs for Debt Instruments, Funds and Pricing are in the process of being established. Use the links below to get direct access to the relevant FIBO Wiki page. You must log in to view these pages. If you want a login ID, please send a request to Dennis Wisnosky. The current meeting schedule for operational FIBO Content teams (dial in details):
- Securities & Equities (every other Monday; 11:30am-1:00pm eastern)
- Financial Business & Commerce (every other Monday; 11:30am-1:00pm eastern)
- Loans & Mortgages (every Thursday; noon-1:00pm eastern)
- Business Entities (every Tuesday; 11:00am-12:30pm eastern)
- Indices and Indicators (every Friday until June 17; 11:30am-12:30pm eastern)
- Foundations (every Tuesday; 3:00pm-4:00pm eastern)
- FIBO-Vocabulary (alternate Wednesdays; 11:00am-12:00pm eastern)
- FIBO-DEBT (alternate Wednesday; 11:00am-12:00pm eastern)
- Vendor Testing (every Wednesday; 2:30pm – 3:30pm eastern)
- FIBO.Schema.org (every Thursday; 11:00am-12:00pm eastern)
6. OMG Documentation
The EDM Council is collaborating with the Object Management Group for technical governance of the FIBO suite of standards. The Council is Vice-Chair of OMG’s Financial Domain Task Force and Chair of the OMG Finalization Task Force. Three of the FIBO standards have been released as standards within OMG (FIBO Foundations, FIBO Business Entities and FIBO Indices and Indicators. For more information, please contact Dennis Wisnosky.
The EDM Council is working in collaboration with many companies to offer open, easy access to FIBO content for discovery and analysis. Available now are: