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Standards and Semantics in financial services. Standards for Financial Services – Securities Markets.

Published byPhyllis Hensley Modified over 9 years ago

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Presentation on theme: "Standards and Semantics in financial services. Standards for Financial Services – Securities Markets."— Presentation transcript:

1 Standards and Semantics in financial services

2 Standards for Financial Services – Securities Markets

3 OTC Product Density 1972 - Present

4 Funding Decision Underwriting – Generic Capital Market Fundraising Identifier Assignment Subscribers Depends on asset type Prospectus Allocations Pricing, Terms, Allotments Depositary Custodian(s ) TRADE LIFECYCLE Front Office Middle Office Back Office SEC

5 Standards Landscape

6 Financial Semantics in OWL A first attempt Pizza approach –“Everything is a Thing” Would not account for common terms –e.g. accounting terms for equity, debt, cashflow

7 Hypercube/EDM Council: The Semantics Repository KR Lattice Global terms Instruments Components Dated terms, process etc. Common types and selection lists Top level: KR Lattice hierarchy philosophical order continuant v occurrent concrete v abstract Mid level: Global terms Accounting Legal Math etc. EDMC: Financial Instruments Semantics Securities Components Market data Processes

8 Hypercube/EDM Council: The Semantics Repository KR Lattice Global terms Instruments Components Dated terms, process etc. Common types and selection lists Top level: KR Lattice hierarchy philosophical order continuant v occurrent concrete v abstract Mid level: Global terms Accounting Legal Math etc. EDMC: Financial Instruments Semantics Securities Components Market data Processes These need to be aligned with the best of the rest

9 General Systems Characteristics Global scale Information sets are comprised from real-time and historical sources across multiple corporate/SRO/regulatory entities Legacy architectures –Messaging systems –Databases Business Processes resemble “paved cow trails” Terms start off with meaning (legal / contractual) but this is eroded as data passes through numerous systems and data feeds

10 Crossing the Language Interface Business world Technology world Physical design Logical design Business terms (semantics) The language interface MDDL FIX FpML ISO 20022 / FIBIM EDMC SR trace

11 Messaging and Database requirements Business world Technology world Physical design Logical design Business terms (semantics) The language interface Database schemes EDMC SR Message schemes Logical Data modelsLogical message models

12 Messaging and Database requirements Business world Technology world Physical design Logical design Business terms (semantics) The language interface Database schemes EDMC SR Message schemes Logical Data modelsLogical message models trace The Challenge – Where are the tools?

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