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2018-08-07 Meeting notes

2018-08-07 Meeting notes

Owned by Dennis Wisnosky
Last updated: Oct 16, 2018

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:

LabCFTC people at our meeting would be the ones managing the CFTC prize.


Nowlin CFTC has a lot of CFRs reporting.  The question is how might ontologies and triple stores help?  Rationalizing single ontology that disambiguates info in all CFR's.  Simplify and unite the 17 CFR's. Jorge - that is not on the top of the list.  Sometimes people want to share technology, want to sell want to inform. EDMC pitch could be the tech, the standards, etc that will inform LabCFTC and then LabCFTC people will perhaps know how to apply FIBO. Changing Regs would be difficult. JN Not changing at all, just normalizing across each based on FIBO. Jorge What does FIBO want to say. In some of the CFRs it would be very difficult to layer something on top because the fields are defined by rules. Other times not. I.E. there is a reference to an external rule. Those could be mapped.  Others, not. Talking about prize competition submission might be the best thing to present. Need to check with procurement people if this is allowed. 

Atkin We can take this out of the context of prize submission and talk in general terms about the other 6 similar activities going on around the world. Could look at a pilot where the banks are gathering all of the data and submitting to various regulators. Pull all together to do an input based pilot to demonstrate viability. Jorge The challenge with an input based PoC is that CFTC is limited in ability to procure anything. Some firms are suggesting a no cost PoC. But, regs don't allow this. There is no gift authority. Would be considered as enhancing funding. This is illegal. 

Jorge There is a lot of focus in the cryptocurrency space because CFTC is being approached to allow swaps based on cryptocurrency. Lots of cryptocurrency issues.  What is it? I.e. Initial Coin offerings.  What is that. How to handle custody? 

DN: FIBO has not focused on cryptocurrency, but has worked on Blockchain because Blockchain needs the semantics of the contract. FIBO can provide this. 

Jorge If we are allowed to talk about the prize competition then that would be extremely interesting. 

MA Our overall goal in meeting with the LAB is to explain FIBO and how it fits into the overall world of interest to CFTC.

Jorge The challenge is to do this in CFTC terms.

DN FIBO is involved with all standards building a Rosetta Stone between all. ISDA is an example - they focus on the DER space but also need to link to others. Jorge ISDA on board with FIBO is a big positive for CFTC. 

DN We should wait till we have a bit more to show that really is solid.

Jorge CFTC has 15 or so submissions. Likely 5 will be picked. MA the Federal Register topic mirrored what we do. Jorge That is very good. Having this conversation would help CFTC to potentially evaluate submissions. Really like to talk to the various submitters. Our timing to present to Lab depends on if we can talk about the prize submission,



Decisions:

Action items