Transcript EDM Council / Object Management Group Semantic Standards

FIBO Status Update
Open Financial Data Group
Friday October 3rd 2014
Overview
• FIBO Status
– Status of Current Activities
•
•
•
•
FIBO Foundations
FIBO BE
FIBO Indices and Indicators
FIBO Specification status overview
• FIBO Conceptual (canonical reference) ontology
• Roadmap and next steps
2
FIBO OMG Submissions Status Overview
• FIBO Foundations
– New Finalization Task Force (FTF2) chartered Sept 2014
– Tasked with open issues and testing
– Completion December 2014
• FIBO Business Entities
– FTF chartered
– Completion scheduled for Dec 2014
• FIBO Indices and Indicators
– Approved September 2014
– FTF chartered to work through open issues
– Completion scheduled for March 2015
• FIBO Securities Common and Equities
– FIBO Content Team in place under Richard Beatch (Bloomberg)
– Will submit an RFP in December 2014 at OMG
– Submission to follow in March 2015
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Current Roadmap
2013
ness Entities
Q4
Public
review
Beta2
Milestone
Spec
Activity
FTF2
2014
Q1
Beta1
Q2
2015
Q3
OMG finalization TF
(FTF)
Public
review
FIBO
Content
Teams
Q1
Q4
FTF2
Beta2
OMG finalization TF
(FTF)
Indices &
Indicators
{
OMG Task Force
Public
review
Final
OMG Revision TF
(RTF)
Final
OMG Revision TF
(RTF)
OMG finalization
Securities Common and Equities
Q2
RFP
Final
Submission
Loans common
Derivatives
Other FIBO Components
FIBO Market Data, CAE, Risk/Rep
FIBO Market Data, CAE, Risk/Re
FIBO Market Data, CAE, Risk/
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FIBO Development Process
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Red FIBOs are in
Queue
Pink FIBOs have
been approved by
the OMG AB to enter
the RFC process
Yellow FIBOs are
dealing with issues
Green FIBOs have
exited the OMG
process as ratified
standards.
FIBO™ Development Process
Industry
Requirements
Review
Readiness
with SME
Team
FIBO™
BCO/UML
Model in
Cameo,
VOM,
RDF/OWL
Happy
EDM Council Determines Next
FIBO™ SubDomain Release
from the UML Model
Not Happy
FIBO-n….n-1
FIBO™ Use and Maintenance
Perform Architecture
and Externality
Review
Semantic
Enhancement
Change
or add
No
Validation with
Instance Data
Enhance?
yes
Yes
Refactoring
No
Semantic
Issues
Correction
Spiral implementation of
enhancements
Pass?
No
FIBOIND
Yes
Change
FIBO™
BCO
Yes
Submission to OMG
Architecture Board
Consistency
Testing/Repairs
Final SME Review
No
Build/Test OMG
Submission
No
Yes
OMG Public
comments
Changes
FIBO-BE
No
FIBOFND
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EDMC Website
Industry SMEs
Industry DataModelers
Promotion to Standard
D
Build/Test
Submission
Submission to
Architecture Board
All
FIBO
GitHub
Repo’s
E
GITHUB
Systems Legend
B
(levels
are tags)
OWL Files
Public comments
Education Development Version
al Material Support Independent
(incl.
Artifacts[1] Materials
pattern
[2]
ontologies
)
UML
Docume
ntation
C
C
A
OMG
F
FIBO Content
Teams (FCT)
F
Yellow processes are manual
Blue processes run in Jenkins
[1] incl. MD files, VOM files, TopBraid layout files, protégé catalog files, etc
[2] incl. Use Case documents, demo scenarios, etc.
7/16/2015
Industry
Requirements
(use cases,
scenarios)
CC EDMC 2014
A Ontology Editors
Protégé, TBC, Fluent,
….
B Ontology Documentation
Adaptive, TBC, VOWL,
Gruff, ….
C Modeling Tools
MagicDraw, EA, …..
D Model converters
VOM, SysMO, ….
