spec.edmcouncil.org/fibo Site Walk-through OMG FDTF Monthly Update Call 12 July 2017

Today’s Presentation Three things about FIBO Introducing spec.edmcouncil.org Looking at the deliverables Web structure and future plans

Three Things about FIBO There are three things to think about with FIBO: FIBO Content Status of each part of the content Deliverables for consumption of FIBO content Today we will focus on the Deliverables The statuses will be described so you know what is being delivered by these The content will be described in overview so you know the scope of FIBO

Deliverables Each deliverable presents the business content in different formats for different purposes and kinds of consumption The OWL Ontology is the System of Record Some are for machines e.g. SKOS, OWL Some are for humans e.g. Glossary, SMIF diagrams The content is the same and is maintained in RDF OWL Meanwhile the content is at different levels of completion This may affect machine consumption of some parts This will affect what parts you want to take or look at for specific business purposes

Reminder: Business Purposes for FIBO FIBO is for: Integration Inference processing Reporting Management information (dashboards, compliance etc.) Natural language processing Model driven development Web page markup (schema.org) FIBO was conceived as a common language for the financial industry Computationally Independent Model Some of these purposes will suggest different technical deliverables to use

Introducing the “spec site” Landing Page This has 4 parts with different links Products Linked to from the landing page Links to each of the different products (formats in which FIBO may be consumed or viewed)

Landing Page Part 1: Part 2: Part 3: Usage notes Explanatory Links Links to Products Part 2: Registration form Please register when you first access this site Access is free but we would like to know who is accessing this Future: we may use cookies in future to improve your user experience Part 3: Usage notes On line and off line usage Leading OWL compliant tools (Protégé, TopBraid Composer, CCM) Part 4: File Downloads ZIP: RDF/OWL files for different scope and RDF serialization format + NQuads FYN Starting Point for OWL SKOS Files for different scope and RDF serialization format (FIBO-V)

Products FIBO is published at spec.edmcouncil.org in a number of formats as follows: FIBO Business Glossary FIBO Vocabulary in the Simple Knowledge Organization System (SKOS) format SMIF: conceptual modeling tool diagrams FIBO Ontologies in the standard Web Ontology Language (OWL) format. This is the “System of Record” for all FIBO content Schema.org Ontology Definition Metamodel (ODM) Model Repositories Linked Data Fragments

Current Available Products FIBO Business Glossary FIBO Vocabulary (SKOS) FIBO OWL Ontologies (SoR) FIBO conceptual modeling tool repository Schema.org (offsite)

Understanding and Using the Products For each product: Description Intended Audience Usage Also status and plans where applicable

Glossary Description: a set of terms and definitions in web (HTML) and spreadsheet (CSV) formats. Intended audience Intended for consumption at any level of expertise. These pages show definitions for each concept, covering kinds of thing (instrument types) and features (properties) of those things. Synonyms are included where these have been defined. Two kinds of definition: Human originated definition from SME reviews Generated natural language description of the logical definition of the concept Usage These may be used in any spreadsheet tool or word processor. This is currently provided as web pages

Glossary Plans Intended: Status: Downloadable Glossary a set of terms and definitions in web (HTML) and spreadsheet (CSV) formats. Status: The spreadsheet format not available at initial release Will be completed later. Downloadable Glossary The Glossary is currently a web page Downloadable version to follow as listing and as spreadsheet / CSV file

Vocabulary Description: a machine readable resource giving terms, definitions and relationships. These are in the Simple Knowledge Organization System (SKOS) format. Intended audience The models show formal relationships and hierarchies of things Aimed at users with a level of understanding of business vocabulary, including business analysts, integrators and implementers. No expertise in semantic technology is required. Usage These files may be consumed by any product that supports the SKOS standard. They may also be loaded directly into Protégé or any commercial tool that supports the RDF syntax. Technical note: Some tools provide additional graphical capabilities. In order to take advantage of these, the FIBO SKOS files are configured such that OWL properties are rendered as SKOS “Semantic Relations” rather than as concepts in the more conventional way.

