How to create and deliver a good powerpoint presentation Barry Smith Department of Philosophy University at Buffalo 1

Creating ─Font size - 32pt or larger ─Color ─Include slide numbers ─Design, slide master ─Paste x 4 ─Minimalism vs. Creativity 2 – Animations, images

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What is wrong with animations and images childish makes scrolling back to answer a question hard distracting 4

Presenting Telegraph vs. military briefing style 5

UNCLASSIFIED UNCLASSIFIED. Approved for unlimited public release DoD Policy & Governance C2 CPM Portal C2-Specific Tools, Capabilities & References Submissions to MDR Use Links to C2 CPM Governance

Presenting Telegraph vs. military briefing style Fix errrrs as you go along 1 minute per slide, plus 20% reserve Feel free to use ‘Normal’ view Use wide margins all the way round 7

Finance Ontology Barry Smith November 10, 2014

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Dennis E. Wisnosky Founder, Wizdom Systems, Inc. It is 2013, Do you Know Where Your Money is? do_you_know_where_your_money_is.pdf

A Bed Time Story! 3/4/2014www.wizdom.com11 Once upon atime, there were no standard definitions of financial terms and the financial institutions could interpret the meaning of the rules and regulations of the industry each in their own way. Thank you Daniel Pink!

Everyday, new financial instruments and transaction types were invented. One day, major companies in business for many decades began to collapse and lead the world into general economic depression. 3/4/2014www.wizdom.com12

3/4/ Because of that, regulators struggled mightily to understand the condition of the world’s economy and it became clear that the companies themselves did not know their true financial exposure. They did not know the Provenance the TRUTH, about their data!

Because of that, an effort was launched by the industry to develop a Financial Industry Business Ontology (FIBO) - a common vocabulary based on international standards, that would enable companies to better communicate within and among themselves and would enable regulators to perform meaningful oversight as required by laws. 3/4/2014www.wizdom.com14

Until finally, the dual purpose of reducing the cost of manufacturing data required by law became de minimis and Congress and regulators were confident of the provenance of answers to their questions of the industry. And, They All Lived Happily Everafter! 3/4/2014www.wizdom.com15

Traders on the floor of the New York Stock Exchange on Sept. 15, 2008, the day of the collapse of Lehman Brothers. (Andrew Harrer, Bloomberg / September 10, 2013) ht p:// ,0, column 3/4/2014www.wizdom.com16 What lessons have we learned from Lehman?

The Feds Act! CFTC FRBSECOCC ECBECB OFR Dodd-Frank nearly 3000 pages Must be Interpreted by : 3/4/2014www.wizdom.com20

3/4/ “The need to create useful data rather than just lots of data comes as large global institutions face expenditures ranging from $150 million to $350 million each to comply with new post- credit crisis regulatory requirements in the United States, Europe and elsewhere.That is "significantly larger" than the level of expenditures required previously for complying with Sarbanes-Oxley Act, Markets in Financial Instruments Directive and Basel II requirements, from before the crisis” The Industry Cries Foul! Javier Perez-Tasso, head of marketing at SWIFT.

– identification of legal entities, their jurisdictions andownership control hierarchies – Identification of financial contracts and instruments – classification and data linkage for aggregation – actionable risk intelligence Requires Participation at all Levels 3/4/2014www.wizdom.com19

Enterprise Data Management Council (EDMC) FIBO Participants Wells Fargo chairs the EDM Council’s Semantic Technology Program, interfaces directly with regulatory authorities and leads the working group that is responsible for constructing the operational capabilities of FIBO 3/4/2014www.wizdom.com20

FIBO Foundations OMG-EDMC Draft Standard Law FIBO Foundations Ontology Common business modeling framework Common abstractions grounded in law and business Michael Bennett EDMC 34 Common relations Goals, Objectives Organizations Accounting FIBO Foundations provides the basic conceptual “Glue” Roles Agents, People Agreements Control, Ownership

FIBO Business Entities OMG-EDMC – Draft Spec FIBO Business Entities Ontology Entity Types Formal Organization Partnerships Ownership Legal Persons Corporations Trusts Control Organizational hierarchies / relationships Michael Bennett EDMC 22 By FunctionLegal Entity ID Michael Bennett EDMC

The Financial Industry Business Ontology Ontology Summit 2013: Ontology Evaluation Across the Ontology Lifecycle David Newman Strategic Planning Manager, Senior Vice President, Enterprise Architecture Chair, Semantic Technology Program, EDM Council May 2, 2013

FIBO Conceptual Ontology 12

Legal Entity Ownership and Control Relationships can be Queried and Displayed 15 Semantic web enables data visualizations which are more holistic and descriptive than basic columnar views FIBO aligns with LEI Legend

Demystifying Financial Industry Semantics March Confidential The Financial Industry Business Ontology

The View From My Place Some banks Confidential

The View From My Place Some banks Some IT Firms Confidential

Data Governance Confidential Copyright © 2010 EDM Council Inc. 5 A Bank is in essence an IT Company –Software manufacturing –Data production, consumption, –Information supply chain So how do we manage the business view of data? –Language interface business to IT –Conceptual model

Conceptual Model for Data Conceptual Model (Semantics) Realise Logical Model (Design) Implement Physical Model (Implementation specific) Confidential Copyright © 2010 EDM Council Inc. 31

Example “Thing”: Equity 23 June 2010 Confidential 32 Real world definition of Equity: "An equity is a financial instrument setting out a number of terms which define rights and benefits to the holder in relation to their holding a portion of the equity within the issuing company".

