Use case: SEC-02

I. Use Case Description
Use Case Name	Exchange Instrument Data Offering
Use Case Identifier	SEC-02
Source	FBC/SEC Content Team
Point of Contact	Elisa Kendall, Tony Coates
SEC-Creation / Revision Date	6/10/2019
Associated Documents	Requirements documentation, traceability matrix if applicable

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 some examples of equity instruments for example, and for bonds we have jurisdictions in BE and some government entities in FBC that we could 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
Open Issues

III. Usage Scenarios

Our primary usage scenario is that an exchange decides that it would like to offer instrument master data directly to their end users. They choose the FIBO instrument master format because vendors support it, which reduces the onboarding cost for end users and increases the changes for uptake by those end users.

There are two important content areas to consider:

Terms of the instruments themselves (contract terms), including the risks involved in having such a product on one’s books
Terms regarding the entity that issued the instrument (reference data about the instrument)

We will use this scenario as the basis for several subordinate use cases, since it is the simplest. We need to pick an exchange that is willing to provide the most information to support this, though. What we would like is the combination of the reference data about the information about prices as well as information about the issuers that we can use, including a number of different identifiers for the issuer. We have a few example individuals already in FIBO/FBC for publicly traded banks (holding companies), which we can use as a starting point.

The following smaller scenarios could be considered building blocks for this.

A. Equities

How would can we map the data published by Bloomberg via their OpenFIGI site for the common stock issued by a given issuer?

(a) Go to OpenFIGI (openfigi.com), select Wells Fargo and then filter by ( i ) Wells Fargo & Co, ( ii ) Security Type of Common Stock, and ( iii ) Market Sector of Equity, and export the following spreadsheet:

(b) Map the general Wells Fargo & Co share class level equity instrument as well as a specific Wells Fargo & Co exchange-specific share (e.g., issued on the New York Stock Exchange) to FIBO and create example individuals (see https://spec.edmcouncil.org/fibo/ontology/SEC/Equities/EquitiesExampleIndividuals) manually to make sure that we can do so and that all of the relationships work as intended. These examples only represent what is available publicly in OpenFIGI, not everything one would want to know about a given equity that could be published as instrument master data. Run two reasoners to make sure that the resulting examples are logically consistent.

(c) Automate generation of the remaining individuals extracted from OpenFIGI based on these hand-crafted individuals to demonstrate feasibility of doing so.

B. Bonds / Fixed Income Instruments

IV. Basic Flow of Events

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.

Basic / Normal Flow of Events
Step	Actor (Person)	Actor (System)	Description

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.

Alternate Flow of Events
Step	Actor (Person)	Actor (System)	Description

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

VII. 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.

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

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

External Ontologies, Vocabularies, or other Model Services

Resource	Language	Description	Owner	Source	Describes/Uses	Access Policies & Usage
*(ontology, vocabulary, or model name)*	(ontology language and syntactic form, e.g., RDFS - N3)	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		Source (link to the registry or directly to the ontology, vocabulary, or model where that model is maintained, if available)	List of one or more data sources described by and/or used by the model

Other Resources, Service, or Triggers (e.g., event notification services, application services, etc.)

Resource	Type	Description	Owner	Source	Access Policies & Usage
*(sensor or external service name)*		Include a description of the resource as well as availability, if applicable	Primary owner of the service	*Application or service URL*; if subscription based, include subscription and any subscription owner

IX. References and Bibliography

List all reference documents – policy documents, regulations, standards, de-facto standards, glossaries, dictionaries and thesauri, taxonomies, and any other reference materials considered relevant to the use case

X. Notes

There is always some piece of information that is required that has no other place to go. This is the place for that information.