1. OMG Finance Domain Task Force (FDTF) Monthly Status/review call Wednesday March 5 th 2014

2. Agenda FDTF Agenda for Reston Status of FIGI RFC, activities FIBO Status – Status of Current Activities – FIBO Indices and Indicators Status / Plans – Roadmap and next steps – Ingesting the machine readables Finaliztion Task Force – Summary and Activities Annex: Additional Slides Roadmap: Detailed Dependencies Making use of FIBO – Requirements, Proofs of Concept 2

3. Financial Industry Global Identifier (FIGI) Progress on Agreed actions: – New Annex from some of the Bloomberg material DONE – Material on the role and responsibilities of the Registration Authority (see e.g. ISO 20022) DONE – Other adjustments as noted DONE Discussion Paper – Provide early visibility of the proposed specification – DONE – see: http://www.omg.org/cgi-bin/doc?finance/2014-02-01 Publicize the discussion paper and give industry players the opportunity to participate – EDM Council has feedback from other vendors – all OK Be ready for RFC vote in Reston 3

4. FIBO Current Activities FIBO Indices and Indicators RFC Submitted – Exceptions to longer-term process – Errata will cover Externality, SME Review changes Realigning of old EA model to OMG Foundations and BE specifications – For one-off import into Adaptive – Raw material for all next OMG RFCs – Will also be aligned to IND current draft Development of process for FIBO RFCs and parallel working 4

5. EA Semantics Repository Realignment Realigning existing EA model (“Semantics Repository”) with OMG FIBO migration changes – OMG and pre-existing ontologies co-exist semantically – Updated to align with IND material – Will be one-off process, imminent When complete this will go to Adaptive – Adaptive creates “raw” RDF/OWL – Input to OMG Migration process for ALL future OMG RFCs – Can start to create visual representations in Adaptive business facing visualizations Modeler-facing visualizations – Need to create “Item Type” icons for these 5

6. FIBO Specifications FIBO Foundations – Approved for Finalization – FTF convened – Completion scheduled for June 2014 FIBO Business Entities – Approved for submission – Public commenting period open – To be voted on in March 2014 (“Second Reading”) FIBO Indices and Indicators – Draft submitted for Reston – Errata in preparation 6

7. Current Roadmap 7 Cop yrig ht © 201 0 ED M Cou ncil Inc. FIBO Market Data, CAE, Risk/Reporting 20132014Beyond Foundations Business Entities Securities Common Indices & Indicators Next on Roadmap Other FIBO Components Public review Industry review OMG finalization TF (FTF) OMG finalization Final Q1Q2Q3Q4 OMG Revision TF (RTF) Q4 Parallel working?... { This time

8. FIBO Indices and Indicators Scope Process this time around Actions for Reston / Errata Decisions Needed – Fx Readiness Namespace: EDMC-FIBO/IND/ 8

9. Indices and Indicators Status: Submitted draft as of OMG 4-week Deadline (24 Feb) The FIBO development process is still in preparation, so this was the last of the FIBO submissions prepared without the benefit of all aspect components of the new process – This is a fairly small specification turned around in a relatively short time – It gives a good indication of the state and variability of the existing Semantics Repository business content – There are lessons to feed in to the process itself Here’s the proposed process: 9

10. FIBO Q1 2014 Development Process 10 Syntactic Transformation Semantic Enhancement Submission to OMG Architecture Board OMG Public comments EDM Council Determines Next FIBO SubDomain Release Happy Industry Requirements Review Readiness with SME Team Not Happy Yes Change FIBO BCO No Consistency Testing/Repairs Changes No Yes Build/Test OMG Submission No FIBO BCO/UML Model in EA Refactoring FIBO BCO/UML Model in Cameo/VO M Semantic Issues Correction Perform Externality Review Change or add yes No Validation with Instance Data Spiral implementation of enhancements Final SME Review Enhance? No Yes Pass? Yes No One time conversion of EA to Cameo/VOM FIBO Use and Maintenance in Cameo/VOM Development Version: 1/24/14 Copyright © 2014 EDM Council Inc.

