FIBO Indices And Indicators Avatar
  1. OMG Specification

FIBO Indices And Indicators — All Issues

  • Acronym: EDMC-FIBO/IND
  • Issues Count: 13
  • Description: All Issues
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All Issues

Issues Summary

Key Issue Reported Fixed Disposition Status
FIBOIND_-26 Clause 8, Architecture is significantly out of date EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-8 Interest rate authority and central bank are misclassified in the Interest Rate Publishers ontology EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-6 Interest rates and exchange rates should be moved to a higher level of abstraction EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-28 Correct typo in the properties section of Table 9.11, Interest Rate Publishers Ontology Details for the property "sets" EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-30 Eliminate deprecated elements from the Interest Rates ontology and reformat table per the other resolutions EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-24 Need a better representation for general economic indicators EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-22 Additional concepts refining the concept of a market rate are needed to distinguish daily averages and end-of-day quotes EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-17 Section 7, Introduction, contains redundant information EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-15 Section 6, Additional Information, is obsolete EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-20 Section 9.1, Introduction, is obsolete EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-13 The normative references section of the specification is out of date and should be updated EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-11 The conformance section of the specification reflects an out of date approach to conformance for FIBO and should be updated EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed
FIBOIND_-9 The introduction to the specification reflects an out of date overview of FIBO and IND and should be updated EDMC-FIBO/IND 1.0b2 EDMC-FIBO/IND 1.0 Resolved closed

Issues Descriptions

Clause 8, Architecture is significantly out of date

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 8 describes the ontology architecture and specifies the URIs for all of the ontologies in the specification. This section is not only out of date with respect to the IND specification, but includes old material for the specifications on which it depends, namely, FND and BE, and is missing the corresponding material on FBC.

    The FTF recommends removing material specifying the URIs for the specs on which IND depends, and updates the material pertinent to IND.

  • Reported: EDMC-FIBO/IND 1.0b2 — Tue, 16 Aug 2016 17:05 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Clause 8, Architecture is significantly out of date

    Section 8 describes the ontology architecture and specifies the URIs for all of the ontologies in the specification. This section is not only out of date with respect to the IND specification, but includes old material for the specifications on which it depends, namely, FND and BE, and is missing the corresponding material on FBC.

    The FTF recommends removing material specifying the URIs for the specs on which IND depends, and updates the material pertinent to IND.

    This issue applies to Section 8, Architecture in the IND specification and does not impact any machine readable content. It does, however, provide wrong and extraneous information regarding content in other FIBO specifications that should be eliminated, and is out of date with respect to IND itself.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

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

  • Key: FIBOIND_-8
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    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.

  • Reported: EDMC-FIBO/IND 1.0b2 — Wed, 27 Apr 2016 21:55 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    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.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

Interest rates and exchange rates should be moved to a higher level of abstraction

  • Key: FIBOIND_-6
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Currently, IND includes a hierarchy as follows:
    Measure (from FND/Utilities/Analytics)
    – MarketRate
    ---- ExchangeRate
    ---- ReferenceRate
    – Statistical Measure (from FND/Utilities/Analytics)
    ---- EconomicIndicator
    ---- MarketSpread
    ---- Volatility
    ReferenceRate has children that are all kinds of interest rates, but there is no higher level interest rate class since most interest rates are not reference rates, and certain exchange rates can also be reference rates, but not all are reference rates.

    What is needed is to create (1) a high-level class called Rate as a child of Measure, (2) children of Rate that include InterestRate, ExchangeRate, MarketRate, and ReferenceRate, and (3) in cases where the relevant rates are also reference rates, make them children of ReferenceRate and/or add a property that indicates that a given Rate is in fact a reference rate.

    This issue has been partially addressed in FIBO FND 1.1, wherein a new Rate class as well as higher level classes for InterestRate and ExchangeRate have been added, but the IND ontologies need revision to take advantage of these modifications.

