Bennett on FIBO: The Financial Industry Business Ontology

Mike G. Bennett of the EDM Council, Inc. made a presentation entitled OMG FDTF / EDM Council Financial Industry Business Ontology: Background, on 23 June 2011, at a meeting of the Object Management Group (OMG) Ontology PSIG.

Mr. Bennett explains that Financial Industry Business Ontology (FIBO) will be a standardization, by the OMG, of the content of the Enterprise Data Management (EDM) Council Semantics Repository, which is a repository of ontologies of financial instruments — primarily securities instruments — and related documents.

Key features of FIBO include consistency “with the latest version of” the Ontology Definition Metamodel (ODM), and the ability to output content in RDF/OWL.

For more information, including use cases and plans for future development, please see the presentation slides.

Bennett on The Enterprise Data Management Council Semantics Repository Case Study

Mike G. Bennett of the EDM Council, Inc. will present a paper entitled The Enterprise Data Management Council Semantics Repository Case Study at SemTech 2010: The 2010 Semantic Technology Conference, to be held 21-25 June 2010 in San Francisco, California, USA.

This presentation is of interest to the legal informatics and legal communication communities because the EDM Council Semantics Repository is a collection of ontologies for financial documents, most of which are legal in nature, among them many types of financial contracts.

Here is the abstract of the presentation:

This presentation documents a case study of the EDM Council Semantics Repository for the financial services industry. The paper shows how the requirements for the semantics repository were met using the Ontology Definition metamodel (ODM) standard with some adaptations and additions for presentation to business subject matter experts. The modeling tool and presentation framework are demonstrated.

Included is a summary of the relationship with other standards, both within the financial services industry and more widely, including the XBRL accounting standard. Also covered are plans for maintaining alignment with semantics standards.

Finally, the paper summarizes a number of ongoing “Proof of Concept” activities showing how the Semantics Repository can be used to solve real data problems within the securities industry. These include a proposal to demonstrate how the Semantics Repository can form part of a global regulatory framework which would help in controlling systemic risk in the financial markets.

This session will address the following topics:

• Aims and requirements of the Semantics Repository
• Description of the modeling approach and framework
• Extensions to existing semantics formats
• Relation to other standards (ISO 20022, FpML, XBRL etc.)
• Ongoing Proof of Concept exercises

Thanks to Mr. Bennett for sending the URL of the abstract.

Ontologies of Financial Documents: EDM Council Semantics Repository

A repository of ontologies of financial instruments — primarily securities instruments — and related documents is being developed by the Enterprise Data Management (EDM) Council in the UK, under the title of the EDM Council Semantics Repository.

Many of these documents are legal documents, primarily contracts. According to the repository’s Website, “[t]he purpose of the repository is to standardize the terms and definitions of all the reference and market data attributes used by the financial industry for business processing, investment decisions, scenario modeling, risk management, portfolio valuation and reporting.”

The Council seeks comments on the content of the repository. Contact @MikeHypercube to submit comments.

HT @MikeHypercube.