FIBOFND11 — A definition for rate is missing from FND/Utilities/Analytics, required to represent interest rate, payment rate, and market rate

We need the definition of "rate" in IND, which should be a child of quantity in the quantities and units ontology, with a definition of "a quantity measured with respect to some other quantity", adapted from http://www.thefreedictionary.com/rate and http://www.icoachmath.com/math_dictionary/rate.html

We also need a definition for "interest rate", which should be added to currency amount, as a child of rate (above) and monetary measure in currency amount, with the following definition: "a rate of interest charged for the use of money, usually expressed as an annual rate", with explanatory note "The rate is derived by dividing the amount of interest by the amount of principal borrowed. Interest rates are quoted on bills, notes, bonds, credit cards, and many kinds of consumer and business loans.", adapted from "Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014.

This is critical for both securities and IND and should be included in the FIBO FND 1.1 Specification, in addition to the changes required to support FBC.

A definition for rate is missing from FND/Utilities/Analytics, required to represent interest rate, payment rate, and market rate

We need the definition of "rate" in IND, which should be a child of quantity in the quantities and units ontology, with a definition of "a quantity measured with respect to some other quantity", adapted from http://www.thefreedictionary.com/rate and http://www.icoachmath.com/math_dictionary/rate.html

We also need a definition for "interest rate", which should be added to currency amount, as a child of rate (above) and monetary measure in currency amount, with the following definition: "a rate of interest charged for the use of money, usually expressed as an annual rate", with explanatory note "The rate is derived by dividing the amount of interest by the amount of principal borrowed. Interest rates are quoted on bills, notes, bonds, credit cards, and many kinds of consumer and business loans.", adapted from "Barron's Dictionary of Finance and Investment Terms, Ninth Edition, 2014.

This is critical for both securities and IND and should be included in the FIBO FND 1.1 Specification, in addition to the changes required to support FBC.

Additionally, the Securities specification requires a definition for price, currently missing in currency amount, that includes (1) a basic price, which could result in the exchange of money or something else, such as a financial instrument or something tangible (i.e., a service or other barter), (2) a monetary price, which is a price that involves the exchange of money for something, and (3) a calculated price, which is a price that involves a monetary amount that is calculated via a formula.

This issue affects sections10.1.3, Analytics, 10.12.2 Currency Amount, and the new section 10.14, Quantities, which was added via the FIBO FBC RFC (adopted in December 2015). It requires that the revisions identified in resolutions to issues FIBOFND11-6, FIBOFND11-8, and FIBOFND11-10, which augment the FIBO FND specification with ontologies for Classification Schemes and Quantities, and revise the Currency Amount ontology to support ISO 4217 Currency Codes, have already been applied, in other words.

The changes specified in this resolution are incremental, monotonic revisions (i.e., they preserves the set of axioms defined in the ontology in their entirety) to the specification, and thus will not have any negative downstream impact on the FND or other FIBO specifications.
The changes to the Analytics ontology also correct a reasoning error uncovered during testing of the resolution to this issue, namely, elimination of the use of a custom datatype in favor of the equivalent XML Schema datatype.