SMIF: Business Concept Ontology Description: a set of UML model files consumable by the MagicDraw UML modeling tool with the Cameo Concept Modeler (CCM) plug-in. Compatible formats will be provided for other tooling as this becomes available. These models are compatible with the Semantics for Information Model Federation (SMIF) emerging standard for conceptual modeling. The models provide business-readable and technical modeler diagrams of all model content. These diagrams are kept in alignment with the OWL system of record. Intended audience These models are intended for conceptual modelers and business analysts. Readers will require some explanation of the way formal logic has been used, to fully understand the diagrams. These models also include simplified business facing diagrams for more general consumption. Usage These models require the Cameo Concept Modeler (CCM) plug-in to MagicDraw. The underlying modeling tool is a UML based modeling tool, while CCM enables modeling in accordance with the SMIF standard. Some understanding of SMIF will be required for anyone applying or extending these models. It is possible to export OWL in RDF/OWL format for the content of these files and any user extensions or adaptations made to these.

SMIF Status and Plans The SMIF link goes to a set of web pages where the diagrams can be viewed Viewing any diagram takes you to the “Collaborator”, a separate environment we use for SME Reviews In Collaborator, once you are in you can click between diagrams and Glossary entries for all concepts Scope: for SMIF we have only expressed the Production content on these pages SMIF model content and diagrams for Development are available but not here A downloadable model is not available

SMIF Model Repository Within the FIBO-Master CCM repository there is a top level folder (UML Package) for each maturity level. These are identified as follows: Release: contains all “Production” FIBO content Provisional: contains all “Development” content Informative: Contains “Extensions” content. These models are intended to be used by end users wishing to extend their own conceptual models to be compatible with FIBO, and for people working within the EDM Council’s development ecosystem as part of a “FIBO Content Team” (FCT). The material on the website is from the Release section of the mode This contains all the previously released OMG models content (with EDM Council IRIs) It also contains substantively completed work on: Securities common concepts Interest Rate Swaps and some common derivatives concepts Some Loans content

OWL in RDF Description: FIBO Content in the standard Web Ontology Language (OWL) format. This is the “System of Record” for all FIBO content. Intended audience These may be consumed by anyone with a tool that can read OWL files (Protégé and most leading commercial products). These ontology files are configured for use in semantic web based ontology tools, and support reasoning and semantic querying. Usage These may be loaded on line or off line using Protégé or commercial OWL editing tools. Users need to have Protégé or some other OWL editing tool configured to access these files. It is also possible to load these ontologies directly into WebProtégé.

OWL Details These models are provided in each of the recognized formats for OWL: RDF/XML (.rdf) Turtle (.ttl) JSON-LD (.jsonld) To download FIBO OWL files, go to the main FIBO Doanload page Not the /ontology link Here, the different file formats and different scopes are set out in a table. Download the one you need.

FIBO OWL Usage Details Users should access the overall FIBO content by opening the “AboutFIBOXxx.rdf” file (where Xxx = Status indicator Dev or Prod). This will ensure that all the necessary imports and dependencies are picked up. In order to browse the content of any completed (Production) FIBO domain, users should start by opening the “About-” RDF file for that domain e.g. AboutFND.rdf. FUTURE – these will be called “All-” i.e. AllFIBODev and per Domain e.g. AllFND.rdf. Online usage: The OWL files support “Follow your nose” (FYN) usage. This means that when opening any one file, links to concepts in other ontology files are automatically located by the OWL tool. If Protégé is installed and already running, users may simply click on the required ontology file to open and view it. Similarly, users of WebProtégé may open the required All or About file from that. Offline usage: A set of catalog files is provided to support offline usage. Users should download the full set of files in the ZIP archive provided and unzip these in a suitable location, making sure to retain the directory structure of the unzipped files including the catalog files. There are catalog files at the level of each FIBO domain as well as a catalog file for all of FIBO.

schema.org Description: The W3C standard schema.org includes concepts derived from FIBO, along with a FIBO-specific extension to schema.org itself with further FIBO concepts. These are published in Microdata, RDFa and JSON-LD formats. Intended audience This resource provides metadata that may be added to web pages for financial services offerings. Usage Please refer to the documentation at http://schema.org/docs/financial.html for full information on how to use this material. Usage examples are given towards the bottom of this page.

Future: Linked Data Fragments Description: These provide a browsable view of the detailed OWL model content. Intended audience These are intended for technically literate users who do not have OWL based tooling such as Protégé. This does not require the installation of any specialist tooling. Runs as a web front end in which users may query the content or click through from one element to another. Some understanding of linked data, RDF and OWL is a benefit to understanding these but is not needed to browse the model content. Usage These are provided as a queryable resource at an end point on the EDM Council’s servers. These are at [TBC: fragments.edmcouncil.org or data/edmcouncil.org ]. Users may navigate through this resource by clicking on active links at each page of results.

