The FIBO FND 1.2 RTF deprecated the class named ContractTermsSet in the Contracts ontology in favor of ContractualCommitment. There is one class called StandardizedTermsSet in the FinancialInstruments ontology that should be modified accordingly, rather than continue referring to a deprecated class.

The current definition of debt instrument, which is "a financial instrument evidencing monies owed by the issuer to the holder on terms as specified" is too limiting – it does not allow for cases where real property or another instrument might be owed, as opposed to cash.

The definition of derivative instrument in the financial instruments ontology defines an instrument in terms of its owner. A more precise definition would refer to the holder of the instrument rather than the owner.

The about file for the FBC products and services module has the same name as the one in FND, and should be differentiated so that users and tools are not confused as to which is which.

Currently, the parent property for hasPrincipalExecutiveOfficeAddress is "has", but instead should be "hasAddress".

The concept of a lifecycle, such as a product lifecycle, economic lifecycle, etc. is urgently needed for securities and derivatives, together with concepts for lifecycle stages and events. These concepts are shared across a number of finance areas, for example for loan origination, the lifecycle of a capital markets deal, and in particular for swaps and derivatives.

New SEC rulings will reporting of certain information as at a number of stages in the lifecycle of an order, including at origination, routing, modification, cancellation, and execution, so having the concept of a lifecycle (and in this case an order lifecycle), the relevant stages, and events that occur during those stages, including but not limited to events that trigger reporting requirements, is essential.

Several ontologies scattered throughout several FIBO domain areas including Securities and Derivatives, which are in planned additions to the existing FIBO specifications, that have properties called hasSettlementDate, and there are additional details under Derivatives related to settlement that are needed across instrument types. This information should all be in FBC.

This concept should be a child of PartyInRole, and a parent of two additional new classes, ThirdPartyAgent and LicensedAgent, per the CFTC requirement, with a definition similar to "An agent in the financial sense is any person who has been legally empowered to act on behalf of another person." See the 17 CFR Part 45 and
"The term “registered entity” includes SEFs and DCMs. See CEA sections 1a(40)(A), (C) and (D), 7 U.S.C. 1a(40) (A), (C) and (D). The Commission stated in the RTR Adopting Release that SEFS and DCMs may enter into a contractual relationship with a third party service provider to transmit swap transaction and pricing data to an SDR; however, the SF or DCM will remain responsible for such reporting requirement pursuant to part 43. RTR Adopting Release at 1201." which we are calling ThirdPartyAgent in SEC (issuance).

Two concepts are required to cover the general notion of a registered agent because of the separation between organizations and individuals in FIBO. Thus, a ThirdPartyAgent is a service provider (organization) and licensee that has the authority to act on behalf of another individual or organization, such as a law firm, accountancy, or investment bank. LicensedAgent is a responsible party (individual) and licensee that has the autority to act on behalf of another individual organization, such as an insurance agent, financial advisor, certain attorneys, and brokers.

http://www.cftc.gov/idc/groups/public/@newsroom/documents/file/specificationsswapdata122215.pdf

A number of new account types have been identified by the banking community as needed for retail banking. These account types also correspond to accounts in schema.org, which the banks want to map FIBO to.

Specific requests for this have been made by Wells Fargo, as well as by several vendors interested in aligning FIBO with schema.org.

The concept is really that of an AccountingTransaction, and per request from the OFR (US Treasury Department) should be renamed to AccountingTransaction.

The current definition of account does not allow for custodial or nominee accounts. It also overly constrains the definition of the parties related to the account, and does not provide for the notion that an account may owned by the account holder.

The definition should be sufficiently general to cover ledger accounts as well as accounts owned by customers, nominee accounts, custodial accounts for minor children, and so forth.

This change was requested by repository vendors who are using FIBO for various purposes, wherein a "follow your nose" approach to understanding the relationship between an entity and the ontology in which is is defined requires URI parsing and is cumbersome.

This change impacts the machine readable ontologies only; diagrams and the specification document are not impacted by this.

To reproduce the issue in the OMG reference ontology editor, Protégé 5.2:
File->Open From URI...
http://www.omg.org/spec/EDMC-FIBO/FBC/AboutFBC-1.0.rdf

Throws several error messages like below:
Imported ontology document http://www.omg.org/spec/EDMC-FIBO/BE/GovernmentEntities/GovernmentEntities/ does not exist on the Web (File Not Found).
Indeed, there is no GovernmentEntities.rdf in the OMG directory: http://www.omg.org/spec/EDMC-FIBO/BE/1.0/Beta2/index.htm
The same error can be reproduced by opening one of the importing ontologies. For example
File->Open From URI: File->Open From URI...http://www.omg.org/spec/EDMC-FIBO/FBC/FunctionalEntities/FinancialServicesEntities.rdf
This leaves FinancialServcesEntities classes that refer to GovernmentEntities inconsistent. E.g. fibo-fbc-fct-fse:CentralBank has a restriction owl:allValuesFrom fibo-be-ge-ge:Instrumentality, which is undefined.

This does block not only implementation work, but also users of OMG-FIBO and ontologies that import the standard.
Resolution:
1) Please advise of any workaround
2) Add missing ontology files to http://www.omg.org/spec/EDMC-FIBO
3) As a QA check, open all published URIs with the reference ontology editor. Make sure there are no import errors.

Can you advise of a resolution date?

Many thanks
Jurgen Ziemer

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.