What is an Equity? Or to put it another way… Equity 23 June 2010 Confidential 33 Financial Instrument Has rights defined in Is a kind of Equity security In relation toIn relation to Instrument Terms

Lessons Learned Confidential Putting something into RDF/OWL does not make it meaningful –Only you can do that 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.

What we want Business meanings In business language For business people Confidential

What we want Confidential Business meanings –Not data dictionary In business language –Not a design For business people –No funny symbols and things –No language to learn –Just the facts –Boxes and lines – something like this…

Sample screenshot 2: Different types of Thing CConfonfiidentdentiialal The EDM Council

Theory of Meaning – in English The model consists of: –Things A Thing is a set theory construct Arranged in a hierarchy called a “Taxonomy” –Like taxonomy of species –Facts Simple facts (names, dates etc.) –e.g. “Issue Date” is a date Relationship Facts (relate one thing to another thing) –e.g. “Share confers Voting Rights” –Things so referenced are also in taxonomic hierarchies –Other set theory concepts Disjoints, Unions

Theory of Meaning – in English Taxonomy: Like Taxonomy of Species –Animal v Plant –Vertebrate v invertebrate –Mammals, fish etc. Each thing is defined by what facts distinguish it For each new thing: –What sort of thing is it? –What facts distinguish it from other things? If it walks like a duck, swims like a duck and quacks like a duck, it belongs to the set of all things that are a duck

FIBO Status Update FROM MIKE BENNETT, Open Financial Data Group Friday October 3 rd 2014

Semantic Grounding for Businesses 41 Monetary: profit / loss, assets / liabilities, equity Law and Jurisdiction Government, regulatory environment Contracts, agreements, commitments Products and Services Other e.g. geopolitical, logistics What are the basic experiences or constructs relevant to business?

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. 42 Cop yrig ht © ED M Cou ncil Inc.

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 43 Cop yrig ht © ED M Cou ncil Inc.

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 44 Cop yrig ht © ED M Cou ncil Inc.

Types and Datatypes Business Conceptual Ontology (CIM) Operational Ontology (PSM) Extract and Optimise The Language Interface Business Technology Data types Platform specific matter 45

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 46

Information Kinds 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 – Commitments – Transaction process Social Constructs (Searle) Geophysical v Geopolitical Addresses Date and Time Occurrent (perdurant) – Temporality Event / Activity /Process Information Artifacts (identifiers etc.) Mereology Math Units of Measure Accounting Business: services, policy, goals etc. Risk 50

Reference Data (product) Semantics Phase DomainSub-DomainClassDependency OMG RDF/ OWL BetaModel 3 Derivatives Common Concepts X 4 OTC Derivatives Rate BasedDependent on indices X 4Credit Default Dependent on common concepts for loans, common debt terms, indices X 4Foreign Exchange X 7Asset Dependent on equities, bonds, common debt terms X 7Commodity X 7 Contracts for Difference X 8 Exchange Traded x 9 Collective Investment Vehicles Dependent on listed instruments, derivatives, indices X 10Rights & Warrants Dependent on common concepts for all instruments x OMG = in standards process; RDF/OWL = in Web Ontology Language; Beta = Model Reviewed by SMEs; Model = Modeled in Enterprise Architect; FIBO Development Scenario (September 2014)

Process Related Semantics DomainSub-DomainDependency OMGRDF/ OWL BetaModel Corporate Actions and Events X Securities Issuance Common Issuance Process Terms X Equity Issuance (includes IPO, primary market) X Debt/Bonds Issuance (includes auction, syndication and other issuance processes X Asset-Backed / Mortgage-Backed Issuance (includes agency and non-agency) X Securities Transactions (includes trade, post trade, clearing, settlement) OTC Derivatives Transactions X Payments Processing Portfolio and Holdings s Future Phase FIBO Development Scenario (September 2014)

Sample screenshot 2: Different types of Thing CConfonfiidentdentiialal The EDM Council

Sample screenshot 2: Different types of Thing CConfonfiidentdentiialal The EDM Council

Sample screenshot 2: Different types of Thing CConfonfiidentdentiialal The EDM Council