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Financial Industry Business Ontology™

 
         

The system of record for FIBO is the Web Ontology Language (OWL).  The files are hosted at https://spec.edmcouncil.org/fibo.  Registration is not required, but we would appreciate being kept informed about what you are doing with FIBO and any enhancements/suggestions.  Please direct your comments and suggestions to Dennis Wisnosky.  FIBO exists of 11 core domains, 49 modules and 418 ontology files (list of modules).  There are two published releases of FIBO.  FIBO Production (content verified by subject matter experts) and FIBO Development (includes all of FIBO Production well as defined content that has gone through an initial round of review and conceptual content that has not been verified by SMEs).  FIBO is expressed in six ways:

  1. OWL – the systems of record for FIBO
  2. UML/SMIF Diagrams – structured views for SME review
  3. SKOS – linked vocabulary from OWL
  4. Glossary – HTML terms and definitions
  5. Schema.org – FIBO mapped for web applications
  6. Published – specification standard published by OMG

FIBO Consultants

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 AWS domain https://spec.edmcouncil.org/fibo using JIRA for issue tracking and team coordination.  To get access to the JIRA/Wiki for collaboration, please send a request to Dennis

2. FIBO Vocabulary

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 BennettDean AllemangElisa KendallPete 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.

5. FIBO Meeting Schedule

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):
The meeting schedule for FIBO is subject to change and new (ad hoc) meetings are scheduled to address specific areas of opportunity.  To ensure the right people are participating in the right meetings, please send inquiries to Dennis Wisnosky.

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 FoundationsFIBO Business Entities and FIBO Indices and Indicators.  For more information, please contact Dennis Wisnosky.

7. Semantic Tooling 

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: 

Adaptive 
NoMagic
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