Date

08 Aug 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:

Current spreadsheet with term map to FIBO is available here –

20170808 FIBO CFTC Pilot

JN: CFTC wants a corporate data dictionary. Can FIBO do this? DN can do a presentation to CFTC on WF use of FIBO to build the next generation data model.

Jeff: Need to consider a central data dictionary in line with overall data governance. JN: Yes, but need to start with something.

DN: FIBO can be the CFTC underlying common model. It is a game changer because it shows how to link and interoperate terminology. Nothing else does this. FIBO has also been working with companies like Global ID's to map a single concept to all of its uses. This can't be done manually. Need to use tools to find them and then link to FIBO as the master meaning. Then can automate and consolidate based on this common model. JN: Yes, but the focus now is on a basic Data Dictionary. Then, we can grow to the full use of FIBO.

Jeff: The distinction is largely structural. Data dictionaries and glossaries are basically flat lists of definitions of terms. Data governance frameworks relate appearances of data elements and their names across diverse datasets across an organization. DN: We could use FIBO as the core and then extend it to meet the needs of CFTC. Could then generate a DD from that and CFTC would have an operational capability. JN: Agree, what is the best way to present this to CFTC?

Max: Taking the terminology and building it into FIBO is backwards approach. Jeff: FIBO: ontology defines semantic meaning of related data objects and elements. Collibra: data governance of appearances of data elements at a metadata level; Global IDs: lower-level data profiling tools at the physical level. These all need to work together.

DN: Many many ways to generate a DD from FIBO. We will put something together for you. We can show how to align all of your data. JN: Makes sense. DN: We will show how it all ties together. Generate a DD that ties back to the ontology. JN: Yes, because building a DD in excel and other ways does not work because can't be maintained.

Jeff: data dictionary" is itself a semantic concept with different meanings to different folks.

ACTION: DN: Let's get together off line and build a presentation that lays out the value proposition of a DD that is an output of an ontology. JN: Exactly.

EK walks thru the spreadsheet. Need to add more for individual trades, as opposed to the original report. Much has been added, but some new concepts will go in the CFTC specific extension ontology. Extensions are Bilateral and Null, for example. Not certain about tradelifecycle events. Should this be extensions or part of FIBO? These are in light yellow on the spreadsheet. CFTC: Don't worry about the values because will be superseded by IOSCO eventually. They are useful for telling CFTC that there has been an update.

JN: All enumerated fields may be changed unless they are referencing a specific ISO standard. EK: Then, we will leave out the individuals. EK: But, CFTC now has a place to hang incoming data.

EK: WRT counterparties, FIBO has all of the ISO currancies.

Max: What does CFTC use for amounts? CFTC: It all depends.

EK: Is Principle correct? Max: yes, the concept of principle is good, just not restricted to money. EK: Then we need the unit because it can be other than money. And, when it is money, it is units of money. EK: Principle is amount of something. Could be a commodity or money. If a commodity, then need a unit of measure. Max: The name of the currency is not the unit of measure.

Jeff: The event types listed for OTC derivatives appear to be ones that are derived from FpML. EK: What about negotiableCommidity? Tricky because even a commodity with the same name might have different values. CFTC: Both FIX and FpML have trade lists. Also, ISO. Probably a code list in 20022.

JN: How did FIBO map to FIX and FpML. DN: No formal mapping done yet. But, ISDA is now interested in FIBO. JB: there is a working group looking at this wrt BIAN and FIX and FpML and others.

EK: Is currancy always money. CFTC looks at only money. But, currency includes gold and others. EK will look at commodity codes. FIBO has all of the funds and currency codes. CFTC what is the source? Jeff: ISO TC68 / SC9 / WG1 (semantics).

EK: FIBO has the direct source and section. Max, but the standard is wrong. EK: If it is wrong, they can be deleted. Or, was the standard interpreted wrong. Need to understand this with respect to e.g. is a fund a portfolio of assets.

Jeff: “funds" for amounts of money is not the same thing as the plural of "fund" (alternative investment vehicle). EK: Promised to cover all of 4217 and we did.

ACTION: Max explain why this is an issue. EK: Best to raise an issue with TC 78. This came from them.

EK: UTI now has both parts in FIBO. USI will inherit from UTI.

Have not done anything with concepts labeled "later". Nothing with "not needed" concepts.

Reporting entity is also a to do.

CFTC on executionVenue, the MIC codes are used. Not the LEI. The Segment MIC is used, not the Operator MIC. ISO 10303.

ACTION EK is to add the MIC codes and relationships. CFTC: All Execution Venues will have a MIC. MAX: Can these be imported, or must they be built into FIBO? EK: FIBO practice is to build in scripts so that FIBO is constantly updated. DN: How big an effort? EK: Couple of clock days over a week. Jeff: About the same as CC's.

Jeff: https://en.wikipedia.org/wiki/Market_Identifier_Code

EK: For Clearing Org ID, what is it. CFTC: An LEI. Jeff agrees. EK: But looks like a list. CFTC: No, the Clearing Org must have a specific LEI. ISO 17442 is only thing allowed. LEI comes from the GLEIF. CFTC: Sometimes non LEIs are allowed. But, not for a Clearing Org. Don't care about the source. Just the LEI.

MAX: Is the source embedded in the identifier? EK: No, but FIBO has it. A SPARQL query can find it out if need more than the GLEIS.

EK: WRT effective date, FIBO has that, But, need restrictions on Swap Floating Rate Index legs. Do we need more on fixed rate? Max: If it is a fixed rate, it is a number, not an index. If you have a fixed rate, not going to have a floating rate. DN: Why at the swap level? Just at the leg level works. Max: For a Loan, need this. DN: Don't need row 44 for a Swap.? JN: Yes agree not needed. DN: Not meaningful.

Also not need Row 47. These are covered at the Leg level. Max: Are people using these fields? CFTC: Redundant. DN: Need to tie each leg to a payer and a receiver. Need as a leg 1 or a leg 2 only.

ACTION: EK will update to version 7 and post.

All that are listed as done are in FIBO master. Not in Pink yet.

Jeff: The SDR data reports generally combine the two legs into a single CSV row, if I understand correctly.

No meeting next week. Not sure if 2 weeks from now - TBD. Robert also on vacation for 2 weeks. 22 Aug TBD.

Decisions:

Action items

Elisa Kendall add the MIC codes and relationships.
Elisa Kendall Update spreadsheet to v7 and post.
David Newman John Nowlin Work on acceptable presentation on FIBO supporting a CFTC Data Dictionary.

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