Date

11 Apr 2017

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/FCP/issues/FCP-4?filter=allopenissues

5) Todays content discussion.

6) For next week.

Proceedings:

20170411 FIBO CFTC PoC

DN to JN: Can we have other variations of different logical conditions? Can we get cross currency, and float - float? Can we vary the market rates. Can we bring in other dimensions so that we can demonstrate more FIBO capabilities.

JN: With current data set, can we do more with ANZO. Yes, we can get more, but don't want to slow things down. DN: Will not slow down. JN: "I will see what I can do".

DN: It will be quick to ingest new data and work with ANZO and FIBO in new ways. EK: Agree, we need to exercise other aspects of FIBO. JN: Can we see more progress on the 10 fields that we already have? EK: What about in parallel? Dean can do that on line. JN: That would be good.

JN: Last week DA showed total number of swaps for each tener - that was interesting. Max wanted to see a risk analysis also. DN: With more data we can show how aggregation is very easy to do. We could easily demo that and more. Powerful examples of aggregation are easy to do.

JN: Need to get CFTC mgt on the hook ASAP. Show ingest of D&B, show now to not build stovepipe data bases. Build FIBO triples that connect all data.

EK: Visited the NY Fed. They said they want to use FIBO for the NIC - National Information Center Repository. Data about all of the financial institutions banks and more. This was modeled in FBC. DN: This could be aggregated with CFTC data because it is.public.

DN: Counter parties were anonymous in CFTC data. how could we use NIC data with this? EK: FED wants to model the entire NIC.

JN: Idea was to first test with the anonymous data CFTC gave. Then use the se ANZO with internal real data. If could bring in NIC, that would be fantastic.

EK: Shows NIC registry on screen and how FIBO FBC maps to this. Includes models of banks and regulators. DN: Can we consume the NIC registry. EK: Yes, but there are thousands of entities, e.g. Citibank was very difficult to figure out the real Citibank. Others would be as difficult. DN: If we could just do a example, that would be quite useful. Can help with WF.

EK: There are 23 pages under WF in the NIC. Could pick some out. If we model 10-15 from several banks would be quite useful. EK finds correct WF on Montgomery street. WF Financial Holding Company regulated by FRS.

DN to JN: What would be most interesting to you? Simon in CFTC has downloaded data from 8000 Financial institutions. Could use this data base rolling up LEIs from parents and children and that could show total exposure. If we could show there is movement in the NY Fed to take advantage of the NIC, that would be a powerful msg. EK: Could work with the FED to figure this out. They could identify top level institution and then we do the roll up. WF is listed in every state.

DN: What other public info does the NIC contain? EK: Reports are generated as PDFs.

JN: Brings in Simon. Simon explains his database. NIC is not complete WRT counter parties. DN: What could we leverage from the NIC to get a broader and more accurate picture of risk? Simon: All that I know about NIC is the LEI content. Don't know the rest. Need to match entities in NIC to the Counterparties that CFTC has. CFTC has an internal algorithm to do matching Simon built. Simon mentions another organization that shows 60% coverage. CFTC has many many ID's that are used in security transactions. We do no matching to identify all parties. There is certainly error.

EK: Can we get a list of identifiers that that CFTC used? We could build all of this into FIBO. Need all fields used. FIBO does not have all of the identifiers. Has many, but not all.

DN to JN: Pls tell us what you want us to aggregate, we can do it all. JN: Just need to aggregate swaps to show total exposure. Don't need to have lots of data for the PoC. Doesn't matter what data base is used. Just need to show functionality. Don't need to solve all of the problems - whatever is easiest. D&B, NIC or both. DN: Using both would show interoperability. Link NIC with D&B.

DN: S&P, DTCC, others have databases. NIC has 8000 free LEI's. Might need to pay some $$ for more. Good to show that different sources can be used. DN: D&B would likely help. Just need to figure out an anonymization strategy. After outside demo, then CFTC wants to do all of this inside after a little help from EDMC. Then hook up D&B to real data.

Decisions:

Action items