Q1 2023 Release
Q1 2023 Release Notes
Q1 2023 Revisions Summary - This quarter the content revisions were focused primarily on open issues related to CFI support in a few areas, including Exotic Options, and Asset-Backed Securities (which we plan to release in Q2). We also initiated work in the Financial Business and Commerce (FBC) domain to represent some of the controlled vocabularies required to map FIBO to the US National Information Center’s repository of institutional reference data. There is a new provisional ontology in FBC’s North American Entities sub-module covering the first of these controlled vocabularies for Entity Types.
The most comprehensive changes made in Q1 involved replacing a number of concepts that we reused from the Object Management Group’s Languages, Countries, and Codes (LCC) ontologies with those in the recently published Commons Ontology Library (see https://www.omg.org/spec/COMMONS), as well as revising FIBO to use those terms rather than their local equivalents. No FIBO elements were deleted, however. Those terms that are now sourced from the Commons ontologies have been deprecated and mapped. For a detailed mapping from the original terms to the current classes and properties, see (1) https://wiki.edmcouncil.org/display/FND/Mapping+Specification+Metadata+and+some+properties+in+the+FIBO+Annotation+Vocabulary+to+the+Commons+Annotation+Vocabulary for a detailed mapping of many of the annotations we use, and (2) https://wiki.edmcouncil.org/pages/viewpage.action?pageId=109609714 for the complete set of classes and properties that have been migrated to commons. The mappings include the original and replacement IRIs for users that have built applications using FIBO.
Note that many of the concepts that have been replaced were derived from FIBO, but needed in various other domain areas, including pharmaceuticals, manufacturing in general, retail, and others at both the EDM Council and at OMG. There are additional ontologies in FIBO, particularly in Foundations, that we believe will be migrated to Commons over the coming months in addition to those that were impacted this quarter. These include, for example, quantities and units, which we are revising at OMG with NIST and the SysML community and through our Identification of Medicinal Products (IDMP) project, with the BIPM community. Another near-term candidate is our Foundations products and services ontology, which we are reviewing with the OMG’s Retail Domain Task Force, including GS1, with the IDMP team and with NIST’s Industrial Ontology Foundry (IOF) supply chain working group. As these ontologies are extended and added to the Commons library, corresponding revisions will be made to FIBO to leverage the additional semantics. Again, nothing will be deleted from FIBO for at least 2 quarterly releases, but users should anticipate that after 6 months, the deprecated elements may be eliminated.
Business Entities (BE)
Changes to the ontologies in BE in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Business Process Domain (BP)
Changes to the ontologies in BP in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Corporate Action and Events Domain (CAE)
Changes to the ontologies in CAE in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Derivatives (DER)
Changes to the ontologies in DER in Q1 included updates to the Exotic Options ontology to incorporate terminology from the CFI standard that was missing, such as support for LEPOs, and revisions supporting integration of the Commons Ontology Library elements, including annotations. We anticipate augmenting the derivatives ontologies with key parameters from the ACTUS algorithmic contract definitions over the coming months. We will also be extending and integrating relevant corporate actions that trigger CDS contracts in the first half of 2024.
Financial Business and Commerce (FBC)
The primary extensions made in FBC in Q1 involved the addition of a number of classes representing additional financial institutions, many but not all of which are from a US perspective, and the addition of the preliminary National Information Center controlled vocabularies ontology mentioned in the summary, above. We also completed the revisions needed for integration of the Commons Ontology Library elements, including annotations.
Foundations (FND)
A number of changes were made to the Foundations ontologies this quarter, primarily related to integration of content from the OMG Commons Ontology Library, deprecating the original content in FIBO. Most of the patterns included in the Commons to date were originally in the OMG’s Languages, Countries, and Codes (LCC) ontologies, but there are some concepts and relationships that were part of FND and are now in Commons that were replaced. For a detailed mapping from the original terms to the current classes and properties, see (1) https://wiki.edmcouncil.org/display/FND/Mapping+Specification+Metadata+and+some+properties+in+the+FIBO+Annotation+Vocabulary+to+the+Commons+Annotation+Vocabulary for a detailed mapping of the annotations that were revised, and (2) https://wiki.edmcouncil.org/pages/viewpage.action?pageId=109609714 for the complete set of classes and properties, including those from LCC as well as a number of elements from the FND Agents, Analytics, Arrangements, Classification Schemes, Financial Dates, Identifiers and Indices, Jurisdiction, Parties, and Relations ontologies that have been migrated to Commons. The mappings include the original and replacement IRIs for users that have built applications using FIBO.
Indicators and Indices (IND)
Changes to the ontologies in IND in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Loans (LOAN)
Changes to the ontologies in LOAN in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations. FIBO users should anticipate seeing increasing coverage of the Interagency Loan Data Reporting fields and ACTUS cash flow related properties of loans in general over the coming months to support planned ABS and MBS work.
Market Data Domain (MD)
Changes to the ontologies in MD in Q1 were limited to revisions supporting integration of the Commons Ontology Library elements, including annotations.
Securities (SEC)
There were minor changes in SEC this quarter, including extensions and some clean-up of the ABS ontology in addition to the revisions supporting integration of the Commons Ontology Library elements, including annotations. The development team is continuing to review provisional SEC/Debt ontologies, however, and will continue working on ABS and MBS over the coming months.
Hygiene Tests
We updated the list of hygiene tests with those that were defined in other EDMC ontological projects.