11. Process Elements for FIBO-IND 11 Done: – OWL Technical tests Not done before 24 Feb: – SME Review Assess review status of Semantics Repository Material SME Review after OWL refactoring – Externality Reviews (abstractions, re-use) – Tests of OWL on sample instance data

12. SME Reviews 12 SME Review Status of SR Material – This was in various stages of review completion – Fx in particular had incomplete details of core term, and could have been extended for well- known Fx concepts not included SME Review of Completed OWL – We still have no presentation tool for this – SME Review will be carried out between now and Reston – Elisa has kindly volunteered SME resources for this

13. Externality Review: not carried out 13 Instead we used very little of the higher level abstractions and added only one such abstraction initially (erred on the side of caution) Subsequent reviews have identified possible abstraction and re-use for: – Mathematical concepts (add to the one element we created in a new ontology in Foundations) – Published Information / Information Possible externals include ISO 1087 concepts not yet available

14. What we can Expect 14 Errata for Indices and Indicators content – Changes, improvements across all sections – Additional material in Foundations / Math Also confirm if we are OK with “Math” as a name? – Additional abstractions for published information? Possible minor document changes Addition of the “Examples” ontologies – Terminology for rates, indices, indicators is very loose in the industry, so examples will help Foreign Exchange: Major changes OR withdraw

15. Indices and Indicators Scope Indicators Common Terms Foreign Exchange Interest Rates – Including Interest Rate Publishers Market Indicators – Including Inditarot Publishers NOT IN SCOPE: – Market (Basket-based) Indices (e.g S&P) – Temporality aspects of index / indicator values 15

16. Scoping Issues and Considerations Divided Indices and Indicators to remove the dependency on Securities Common (basket indices) Foreign Exchange included but was not very complete – Decision as to whether to take this off the table or implement SME-led changes as Errata for March Removed dependencies on Date/Time (“Dated Value” concepts) Anticipate DTV alignment during FTF – Therefore existing treatment for values will change Will later need to resubmit a completed I&I with securities- derived indices, after completing Securities Common, Equities, Bonds 16

17. Consuming FIBO Deliverables 17

18. Consuming FIBO Deliverables Availability of the Material – As semantic tech (formal assertions) – Terms and definitions – Metadata requirements Consuming the Machine Readables Forward visibility of business content Understanding how to stand up SemTech applications Cross-reference to other standards, ontologies – ISO 20022, MISMO etc. mapping Ontology alignment / consumption – Linked Data / Big Data 18

19. The Machine Readables Each FIBO RFC consists of: – Written specification (including diagrams, tables) – Machine Readables: RDF/OWL ODM XMI UML XMI These are all highly modular External dependencies: – OMG Specification Metadata – Dublin Core – SKOS 19

20. Metadata Requirements What do our real constituents need to see in FIBO in order to be able to use it? – Metadata: Definitions etc. (OK) Archetypes / common semantic patterns Classification facets Business contexts (Thirdness constructs) What else? – Spreadsheets for mapping, integration – What else are people looking for? 20

21. Ingesting the Machine Readables Shared experiences on this: – The dependencies are not clear in the available documentation – There are dependencies on OMG material not in FIBO SpecificationMetadata, when available – There are dependencies on non OMG specifications SKOS and DC Not a problem for OWL – uses URI for these Is a problem for UML XMI consumption UML XMI for these has been prepared and would be available at a suitable OMG web address 21

22. Addressing these: Create a guide to using machine readables, for each type – RDF/OWL – UML XMI – ODM XMI Files which a draft specification includes are not on the OMG site at the identified URL because the specification is not published yet – We need to describe how to re-create the required structure locally and how to make the delivered files look in those local locations instead of in the URLs which are included in that specification – This also appears to apply to the non FIBO material We need an update from OMG / AB or whoever owns these, about when they will be referenceable via the stated URLs. – This information needed for: OMG Specification Metadata (all formats) UML XMI rendition of SKOS, DC and possible others (XML?) 22

23. Availability of FIBO Material FIBO concepts are in two places: – Formal OMG Specifications – Draft material in Semantics Repository Diagrams (still reflect the ODM pre-1.0 metamodel) Spreadsheets Downloadable EA file (in newer ODM 1.0 metamodel and profile) – Repository website updated with status Substantive (previously “Beta”): SME Reviews completed Draft: SME Reviews incomplete Not started (payments, portfolios) After Adaptive one-off migration: – In “old” OWL (primitive application of OWL constructs) – On hosted repository What about de-referenceable URIs? 23