  • Reported: EDMC-FIBO/IND 1.0b2 — Wed, 27 Apr 2016 20:50 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Interest rates and exchange rates should be moved to a higher level of abstraction

    Currently, IND includes a hierarchy as follows:
    Measure (from FND/Utilities/Analytics)
    – MarketRate
    ---- ExchangeRate
    ---- ReferenceRate
    – Statistical Measure (from FND/Utilities/Analytics)
    ---- EconomicIndicator
    ---- MarketSpread
    ---- Volatility

    ReferenceRate has children that are all kinds of interest rates, but there is no higher level interest rate class since most interest rates are not reference rates, and certain exchange rates can also be reference rates, but not all are reference rates.

    What is needed is to create (1) a high-level class called Rate as a child of Measure, (2) children of Rate that include InterestRate, ExchangeRate, MarketRate, and ReferenceRate, and (3) in cases where the relevant rates are also reference rates, make them children of ReferenceRate and/or add a property that indicates that a given Rate is in fact a reference rate.

    This issue was partially addressed in the FIBO FND 1.1 specification, with the addition of Rate, InterestRate, and ExchangeRate, but the corresponding revisions are needed in the FIBO IND specification.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

Correct typo in the properties section of Table 9.11, Interest Rate Publishers Ontology Details for the property "sets"

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The definition for "sets" in Table 9.11 incorrectly defines the range for the property to be AgentInRole, when, in fact it is the domain of the property that is AgentInRole, with no value for the range. The table should be revised accordingly.

  • Reported: EDMC-FIBO/IND 1.0b2 — Tue, 16 Aug 2016 18:22 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Correct typo in the properties section of Table 9.11, Interest Rate Publishers Ontology Details for the property "sets"

    Correct a typo in Table 9.11, for the definition for the property "sets". This problem crept in in the resolution to issue IND-8, with the introduction of the new table format.

  • Updated: Thu, 6 Apr 2017 13:53 GMT

Eliminate deprecated elements from the Interest Rates ontology and reformat table per the other resolutions

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The FTF determined that removing deprecated elements prior to RTF was appropriate for IND in order to limit confusion. This has been done for all of the other ontologies in IND, but the InterestRates ontology had not been revised since April, and thus this aspect of the revision was missed.

    In addition, the table format for the ontology details should be revised to reflect the format of the other ontology tables in the specification.

  • Reported: EDMC-FIBO/IND 1.0b2 — Tue, 16 Aug 2016 22:03 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Eliminate deprecated elements from the Interest Rates ontology and reformat table per the other resolutions

    The FTF determined that removing deprecated elements prior to RTF was appropriate for IND in order to limit confusion. This has been done for all of the other ontologies in IND, but the InterestRates ontology had not been revised since April, and thus this aspect of the revision was missed.

    In addition, the table format for the ontology details should be revised to reflect the format of the other ontology tables in the specification.

    This issue affects section 9.4.1 Interest Rates Ontology in the FIBO IND 1.0 Beta 2 specification. It depends on the resolution to FIBOIND-6.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

Need a better representation for general economic indicators

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The current representation of economic indicator is underspecified, and needs to include reference and reporting periods, at a minimum. Definitions for statistical universe, statistical population in the context of a statistical program are also required, to provide the context for a given indicator, with revisions to the definitions of specific indicators, such as unemployment rate, that leverage this more general pattern.

  • Reported: EDMC-FIBO/IND 1.0b2 — Sat, 13 Aug 2016 06:53 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Need a better representation for general economic indicators

    The current representation of economic indicator is underspecified, and needs to include reference and reporting periods, at a minimum. Definitions for statistical universe, statistical population in the context of a statistical program are also required, to provide the context for a given indicator, with revisions to the definitions of specific indicators, such as unemployment rate, that leverage this more general pattern.

