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II. Use Case Summary | |
Goal | There is no single publicly available model for instrument reference data for market traded instruments. FIBO should provide the core content for such a model, which is needed across the industry, including EDMC member institutions. While there are a number of proprietary models, such as those of data vendors, there is no general consensus. This use case is focused on a fictitious offering of securities instrument data to users by an exchange, to establish a constrained baseline for the overarching use case defined in SEC-01. |
Requirements | State any requirement(s)specific to this use case, including any capabilities from a business architecture or process model that the use case supports, any metrics or other reporting requirements, etc., including any reference identifier for the requirement(s), as applicable |
Scope | The use case is designed to specify the essential information that is most commonly used for securities master data management, specifically the subset that an exchange might publish. In order to constrain the scope further, in this use case we will focus on (1) equities and (2) bonds. |
Priority | This is high priority in order to (1) provide a much-needed reference model for securities master data management and (2) demonstrate how to use an ontology successfully and in a cost-effective way as the basis for other work inside an institution. |
Stakeholders | Identify all known stakeholders for the use case |
Description | There are a number of organizations that publish certain master data elements that we can use as the basis for coming up with a composite view, including OpenFIGI, the DTCC Security Master Data File (including intra-day), various exchanges including the NYSE and Nasdaq, and possibly CME. In FBC, we have individuals for some of the large bank holding companies such as Wells Fargo, which we can use as the basis for examples of equity instruments, and for bonds we have jurisdictions in BE and some government entities in FBC that we can use as the basis for example treasuries or muni bonds. SEC-74, for example, is about representing a share of stock as listed in a specific exchange. That particular issue represents a subset of what we want to do in this use case, but is a starting point. |
Actors / Interfaces | List actors: people, systems, knowledge bases, repositories, and other data resources, services, sensors, or other “things” outside the system that either act on the system (primary actors) or are acted on by the system (secondary actors). Primary actors are those that invoke the use case and benefit from the result. Identify the primary actor and briefly describe role.
Any actor that is external to or outside the control of the use case owner should be further described under Resources, below. |
Pre-conditions | Identify any assumptions about the state of the system that must be met for the trigger (below) to initiate the use case. Any assumptions about the state of other related systems can also be stated here. List all preconditions. |
Post-conditions | Provide any conditions that will be true of the state of the system after the use case has been completed. |
Triggers | Describe in detail the event or events that initiate the execution of this use case. Triggers can be external, temporal, or internal. They can be single events or a complex event that indicates that some set of conditions has been met. |
Performance Requirements | List any known performance-specific requirements – timing and sizing (volume, frequency, etc.), maintainability, reusability, other “-ilities”, etc. |
Assumptions |
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Open Issues |
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B. Bonds / Fixed Income Instruments
IV
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Narrative: Often referred to as the primary scenario or course of events, the basic flow defines the process/data/work flow that would be followed if the use case were to follow its main plot from start to end. Error states or alternate states that might occur as a matter of course in fulfilling the use case should be included under Alternate Flow of Events, below. The basic flow should provide any reviewer a quick overview of how an implementation is intended to work. A summary paragraph should be included that provides such an overview (which can include lists, conversational analysis that captures stakeholder interview information, etc.), followed by more detail expressed via the table structure.
In cases where the user scenarios are sufficiently different from one another, it may be helpful to describe the flow for each scenario independently, and then merge them together in a composite flow.
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Basic / Normal Flow of Events
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Actor (Person)
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V. Alternate Flow of Events
Narrative: The alternate flow defines the process/data/work flow that would be followed if the use case enters an error or alternate state from the basic flow defined, above. A summary paragraph should be included that provides an overview of each alternate flow, followed by more detail expressed via the table structure.
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Alternate Flow of Events
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Actor (Person)
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Actor (System)
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VI. Use Case and Activity Diagram(s)
Provide the primary use case diagram, including actors, and a high-level activity diagram to show the flow of primary events that include/surround the use case. Subordinate diagrams that map the flow for each usage scenario should be included as appropriate
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. Competency Questions
Provide at least 2 competency questions that you will ask of the vocabulary/ontology/knowledge base to implement this use case, including example answers to the questions.
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Describe at least one way you expect to use the semantics and/or provenance to propose an answer to the questions. Include an initial description of why the semantics and/or provenance representation and reasoning provides an advantage over other obvious approaches to the problem. (optional – depending on the use case and need for supporting business case).
VIII. Resources
In order to support the capabilities described in this Use Case, a set of resources must be available and/or configured. These resources include the set of actors listed above, with additional detail, and any other ancillary systems, sensors, or services that are relevant to the problem/use case.
DTCC Security Master Data - https://www.dtccdata.com/products/security-master-file/
See Documents, sample data for securities master file and intra-day securities master file
V. Resources
Knowledge Bases, Repositories, or other Data Sources
Data | Type | Characteristics | Description | Owner | Source | Access Policies & Usage |
(dataset or repository name) | (remote, local/in situ, etc.) | e.g. – no cloud cover | Short description of the dataset, possibly including rationale of the usage characteristics |
| Source (possibly a system, or remote site) for discovery and access |
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External Ontologies, Vocabularies, or other Model Services
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Resource
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Language
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Description
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Describes/Uses
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Access Policies & Usage
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(ontology, vocabulary, or model name)
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(ontology language and syntactic form, e.g., RDFS - N3)
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If the service is one that runs a given ontology or model-based application at a given frequency, state that in addition to the basic description
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Source (link to the registry or directly to the ontology, vocabulary, or model where that model is maintained, if available)
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List of one or more data sources described by and/or used by the model
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Other Resources, Service, or Triggers (e.g., event notification services, application services, etc.)
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Resource
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Type
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Description
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Owner
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Source
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Access Policies & Usage
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(sensor or external service name)
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Include a description of the resource as well as availability, if applicable
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Primary owner of the service
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Application or service URL; if subscription based, include subscription and any subscription owner
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OpenFIGI | online resource | Bloomberg | openfigi.com | freely available | ||
DTCC Security Master Data | online resource | See Documents, sample data for securities master file and intra-day securities master file | requires login, but available after that |
IX. References and Bibliography
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