24. Finalization Task Force (FTF) 24

25. Finalization Task Force There is one FTF per FIBO Specification – Currently only FIBO Foundations has an FTF Initiated after the specification is approved for Adoption Membership is finalized the day after the adoption vote but may be updated at the following quarterly meeting FTF Charter defines specific milestone dates All issues raised before the given date must be dealt with; other issues may continue to be raised and dealt with – Foundations FTF cut-off for issues was Feb 28 25

26. FTF Charter A Finalization Task Force is a group of OMG members who are assigned to deal with formal issues raised against a specification When it completes its work, the “Final” version of the spec is published – Listed members get a vote – Other representatives may dial in, subject to the “non Assert” IP requirement The FTF Charter covers: – Documents which make up the standard (“Base Documents”) – Members – Important dates Following Finalization, a similar body called a Revision Task Force may be constituted 26

27. FTF Activities Issues which FTF is obligated to address: 28 Feb – But: Issues can be raised after that – The significance of 28 Feb is only that all issues raised by that date, must be dealt with by the FTF before its completion deadline – UPDATE: Have any issues been raised? Raising Issues: JIRA system now set-up from OMG Issues Expected: – Formal issues raised against RFC during the public review To be re-raised, one issue per issue report – Re-raise of issues raised internally which were not addressed (e.g. vocabulary / definition issues) – Issue with treatment of Role, PartyInRole Identified on FIBO-BE but the building blocks are in FIBO-FND – Additional issues noted during POC activities 27

28. FIBO Foundations FTF: Base Documents 28 FIBO Foundations Specificationfinance/13-09-02 Inventory files for Errata file, updated specification, and updated Machine Readable UML XMI finance/13-09-05 FIBO Foundations UML XMI filesfinance/13-09-06 FIBO Foundations OWL Filesfinance/13-08-03 FIBO Foundations ODM XMI Filesfinance/13-08-05

29. FIBO Foundation FTF: Members 29 CompanyRepresentative EDM CouncilMr. Dennis WisnoskyMr. Dennis Wisnosky (Chair) 88solutionsMr. Manfred R. Koethe AdaptiveMr. Pete Rivett Bloomberg LPMr. B. Richard Beatch General ElectricDr. Harsh SharmaDr. Harsh Sharma (awaiting approval) No Magic, Inc.Mr. Lonnie VanZandt Thematix Partners LLCMrs. Elisa F. Kendall WebFilingsMr. Timothy RandleMr. Timothy Randle (awaiting approval)

30. FIBO Foundations FTF: Dates 30 Voting List DeadlineDecember 13, 2013 Beta 1 specification publicationJanuary 14, 2014 FTF comments dueFebruary 28, 2014 FTF Report due dateMay 19, 2014 FTF recommendation and report deadlineJune 27, 2014

31. RFC Change Management FTF and RTF work on formal “Issues” Future RFCs will also require updated to FIBO Foundations, FIBO-BE Similarly, Early scope of Indices and Indicators, Derivatives, Debt, Loans will be updated with material that can only be modeled when specs they are dependent on are completed – Example: I&I first version excludes securities-related indices – Example: Deriative released in tranches as the various underlying assets are modeled These all need to be done as RFCs not FTF/RTC work 31

32. Annex: Additional Material 32

33. Additional Slides Process Definition – detailed descriptions of activities – Externality Reviews – SME Reviews Roadmap: Managing Dependencies FIBO Deployment – Access to FIBO business semantics for common business “dictionary” application – Semantic technology deployment / Proofs of Concept 33

34. Process Definition Mapped out the “As is” process flow and tooling Mapped out initial draft of “To be” process – This will need fine tuning according to the state of completion and SME history of the required content Process Coverage – FIBO OMG Preparation process refactoring spec production – FIBO SME Review Process Including Foundational semantics / externality review – OMG Process 34

35. FIBO Specifications Migration Migration of FIBO “Product” ontologies to the new RDF/OWL architecture (addition of restrictions) Each of these will entail an update to FIBO Foundations and sometimes FIBO BE (e.g. for Funds entities). Foundational Concepts “Externality Review” – To be identified and completed as needed for each product class – Working groups of domain experts and academia to be convened on these on a per requirement basis 35

36. SME Review and Foundational Semantics Different sections are in varying stages of completion and SME review All need refactoring to new OMG / OWL architecture (use of restrictions etc.) Two activities which will require broader business participation (distinct from technical refactoring exercises) – Externality Review – Subject Matter Expert review Need to plan and resource this 36

