FIBOIND_ — Interest rate authority and central bank are misclassified in the Interest Rate Publishers ontology

Currently, an interest rate authority is classified as a kind of AgentInRole, although its definition is “an authority responsible for the publication of some interest rate”. It is also a subclass of a restriction that states that it “sets some ReferenceRate”.

In IND, the concept of a FinancialInformationPublisher already exists, which should be a parent of this class. An interest rate publisher is also a financial services provider, as stated in the explanatory notes, and especially if this concept represents an organization that sets reference rates.

Further, the notion of a central bank is a first class concept in the FIBO FBC specification, and should not be duplicated / buried in the interest rate publishers ontology (which may extend the FBC definition as needed). Both CentralBank and MonetaryAuthority in the Interest Rate Publishers ontology should extend definitions in FBC, of functional entities, rather than create new independent parties herein for the same purpose.

Interest rate authority and central bank are misclassified in the Interest Rate Publishers ontology

Currently, an interest rate authority is classified as a kind of AgentInRole, although its definition is “an authority responsible for the publication of some interest rate”. It is also a subclass of a restriction that states that it “sets some ReferenceRate”.

In IND, the concept of a FinancialInformationPublisher already exists, which should be a parent of this class. An interest rate publisher is also a financial services provider, as stated in the explanatory notes, and especially if this concept represents an organization that sets reference rates. Thus, it should extend the concept of FinancialServicesProvider from FBC (which did not exist when this ontology was originally developed). In addition, the resolution to issue FIBOIND-6 revised the name of the ReferenceRate class to ReferenceInterestRate, so any dependency in this ontology on that concept must be revised accordingly.

Further, the notion of a central bank is a first class concept in the FIBO FBC specification, and should not be duplicated / buried in the interest rate publishers ontology (which may extend the FBC definition as needed). Both CentralBank and MonetaryAuthority in the Interest Rate Publishers ontology should extend definitions in FBC, of functional entities, if required, rather than create new independent parties herein for the same purpose.

This issue affects section 9.4.2 Interest Rate Publishers Ontology in the FIBO IND 1.0 Beta 2 specification. It depends on the resolution to FIBOIND-6.

The corresponding changes to the FIBO FBC specification with respect to the addition of MonetaryAuthority and modification of the current definition of CentralBank have been filed in a resolution to issue FIBOFBC-1, which has been resolved in the FBC FTF simultaneously with this IND FTF report.