E Testing
Pellet, Hermit, Unit Test
frameworks (Fitness)
F Issue Managers, eg.,
Github/Jira
FIBO Conceptual Ontologies
•
•
•
•
Canonical reference model of business meanings
Implements knowledge representation principles
Independent of operational OWL ontologies
Expressed in RDF/OWL
– Without technology constraints (computationally
independent model)
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FIBO Conceptual Ontologies Status
• Now being output from the legacy UML model
repository into RDF/OWL
• Namespaces are spec.edmcouncil.org
• Represents the “Red” FIBO in the development
process
• Includes upper ontology along with semantic
primitives (archetypes) for Commitment, transaction
semantics, social constructs etc.
• Looking to Applied Ontology community for
additional guidance and input
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FIBO Conceptual Ontologies
(Lattice etc.)
• Lattice and other high level abstractions
– Provide the conceptual “glue” for business meaning
– Few practical applications would use directly
– To be maintained in separate EDM Council namespace
• Maintained in RDF/OWL alongside other conceptual nuances
• RDF/OWL Coming soon…
– For reference not reasoning
• Initial OMG specifications
– Reflect but not include a variant of these patterns
• Ownership and Control: simpler “associative” relations added
• Other model elements remain as seen
• Future OMG submissions may include this material
– Scoping is determined by the FCT
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Meaning
• Syntax is not Semantics
• Truth is not Meaning
• “The lack of common meaning is a billion dollar problem for
the financial industry”
– Linda Powell, US Treasury Office of Financial Research
Speaking at OMG “Crossing the Chasm” event, March 2014
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Consider the Dictionary
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Consider the Dictionary
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Consider the Dictionary
Where does the meaning get in?
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Semantic Networks
• Directed Graph
• The meaning at each node is a product of its connections
to other nodes
• So where does the meaning get in?
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Semantic Networks
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Semantic Grounding for Businesses
What are the basic experiences or constructs relevant to business?
•
•
•
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Monetary: profit / loss, assets / liabilities, equity
Law and Jurisdiction
Government, regulatory environment
Contracts, agreements, commitments
Products and Services
Other e.g. geopolitical, logistics
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Making it Meaningful
• Putting something into RDF/OWL does not make it
meaningful
• So, what is a meaningful model
– 1. Formal relationship between model and subject matter:
• “Everything is a Thing”
– 2. Formal notation grounded in common logic
– 3. Abstraction of kinds of thing into their simplest possible
building blocks
• Contracts, Parties, Legal Entities etc.
Approaches to Meaning
Rosetta Stone
Mayan Language
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Approaches to Meaning
Rosetta Stone
• Existence of already-understood
terms enabled translation
• Semantics grounded in existing
sources
Mayan Language
• No existing common language to
enable translation
• Translation was possible only from
internal consistency of concepts
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Rosetta Stone v Mayan Stones
• Rosetta Stone: Semantic grounding
• Mayan stones: internal consistency
• Ontologies:
– Semantic grounding: identify concepts which have an
understood meaning
• Other concepts have meaning with reference to this
– Deductive Closure: Internal consistency of model reflects
the consistent relationships between things in the domain
of discourse
• Requires reasoning to establish
• We need both!
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Applying Meaning to Financial Semantics
• Everything is a Thing
– What kind of Thing?
– What distinguishes it from other things?
• What kind of Thing?
– Share is a Security is a Transferable Contract … is a Contract
• What properties?
– Share gives the holder some Equity
– Share confers on the holder some Voting Rights
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Where does this lead?
• Taxonomy of kinds of contract
• Taxonomy of kinds of Rights
– Rights, Obligations are similar and reciprocal concepts
– Note that these don’t necessarily correspond to data
• Semantics of accounting concepts
– Equity, Debt in relation to assets, liabilities
– Cashflows etc.
• Semantics of countries, math, legal etc.
