Date
Attendees
Agenda
1) Use Case reminder
2) Where we are on our road map.
3) Open Action Items
4) JIRA Issues Review - https://jira.edmcouncil.org/projects/DER/issues/DER-10?filter=allopenissues
5) Todays content discussion.
6) For next week.
Proceedings:
CFTC + EBC + EBRDF requirements mapped to FIBO. Decision to be made by the end of Oct. DN agrees.
JN Because EDMC has ties into Gene Carlow should use these contacts to pursue FinTech. Talk to LabCFTC, and CFTC IT John Nowlin and Gene. MA We will tell our story to the Commission and LabCFTC. We have a proposal on the table for IRS. Also invited by the Bank of E, but they are focused on Loans. DN We don't have much in Loans. Should stick with IRS. MA will send the proposal to all.
JN If JB calls the chairman, then Chairman will call the CIO and tell him to explore FIBO.
DN How would we operationalize the MA proposal. MA agreement on concept. Have compared EMIR to FIBO WRT IRS. That is the extent of MA knowledge. It is based on the most recent CFTC spreadsheet and EMIR reporting. MA has the EMIR reports.
DN We can assume that we can map what MA has done to FIBO. Then what kind of info feed would we have to demonstrate. MA Three banks need to agree. Then we take the reporting requirements from the regulations and get bank agreement that they can provide the data that matches the definitions. Approved glossary would be the first step. We have the Europeans and PWC to help to do project management. 10 weeks every other week for 2 hours in this time slot extended. MA has the ask, but no response yet. Wants to get ISDA involved. MA proposed a starting point.
DN Are we looking for a spreadsheet or something more robust? PR we will end up with more than a spreadsheet. DN A property chain. PR need more than a PC. Need Resources. DN relations in a property chain needed. PR May need to add more than exists.
MA Also went through the Federal Register which is more than CFTC. Need to wait to see if the CDO people agree. Delivered to the Chair last Friday. They meet Oct 28 in London.
MA Did I get this right? DN It looks like a subset of the right ones. MA how many attributes are needed. DN There is a whole chain of relationships. A series of related elements. The whole set of relations beginning with a first class object is needed. This can be done.
JN is tasked with building the CFTC Data Dictionary. Trying to incorporate FIBO. Found only 53 fields that match. DN Maybe this is our first task. How much net new is needed for the DD beyond what we did already? CFTC has 88 fields. Could find only 53. Elisa says 75.
JN There is a lot in FIBO that is not relevant to CFTC. Pete They want the equivalent to what Dennis is calling a Lego kit. JN Exactly. JN Now using Spreadsheets and Protege. Pete can do a user interface. EK can do remainder of the mapping.
JN Just need a simple DD for IRS using FIBO is the most simple thing. We just need that. Then, go after the other asset classes. PR Do you need a spreadsheet or some other UI. JN Ideally show that FIBO provides the DD and can be consumed by a spreadsheet or protege or whatever. Don't overthink this. Dumb FIBO down for CFTC. PR Do you actually use Protege. JN Absolutely.
PR to DA Do we have an ontology that corresponds to the EK spreadsheet? DA Wells Fargo has that and a program that will read the EK type spreadsheet and a Python program will map to table name and field name and validated against the source ontology. Yes, they exist but they all belong to Wells Fargo. PR Just need the ontology for the mapping itself. DA there is an annotation method to do that, but it is owned by Wells Fargo.
Decisions:
Action items
- Michael Atkin Find out if JB really knows the CFTC chair.