Future: VOM Model Downloads Description: Models for use with the Visual Ontology Modeler (VOM) plug- in from Thematix Partners LLC Only for the formally released (Production) portions of the FIBO content. Intended audience These provide a detailed graphical view of the RDF/OWL model syntax, rendered in accordance with the Ontology Definition Metamodel (ODM) OMG standard. Usage These model files may be used by anyone who has the VOM plug-in for MagicDraw. There is one MagicDraw model file (MDZIP) for each individual OWL ontology file. Only one file may be opened for edit at any one time. It is possible to export OWL in RDF/OWL format for the content of these files and any user extensions or adaptations made to these.

Landing Page Part 1: Part 2: Part 3: Usage notes Explanatory Links Links to Products Part 2: Registration form Please register when you first access this site Access is free but we would like to know who is accessing this Future: we may use cookies in future to improve your user experience Part 3: Usage notes On line and off line usage Leading OWL compliant tools (Protégé, TopBraid Composer, CCM) Part 4: File Downloads ZIP: RDF/OWL files for different scope and RDF serialization format + NQuads FYN Starting Point for OWL SKOS Files for different scope and RDF serialization format (FIBO-V)

This Section: Statuses There are two versions of FIBO:  Production - content verified by subject matter experts and ontologists In Development - all content including Production as well as defined content that has gone through an initial round of review and conceptual content that has not been verified by SMEs.  FIBO Production FIBO Production includes the Foundational aspects of FIBO: Foundations (FND), Financial Business and Commerce (FBC), Indices (IND) and Business Entities (BE). These have been refined, tested and approved as formal specifications from the Object Management Group.  It also contains other material that has been through our rigorous technical betting process, such as parts of Securities (SEC) and Derivatives (DER). FIBO Development The rest of FIBO represents the various domains (i.e. equities, debt, derivatives, funds, etc.) within the financial industry.  Beta: Parts of FIBO Securities (SEC), Derivatives (DER) and Loans (LOAN) have been vetted by industry practitioners.  Alpha: All other domains are draft and should be used with caution as raw material. 

Delivery For each of the FIBO “Products” types, the FIBO content is delivered in two sets based on the above: FIBO Production only the formally vetted components FIBO Development Components that are under development FIBO Extensions These are one integrated set of ontologies (the development material depends on Production content) The maturity levels of each of these components is given in metadata For the Development content, We don’t formally distinguish between Alpha and Beta content in the consumable Products All development material requires up to date SME reviews and technical vetting before it can be released

This Section: Scope of FIBO Content

FIBO Content Overview Business Domains Components Reference Semantics Sub-domain Market Data (temporal) Process Semantics Domain (process area) Components Top Level Domain Module Ontology file

Business Domains 1. Reference Semantics (contracts terms) 2. Market Data Concepts (temporally variable terms) 3. Process Concepts (future)

1. Reference Semantics (contracts terms) Foundations Business Entities Securities Derivatives Loans Collective Investment Vehicles

1. Reference Semantics (contracts terms) Sub-Domains Foundations Financial Business and Commerce Financial Instruments Common Concepts Debt and Equity Common Concepts Financial Functional Business Entities Financial Products and Services Business Entities Legal Entities Corporations Other Legal Entity Types Government Entities Functional Business Entities Entity Ownership and Control Securities Securities Common Concepts Equities Debt Securities Debt Common Concepts Bonds Asset Backed Securities Money Markets Derivatives Derivatives Common Concepts Asset Derivatives Commodity Derivatives Rate Derivatives Credit Derivatives Foreign Exchange Derivatives Exchange Traded Derivatives Rights and Warrants Miscellaneous Over the Counter Contracts Loans Loans Common Concepts General Loans and Loan Types Mortgage Loans US Mortgage Loans Collective Investment Vehicles

2. Market Data Concepts (temporally variable terms) Common Temporal Concepts Indices and Indicators Pricing and Analytics Equity Pricing Debt Pricing Yields and Analytics Derivatives Temporal Concepts Funds Temporal Concepts Loans Temporal Concepts