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Classification Theory
Overview of Classification Theory
• “Classification”
– a system that employs a “meaningful clustering” of items
• Kwashnik (1999)
– the “orderly and systematic arrangement” of items into a
“system of mutually exclusive and nonoverlapping classes”
• Jacob (2004)
• There are various kinds of classification
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Classification – General View
• A Classification is a hierarchical structure
• This has two properties (Loehrlein 2012)
– a hierarchical structure organizes categories on some sort
of continuum.
– could be "big to small," "general to specific," "powerful to not
powerful," etc.
– more categories occupy one end of the continuum than
the other
• One such hierarchy is a type hierarchy
– That is, a classification of some things, in some domain of
discourse, from the general to the specific
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Classification Requirements
• Classification schemes may be
– Monohierarchical
– Polyhierarchical
• Polyhierarchical classification depends on multiple
inheritance
– one class may have several parents
• A whale is both a marine animal and a mammal
• An IR Swap is both a Swap Contract and an Interest Rate Derivative
• There is no one right way to classify
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Taxonomy
• Taxonomy:
– system that can be used to group, arrange, and describe
items according to meaningful principles, and which
provides users with an overview of the domain being
organized
• Lambe (2009)
• A taxonomy uses a classification scheme to arrange
the items in the domain of discourse
• A Taxonomy forms the basis for any ontology
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Common Semantics Roadmap
• Changes to the Legacy FIBO Models
• Common Semantics
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Improvements to the Legacy FIBO
Models
• Restrictions
– Simple restrictions on class
– Complex restriction structures
•
•
•
•
Datatypes versus Information Kinds
Namespaces
Use of SKOS??
Legacy non-OWL features
– Enumerations etc.
30
Restrictions
• Legacy model: single-use properties
– Implication: each property is a necessary condition
– Did not identify necessary and sufficient conditions
• Changes:
– Replace properties with restrictions
– Add restrictions
• Complex Restrictions
– Legacy: Some properties had “logic” icon identifying multiplicity of
ranges
– Transformed to OWL Union Classes
– Need to apply restrictions which state what the logic icons said
– OMG FIBO has similar structures (restrictions “cascades” and more
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Datatypes / Information Kinds
• OWL Datatypes
– Platform Specific
– Limitations to XML datatype usage
• Information Kinds Examples
– RDA Types Registry
Conceptual and Physical Ontologies
Business Conceptual
Ontology (CIM)
Business
The Language Interface
Extract and Optimise
Technology
Operational Ontology
(PSM)
33
Types and Datatypes
Data
types
Business Conceptual
Ontology (CIM)
Business
The Language Interface
Extract and Optimise
Technology
Data
types
Operational Ontology
(PSM)
Platform specific matter
34
OWL Datatypes
• These are XML Schema datatypes
– Only a sub-set of XML Schema datatypes are supported
• OWL datatype provision therefore very limited
• Examples:
– 11am LIBOR – uses dateTime in FIBO-IND
– Coupon date – want to use XML gDayMonth
– Dates in general: have had to enforce the use of dateTime
with midnight times in data where only a date is intended
• This is not at all like a computationally independent
model
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Information Kinds
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•
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Names
Textual material
Dates and Times
Yes or No (or maybe)
Numbers
–
–
–
–
–
•
•
•
•
•
•
Whole numbers
Numbers with decimal places
Positive Numbers
Fractions
Percentages
URL
Pictures
Sounds
Words
Letters
And many more…
Datatypes
• Text
– Restricted text
– Unrestricted text
• Dates and Times
• Boolean
• Numeric datatypes
– Integer
– Float
– Positive integer, positive float
• URL/URI
• Other information kinds are rendered in files, for
example vector graphics, rich text, video and sound
formats
Relating information kinds to datatypes
• Different kinds of information need to be stored in a
computer
• Datatypes determine how these are stored for
optimum memory usage
– XML datatypes differ on this, in that textual conventions
are used to render different datatypes, which must then
be translated to application datatypes for processing if
needed
• Numeric datatypes allow for arithmetic calculations
on the data
• Textual datatypes allow for alphanumeric sorting
FIBO Conceptual Roadmap 2: Common Semantics
•
Transactions /REA Alignment
–
–
•
•
•
•
•
Social Constructs (Searle)
Geophysical v Geopolitical
Addresses
Date and Time
Occurrent (perdurant)
–
•
•
•
•
•
•
•
•
Commitments
Transaction process
Temporality
Even t / Activity /Process
Information Artifacts (identifiers etc.)