37. Externality Reviews Research and identify re-usable content semantics – In formal published ontologies – Business models in non ontological (non FOL) formats – Technical / messaging standards to “reverse engineer” into semantics Pre-requisite: identify abstractions needed to support the specification concepts Examples: – Transaction semantics (REA) – Party / Role treatments – Legal / contractual etc. treatments 37

38. Externality Review Examples Derivatives: – Needs Transaction Shared Semantics Extends Foundations model of commitments, agreements etc. In line with ISO 15944-4 (REA) – Other e.g. Margining, Collateral Securities, Derivatives have Schedules – Phase 1 of OMG Date Time Vocabulary alignment Now available in OWL Shared Semantics strategy Funds / CIV: FIBO-BEs update in Trusts, Entities SPVs: FIBO-BE update to add core SPV model Temporal Terms – Phase 2 of OMG DTV alignment 38

39. Projected Workload In the coming months we can expect to see detailed business- facing explorations of topics for which we need to complete the foundational semantics. These include: – Parties and Roles Under discussion in POC group already Also needed for issue resolution for FIBO-BE – Transactions – Contracts, commitments, agreements, arrangements… – Accounting concepts – Information constructs (identifiers, codes and schemes) – Geopolitical, address, real estate etc. (Loans) Working meetings to address these matters – Convene on an “as required” basis per topic? – Much is already in FIBO EA models but will benefit from broader review and close-out 39

40. Business SME Validation Requirements Business/ SME Presentation Written definitions reviews OWL Restrictions – Were not used in previous business facing views. Need to be able to validate models with these Natural language expression using SBVR Graphical rendition experiments OWL Object Property Types – (transitive, functional, irrecursive etc.) – Were used only minimally in previous SME views and were presented as tags only – Exploring the use of SBVR to express implications of these in controlled natural language 40

41. Future FIBO Specifications Products (reference data for securities, loans, derivatives) Temporal terms (pricing / analytics) Process related terms (corporate events, issuance, payments) 41

42. Roadmap 42 (1) Business Entities/Foundations (3) Common Concepts for all Instruments Listed Instruments – (5) Equities – Debt (4) Common Debt Terms (4) Bonds (10) Structured Finance (dependent on bonds and mortgage) (10) Money Markets (includes repo, treasury, government, agency, tax-free, etc.) Derivatives – (7) Common Concepts for all Derivatives – [NB] OTC (11) Asset (dependent on equities, bonds and common debt terms) (11) Commodity (8) Foreign Exchange (8) Credit Default Swap (dependent on common concepts for loans, common debt terms and indices/indicators) (8) Rate Based (dependent on indices) (11) Contracts for Difference – (13) [NB] Exchange Traded (15) [NB] Rights and Warrants (dependent on common concepts for ALL instruments) (12) [NB] Collective Investment Vehicles (dependent on listed instruments, derivatives and indices) (2) Indices/Indicators [NB] Loans – (6) Common Concepts for Loans – (9) Mortgage – (14) Other General Purpose Construction Student Miscellaneous (number = BCO priority; NB = not yet in Beta)

43. FIBO Roadmap: Reference Semantics Have decided to break the dependencies linkages by releasing in tranches: – Indices and Indicators – Securities (Debt, Equity) – Loans (general / common concepts) – Derivatives (rate-based, CDS, Fx) – Mortgages – Structured Finance (MBS, ABS, CDO) + Money Markets – Other derivatives (Asset, Commodities, CFD) – CIV (Funds) – Exchange traded Derivatives (Futures, ET Options) – Loans (Construction, Student, Miscellaneous) – Rights and Warrants 43

44. FIBO Roadmap: Longer View Reference data terms semantics – see previous Temporal Terms: Pricing, Analytics – By instrument class (Common, Debt, Equity) – By type (prices, yields, analytics, ratings, status Process Terms – Corporate Actions – Securities Issuance Portfolio / Positions Payments 44

45. Deployment Scenarios Operational ontologies Logical data models – Mapping – different architectures / experiences – UML Trace linkage within MDA environment Data feed / message integration Semantics for rules Accessing definitions and meanings – What should people see when clicking on a link? – Reference from data model metadata SPARQL end point 45

46. Proofs of Concept Operational Ontologies – Classification – Counterparty exposures Bank of England – reporting via semantics Mapping / Common language – There is considerable interest in this from various EDM Council stakeholders – Need to create an environment in which people can share experiences in using FIBO as common concept model Lessons learned Mapping for different logical model architectures 46