3. Process Concepts (Future) Foundations Event, Activity, Process, Lifecycle etc. Common Financial Process Concepts Securities Issuance Common Issuance Concepts Equity Issuance Debt Issuance Regulatory Compliance Process Corporate Actions and Events

FIBO: Scope and Content (Top-level Domains) Upper Ontology FIBO Foundations: High level abstractions FIBO Business Entities FIBO Financial Business and Commerce FIBO Indices and Indicators FIBO Contract Ontologies Securities (Common, Equities) Securities (Debt) Derivatives Loans, Mortgage Loans Funds Rights and Warrants FIBO Pricing and Analytics (time-sensitive concepts) Pricing, Yields, Analytics per instrument class FIBO Process Corporate Actions, Securities Issuance and Securitization Future FIBO: Portfolios, Positions etc. Concepts relating to individual institutions, reporting requirements etc.

FIBO: Status Key Upper Ontology Development: Alpha Future Development: Beta Release Upper Ontology FIBO Foundations: High level abstractions FIBO Business Entities FIBO Financial Business and Commerce FIBO Indices and Indicators FIBO Contract Ontologies Securities (Common) Equities) Equities Securities (Debt) IR Swaps Derivatives Loans, Mortgage Loans Funds Rights and Warrants Also viewable in Adaptive – see link on next slide FIBO Pricing and Analytics (time-sensitive concepts) Pricing, Yields, Analytics per instrument class FIBO Process Corporate Actions, Securities Issuance and Securitization Future FIBO: Portfolios, Positions etc. Concepts relating to individual institutions, reporting requirements etc.

This Section: Presentation Format and Plans

Web Structure Still a work in progress We have made sure that each of the available deliverables is available via the web interface Content Negotiation still in progress New architecture being worked on for the HTML Also need to work on more business-friendly views of the model content This would focus on the SMIF diagrams and on spreadsheet / tabular views of the Glossary content Feedback welcome!

Content Negotiation Plans Each concept in FIBO has one IRI If you go to it with a browser, you get a choice of formats to look at or download If you access it using and OWL tool it will natively recognize and use the RDF/OWL Note that the RDF/OWL is itself in 3 flavors RDF/XML Turtle JSON-LD

Web Structure: The Vision Landing page per concept Concept has one unique IRI That IRI is also the URI for web browsers Choice of formats from there Common header / structure Access to views, formats

Top Level – Initial view of FIBO(To be improved by web experts) FIBO Top Level Topics View As Version: English Glossary SKOS Taxonomy OWL Ontology UML Diagrams 1.0 Download Files Maturity: Release Topic Business Entities The FIBO Business Entities specification provides a model of business concepts that are represented by finance industry terms as used in official regulatory and financial organization documents on the subject of Business Entities. Business Process High level definition…. Corporate Actions and Events Collective Investment Vehicles

Example drill-down to domain(To be improved by web experts) Derivatives Domain View As Version: English Glossary SKOS Taxonomy OWL Ontology UML Diagrams 1.0 Download Files Maturity: Release + FIBO + Financial Instruments - Derivatives Topical Alphabetical Asset Derivatives Asset baskets, bond options, bond return swaps, equity forwards, equity options, equity swaps Commodities Derivatives Commodities contracts, commodity delivery, forwards, options, spots, swaps Credit Derivatives Credit default swaps Derivatives Contracts Derivatives Basics, exercise conventions, forwards, options on futures, options, OTC instruments, return swaps, swaps, swaptions

Example drill down to class (Strawman based on CCM) CDS Party View As Version: English Glossary SKOS Taxonomy OWL Ontology UML Diagrams 1.0 Download Files Maturity: Release + FIBO + Financial Instruments - Derivatives - Credit Derivatives - Credit Default Swaps - CDS Party CDS Party Either party to a Credit Default Swap contract. A kind of swap party that: • becomes party at least one occurrence of contingent transaction party. This term identifies either party to the CDS contract (the protection seller and the protection buyer). Party roles such as “Notification Party” may be defined as one or the other or both CDS party. Topical Alphabetical

SWITCH to OWL View (Note: strawman based on Protege) CDS Party View As Version: English Glossary SKOS Taxonomy OWL Ontology UML Diagrams 1.0 Download Files Maturity: Release + FIBO + Financial Instruments - Derivatives - Credit Derivatives - Credit Default Swaps - CDS Party Topical Alphabetical OWL XML

Questions?