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Financial Industry Business Ontology™

The EDM Council is the author and steward of the Financial Industry Business Ontology (FIBO)™.  FIBO™ is a collaborative effort among industry practitioners, semantic technology experts and information scientists 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 and process aspects of corporate actions.
 
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).  FIBO is based on the legal structures and obligations contained within the myriad of contracts that form the foundation of the financial industry. We have constructed this content into both a business conceptual and fully operational ontology that formally models the reality of how the financial industry operates. 
  

The umbrella for this activity has been designated as the Financial Industry Business Ontology (FIBO).

The official OMG Standard documents for FIBO
The complete Semantic Repository for FIBO

           

Current Status

FIBO-Foundations was unanimously ratified by the OMG Architecture Board to become a formal international standard by the end of 2014 and is well on its way to finalization. FIBO Business Entities (FIBO-BE) entered the standards process in December 2013. The official documents for FIBO-BE are available for public review and comments now at 

FIBO MEMBER ENGAGEMENT

There are FIBO specifications in four stages of completion:

  1. FIBOs in waiting
  2. FIBOs entering the Standards Process
  3. FIBOs in the Standards Process
  4. Ratified FIBO Standards

Each FIBO specification will be piloted through the standards process by dedicated FIBO Content Teams (FCTs). Each FIBO Content Team will be headed by a team leader from an EDM Council member firm and will consist of between three and five people including industry experts and semantic modeling specialists. These will be mentored by a core team from the EDM Council.

If you would like to be considered to head up or participate in one of these FCTs, please email Dennis Wisnosky stating the area(s) of FIBO content you would be able to help with. Please refer to the Semantics Repository for the complete set of “FIBOs in Waiting”.  FIBO Development Scenario

Industry Subject Matter Expert (SME) reviews will be carried out by each FCT under the co-ordination of Mike Bennett. We expect these to start around May or June as these teams progress their work. Please email Mike Bennett  for details of upcoming SME reviews by subject and to be added to the SME Review teams for your specialist subject area.

The Benefits and Use Cases of FIBO

FIBO presents knowledge about financial instruments, business entities, market data and corporate actions in a technology neutral format along with formal definitions and defined business relationships. FIBO standardizes the language of financial contracts and promotes unambiguous shared meaning among all participants in the financial industry. Use cases and benefit areas include:

  1. Common reference standard for aligning multiple repositories of data: FIBO provides the mechanism for data consistency and comparability. It facilitates data integration, supports business process automation and enables consolidated views across the financial industry.
  2. Standardized language for internal and external communication: FIBO is a business language and facilitates precise communication (in place of ad hoc spreadsheets and technical models) about data requirements between business stakeholders and IT developers of applications, message schemas etc.
  3. Derivatives POC: Council members are invited to participate in a working group on the use of FIBO for OTC product classification and analysis. The current focus of these meetings is on the technical implementation of an operational ontology showing the intersection of interest rate swaps, credit default obligations and legal entities.
  4. Mortgage and Loan POC: The Council is working with members to align FIBO with the MISMO XML schema and to validate the loan section of the ontology.
  5. Transitive Exposure POC: The EDM Council has an operational demonstration showing the potential of inference-based processing to query legal entity ownership and control relationships; align FIBO with external taxonomies; define instrument contractual requirements; provide quality assurance capabilities for contractual conformity; and support trading/counterparty analytics.  The operational demonstration is viewable via a visual interface and shows how to link FIBO to regulatory rules à XML schemas à external reference documents using metadata annotations.

FIBO Working Activities

EDM Council members are invited and encouraged to engage in the ongoing work associated with FIBO. Areas of activity include:

  1. OMG Standards: The Council holds regular conference calls to address issues related to technological requirements for the OMG submissions. Future calls will be convened to cover shared semantics, ontology visualization, semantics of rules and the formal derivation of operational ontologies. Also on the horizon are vocabulary enhancement, adoption of the OMG date/time vocabulary, transaction semantics, and completion of the different ontologies.
  2. Operational Deployment: The Council is available for individual briefings on the expression of FIBO in RDF/OWL and in using FIBO as a semantic layer for relational databases. This is about the use of FIBOfor data alignment, model driven development and mapping as well as semantically enabled querying and reasoning-based applications.
  3. Derivatives POC: Council members are invited to participate in weekly conference call on the use of FIBO for OTC product classification and analysis. The focus of these meetings is on the technical implementation of an operational ontology for interest rate swaps, credit default swaps and business entities, including alignment with the ISDA taxonomy.
  4. Mortgage and Loan POC: The Council has an imminent activity to align FIBO with the MISMO XML schema and validate the loan section of the ontology – please watch this space for details.

FIBO Meeting Schedule

OTC POC Working Meeting

The working meeting for the OTC proof of concept activities. Interest rate swap experts are welcome to join this working meeting.
       Every week alternating between Monday and Tuesday 11:00am-12:30pm (eastern)
       (4:00pm London)
       Web conference
       Dial in details  

These meetings are open to EDM Council members and invited guests.

Open Financial Data Group (OFDG)

This is an independent forum for discussion about issues related to systemic risk.  The ODFG is co-chaired by Mike Bennett (EDM Council) and Vicki Lemieux (University of British Columbia).
       Alternate Fridays 2:00pm-3:30pm (eastern) (7:00pm London)
       Web conference
       Dial in details  

These meetings are open to EDM Council members and invited guests.

EDM Council-OMG Monthly Update Meeting

An update on the overall status/progress/issues relating to the joint EDM Council-OMG Finance Domain Task Force projects

        1st Wednesday of each month:  1:30pm-2:30pm (eastern) (6:30pm London)
        Web conference
        Dial in details

These meetings are open to EDM Council and/or OMG members only.

EDMC-OMG Finance Domain Task Force Quarterly Meetings

Event Details

These meetings are open to EDM Council and OMG members only.

For more information on FIBO and these working activities, contact Mike Bennett, Head of Semantics and Standards at the Council offices in London (o) +44 (0)20 7917 9522 or Dennis Wisnosky, Strategic Consultant to the Council for FIBO implementation (o) 630-240-6910.