    This issue applies to Section 9.5.1, Ontology: Economic Indicators and Section 9.5.2, Ontology: Economic Indicator Publishers in the IND specification and its resolution depends on the resolution of FIBOIND-6 and FIBOIND-22 as well as on the resolution to the issues resolved by the FIBO FBC FTF concurrently. It involves extensive revision to the definitions for economic indicator generally and to the definitions for a number of specific indicators, as well as the introduction of a number of new classes, based on FTF work supported by the Bureau of Labor Statistics (BLS) and Statistics Canada, who publish these indicators over the course of the FTF 2 and 3 working groups. The resulting ontologies are currently in test and our goal over the course of the RTF is to continue to refine them to the point that they can be used for mark-up by the statistics agencies for publication purposes. The FTF believes that the top level economic indicator definition that has come out of this effort is now sufficient for that purpose as well as to support analysis and definition of economic derivatives as needed for other FIBO specifications.

    The resolution to this issue also incorporates two small ontologies that are intended to be expanded over time, representing customization of the primary Economic Indicators ontology for the United States and Canada.

    Note that the tables in the specification are also replaced with the resolution to this issue, to clean them up at the same time to reflect the current documentation approach for FIBO. Also, because this work is still under FTF rather than RTF, any deprecated terms or properties are being eliminated to clean things up prior to formalization.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

Additional concepts refining the concept of a market rate are needed to distinguish daily averages and end-of-day quotes

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    The Indicators ontology includes the general notion of a market rate, which can have either a date or date-time stamp associated with it. At least two refinements of this concept are important from a market valuation perspective and are tracked by banks to support data governance, including daily average rate quotes and end of day rates. These two concepts need to be added to the ontology to make it more useful to the community.

    In addition, the definition of TermStructure is poorly defined with respect to how it fits in with the overall notion of a market rate, and would not be sufficient to support modeling of yield curves as it stands. A refinement on the definition of term structure to model it as a structured collection of rates would provide a starting point that can be further refined as FIBO ontologies for bonds or instruments based on market rates are integrated and tested.

    Finally, the definition of a quoted exchange rate in the Foreign Exchange ontology, which depends on the definition of market rate in the Indicators ontology, is too narrow, and should be generalized to eliminate the restriction in the text of the definition that it should settled at a defined point in time in the future. Exchange rates can be forward looking or retrospective, so this is overly constraining.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 23:25 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Additional concepts refining the concept of a market rate are needed to distinguish daily averages and end-of-day quotes

    The Indicators ontology includes the general notion of a market rate, which can have either a date or date-time stamp associated with it. At least two refinements of this concept are important from a market valuation perspective and are tracked by banks to support data governance, including daily average rate quotes and end of day rates. These two concepts need to be added to the ontology to make it more useful to the community.
    In addition, the definition of TermStructure is poorly defined with respect to how it fits in with the overall notion of a market rate, and would not be sufficient to support modeling of yield curves as it stands. A refinement on the definition of term structure to model it as a structured collection of rates would provide a starting point that can be further refined as FIBO ontologies for bonds or instruments based on market rates are integrated and tested.

    Finally, the definition of a quoted exchange rate in the Foreign Exchange ontology, which depends on the definition of market rate in the Indicators ontology, is too narrow, and should be generalized to eliminate the restriction in the text of the definition that it should settled at a defined point in time in the future. Exchange rates can be forward looking or retrospective, so this is overly constraining.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

Section 7, Introduction, contains redundant information

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 7.1, Audiences, in the IND is redundant and less informative than the revised information incorporated into section 6 via the resolution to issue FIBOIND-15, and should be removed.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 06:56 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Section 7, Introduction, contains redundant information

    Section 7.1, Audiences, in the IND is redundant and less informative than the revised information incorporated into section 6 via the resolution to issue FIBOIND-15, and should be removed.

    This issue applies to Section 7.1, Audiences in the IND specification and does not impact any machine readable content. It depends on the resolution to issue FIBOIND-15.