Mereology
Math
Units of Measure
Accounting
Business: services, policy, goals etc.
Risk
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FIBO Content and Status
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Key to Colors
Planned Phase Colors
Status Colors
1
Foundations and Business Entities, Indices
Red = EDM Council legacy
2
Common Concepts all Instruments; Equity; Debt
Pink = Initial Refactoring
3
Derivatives Common; Loans Common
Yellow = OMG Submission
4
Derivatives: Rate, Credit, Fx
Green = OMG Final
5
Loans: Mortgage
6
Debt: Structured Finance, Money Markets
7
Derivatives: Asset, Commodity, CFD
8
Derivatives: Exchange Traded
9
Collective Investment Vehicles
10
Rights and Warrants
OMG
Substa
ntive
Mod
el
Initial
Future
7/16/2015
OMG = in RDF/OWL; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect; Initial = Not Yet Modeled
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© 2014 EDMC FIBO
FIBO Development Scenario (September 2014)
Reference Data (product) Semantics
Foundations
1
Business Entities
1
Indices and
Indicators
Common
Concepts
(all instruments)
Equities
Beta
Model
Dependent on bonds and mortgage
X
Structured Finance
X
Debt Terms (including bonds)
Debt Instruments
RDF/
OWL
X
Equity
Instruments
2
5
OMG
X
2
Dependency
X
1
2
Sub-Domain
X
Domain
X
Phase
5
Money Markets (includes Repo,
Treasury, Government, Tax Free)
X
3
Common Loan Terms
X
Mortgage Loan Terms
X
5
Other (i.e. general purpose, construction,
student, miscellaneous)
OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs;
Model = Modeled in Enterprise Architect;
X
7
Loans
FIBO Development Scenario (September 2014)
Reference Data (product) Semantics
Dependency
4
Rate Based
Dependent on indices
X
4
Credit Default
Dependent on common
concepts for loans, common
debt terms, indices
X
Domain
Sub-Domain
RDF/
OWL
Class
Phase
Common Concepts
Derivatives
OTC Derivatives
Foreign Exchange
Commodity
7
Contracts for
Difference
X
7
Dependent on equities,
bonds, common debt terms
X
Asset
Rights & Warrants
Dependent on common
concepts for all instruments
OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs;
Model = Modeled in Enterprise Architect;
x
10
Dependent on listed
instruments, derivatives,
indices
X
9
x
Exchange Traded
Collective
Investment
Vehicles
X
7
8
Model
X
4
Beta
X
3
OMG
FIBO Development Scenario (September 2014)
Market Data (time and date) Semantics
Domain
Sub-Domain
Dependency
OMG
RDF/
OWL
Beta
X
Common Terms
X
Equity Pricing
Debt Pricing and Yields
X
Debt Analytics
X
Debt Pool Analytics
X
CIV Temporal
Terms
X
Future Phase
Debt Temporal
Terms
X
Loan Temporal
Terms
X
Trading Status
Credit Rating
X
Credit Status
X
Credit Temporal
Terms
Model
OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs;
Model = Modeled in Enterprise Architect;
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FIBO Development Scenario (September 2014)
Process Related Semantics
Domain
Sub-Domain
Dependency
Beta
Model
X
Common Issuance Process Terms
X
Equity Issuance (includes IPO, primary market)
Debt/Bonds Issuance (includes auction,
syndication and other issuance processes
X
Securities Issuance
RDF/
OWL
X
Corporate Actions and Events
OMG
X
Future Phase
Asset-Backed / Mortgage-Backed Issuance
(includes agency and non-agency)
Securities Transactions (includes
trade, post trade, clearing,
settlement)
X
OTC Derivatives Transactions
Payments Processing
Portfolio and Holdings
s