In the FIBO IND FTF 2, an issue was raised with respect to the fact that there was a duplicate definition (incorrectly specified) for CentralBank in the Interest Rate Publishers ontology. That definition depended on the notion of a Monetary Authority, which is not currently represented in FBC.

This issue reflects moving the original concept of a monetary authority to its proper home in FBC, and integrating that with the current definition of a central bank.

Integrate the concept of a Monetary Authority with the concept of Central Bank in FBC

In the FIBO IND FTF 2, an issue was raised with respect to the fact that there was a duplicate definition (incorrectly specified) for CentralBank in the Interest Rate Publishers ontology. That definition depended on the notion of a MonetaryAuthority, which is not currently represented in FBC.

This issue reflects moving the original concept of a monetary authority to its proper home in FBC, and integrating that with the current definition of a central bank. There was also a request from Deutsche Bank to revise the definition of central bank slightly, to replace the word “nations” with “countries”, which the resolution to this issue also addresses.

A number of definitions, including trade, position, holding, and exposure are lacking in FBC and are sorely needed to support work in securities and debt instruments. They are also required for risk analysis, and thus span multiple FIBO domain areas. In other words, basic definitions for these terms that can be extended by the various domain specifications, as required, need to be added to FBC.

Need to add definition of Trade to FBC (high level)

A number of definitions, including trade, position, holding, and exposure are lacking in FBC and are sorely needed to support work in securities and debt instruments. They are also required for risk analysis, and thus span multiple FIBO domain areas. In other words, basic definitions for these terms that can be extended by the various domain specifications, as required, need to be added to FBC.

This issue affects section 9.4.1, Financial Products and Services in the FIBO FBC 1.0 Beta 1 specification. It depends on the resolution to FIBOBE-6 (in the FIBO BE 1.1 RTF report), which adds a FunctionalEntity class to the FunctionalEntities ontology.

The definition of SRO is missing from the financial services entities ontology, for which examples include FINRA, MSRB, and so forth. This is considered a show stopper by some of the bank subject matter experts who are early adopters of FIBO.

FBC is missing the definition for a self-regulating organization (SRO)

The definition of SRO is missing from the financial services entities ontology, for which examples include FINRA, MSRB, and so forth. This is considered a show stopper by some of the bank subject matter experts who are early adopters of FIBO.

Resolution of this issue depends on the resolution of FIBOFBC-1.

Not all instruments have identifiers, thus the restriction should be relaxed to allValuesFrom. In addition, the definition of financial instrument is difficult to understand and needs revision.

Also, the definition of security is essentially that of a negotiable security and should be revised to include a synonym of "negotiable security" to clarify this.

Relationship between FinancialInstrument and a FinancialInstrumentIdentifier is too restrictive

Not all instruments have identifiers, thus the restriction should be relaxed to allValuesFrom. In addition, the definition of financial instrument is difficult to understand and needs revision.

Also, the definition of security is essentially that of a negotiable security and should be revised to include a synonym of "negotiable security" to clarify this.

Currently, FBC includes a US-specific ontology for financial services entities and for regulators that was created prior to development of a more general approach to representation of jurisdiction-specific ontologies in the FIBO BE 1.1 RTF report and resulting specification.

The new North American and European content in BE takes an approach of modularity by continent, and incorporates recent work in development of general purpose government entities that are duplicated (in a handful of cases only) in the FBC material.

The FBC jurisdiction-specific content should be restructured to (1) follow the BE approach, and (2) to leverage that material for better definition of current and future jurisdiction-specific entities, regulators, and regulations.

It is important to do this now, in FTF, so that the material in FBC now does not need to be deprecated in its entirety in future versions, among other important reasons for doing this.

The structure and content of the US-specific functional entities in FBC should be revised to reflect the approach and content of the new BE Government Entities ontology and individuals

Currently, FBC includes a US-specific ontology for financial services entities and for regulators that was created prior to development of a more general approach to representation of jurisdiction-specific ontologies in the FIBO BE 1.1 RTF report and resulting specification.

The new North American and European content in BE takes an approach of modularity by continent, and incorporates recent work in development of general purpose government entities that are duplicated (in a handful of cases only) in the FBC material.

The FBC jurisdiction-specific content should be restructured to (1) follow the BE approach, and (2) to leverage that material for better definition of current and future jurisdiction-specific entities, regulators, and regulations.
It is important to do this now, in FTF, so that the material in FBC now does not need to be deprecated in its entirety in future versions, among other important reasons for doing this.

The notion of a basket (collection) and things that it contains is required for both the Indicators and Indices specification to support defining CPI, and in the securities specification, for defining baskets of indices, baskets of securities, mixed baskets, and so forth.

This is relatively urgent, although a small addition of two classes, as CPI is a critical indicator being revised in the IND specification's FTF 3 report that depends on these definitions.

Need a general definition of basket in FBC, together with a basket constituent

The notion of a basket (collection) and things that it contains is required for both the Indicators and Indices specification to support defining CPI, and in the securities specification, for defining baskets of indices, baskets of securities, mixed baskets, and so forth.

This is relatively urgent, although a small addition of two classes, as CPI is a critical indicator being revised in the IND specification's FTF 3 report that depends on these definitions.

This issue affects section 9.4.1, Financial Products and Services in the FIBO FBC 1.0 Beta 1 specification. It depends on the resolution to FIBOFBC-5, due to substantial revisions to this ontology from the perspective of machine-readable files, although the content is complementary.