  • Updated: Thu, 6 Apr 2017 13:53 GMT

Section 6, Additional Information, is obsolete

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 6 in the IND specification does not describe the audiences for the specification, as the other FIBO specs do, and does not include the latest information with respect to the notation used in the body of the document.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 06:46 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Section 6, Additional Information, is obsolete

    Section 6 in the IND specification does not describe the audiences for the specification, as the other FIBO specs do, and does not include the latest information with respect to the notation used in the body of the document.

    This issue applies to Section 6, Additional Information in the IND specification and does not impact any machine readable content.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

Section 9.1, Introduction, is obsolete

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Section 9.1Overview, in the IND is obsolete and conflicts with and is less informative than the revised information incorporated into section 6 via the resolution to issue FIBOIND-15, and should be removed.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 21:36 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    Section 9.1, Introduction, is obsolete

    Section 9.1Overview, in the IND is obsolete and conflicts with and/or is less informative than the revised information incorporated into section 6 via the resolution to issue FIBOIND-15, and should be removed.

    This issue applies to Section 9.1, Overview in the IND specification and does not impact any machine readable content. It does, however, provide an obsolete description of the information contained in the rest of the document and should be eliminated.

  • Updated: Thu, 6 Apr 2017 13:53 GMT

The normative references section of the specification is out of date and should be updated

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Currently, the IND specification normative references section is out of date – the table should be replaced with one that is more current, corresponding to what is in the other FIBO specifications.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 06:12 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    The normative references section of the specification is out of date and should be updated

    Currently, the IND specification normative references section is out of date – the table should be replaced with one that is more current, corresponding to what is in the other FIBO specifications.

    This issue applies to the References section of the specification, and specifically sub-section 3.1 Normative References, and does not impact any machine readable content.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

The conformance section of the specification reflects an out of date approach to conformance for FIBO and should be updated

  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Currently, the IND specification conformance section describes conformance points that are no longer relevant (i.e., they are no longer representative of the current FIBO FND, BE, or FBC specifications and the current approach for FIBO generally). The text should be revised to reflect the current approach to conformance as defined in other FIBO specifications.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 06:00 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    The conformance section of the specification reflects an out of date approach to conformance for FIBO and should be updated

    Currently, the IND specification conformance section describes conformance points that are no longer relevant (i.e., they are no longer representative of the current FIBO FND, BE, or FBC specifications and the current approach for FIBO generally). The text should be revised to reflect the current approach to conformance as defined in other FIBO specifications.

    This issue is applies to the text of the Conformance section of the specification, and specifically sub-section 2.2 Conformance Points, and does not impact any machine readable content.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments:

The introduction to the specification reflects an out of date overview of FIBO and IND and should be updated

  • Key: FIBOIND_-9
  • Status: closed  
  • Source: Thematix Partners LLC ( Elisa Kendall)
  • Summary:

    Currently, the IND specification introduction references an approach to representation of the ontologies from an early FIBO perspective, and is no longer in line with the most recent updates to FND or the other specifications. The text should be revised to reflect the current approach.

  • Reported: EDMC-FIBO/IND 1.0b2 — Fri, 12 Aug 2016 05:40 GMT
  • Disposition: Resolved — EDMC-FIBO/IND 1.0
  • Disposition Summary:

    The introduction to the specification reflects an out of date overview of FIBO and IND and should be updated

    Currently, the IND specification introduction references an approach to representation of the ontologies from an early FIBO perspective, and is no longer in line with the most recent updates to FND or the other specifications. The text should be revised to reflect the current approach.

    This issue affects the Scope section of the specification, including sub-sections 1.1 Overview, 1.2 Scope of Financial Industry Business Ontologies: Indices and Indicators, and 1.3 Definitions, only, and does not impact any machine readable content.

  • Updated: Thu, 6 Apr 2017 13:53 GMT
  • Attachments: