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2017-08-29 Meeting notes

2017-08-29 Meeting notes

Owned by Dennis Wisnosky
Last updated: Oct 31, 2017

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

5) Todays content discussion.

SMIF OWL-UML

SKOS

RDF/S

6) For next week.

Proceedings:

JN wants EK to do her action item.  ASAP

JN wants the simple glossary.  Wants a glossary for IRS, specifically.  There are 5 types of swaps.  Wants a DD that shows the fields involved in IRS.  And, these fields are derived and these are the ones inherited .  List them all out.  Also show where the definition came from.  

DA in ATL meeting showed a diagram that displayed where a concept was inherited from.  Maybe the diagram was too complex?  A list would be better?  Is that what CFTC wants?  

JN:  Just for vanilla IRS can we have a DD with field names, and field definitions and the types of fields.  

DN:  We will take this off line and let you know how we can do it.  But, first we must finish the definitions.

EK:  Line 56 - FIBO has this as product identifier.  Will be there.

Line 57 - Confirm to use the top 2 layers of the CFI standard.  JN:  Kate will answer this.  In CFTC world there are only 5 asset classes.  In cell 57, I.  Kate, yes the is all that CFTC cares about.

Line 58 - Add time stamp.  EK: Is the there first submission to the SDR or to the CFTC?  JN:  First submission is when SDR submits to the CFTC.  Want to maintain that Time Stamp even if the SDR changes this.  Everything in the spreadsheet is data received from the SDR's.

EK: No questions on the reporting wrapper.

Line 67 - We need a way to understand if it is post allocation.  

ACTION: EK Need to work with DN to figure how to understand post allocation.

Line 69 - Is the PC the same as the UPI?  Is this line the same as line 56?  JN: The SDRs us their own PC.  Product name is more generic.  We are waiting for the UPI.  Kate - UPI will be very specific.  Lots of variation now.

70 - EK understands.  This goes with the reporting content.  Counter parties have the LEIs.

73 and 74 - EK, where do these come from. JN From SDRs as a boolean Y or N.  DN:  in the sense of a legal person or what?  What is the meaning of person in this context?  JN:  There is a link that defines what this means.  Not an important field to spend time on.

ACTION:  Elisa will look up the contents of the URLs for lines 73 and 74 and decide with DN where this goes.  In .ext or reporting piece that is a wrapper around the trade info.

Line 75 and 76 - EK:  FIBO has this.  JN:  Allowable values are those proposed by CFTC, but must allow for 'other'.  EK:  So the CFTC list is not exhaustive.  JN:  Yes.

77 -EK:  Embedded option indicator?   JN:  Could be in a swap.  JN:  I miss spoke earlier on this.  It is a boolean Y or N.  It helps with analysis.

78 - JN represents exotics.  These are not standard swaps.  Max:  The actual determination will look at the structure of the swap.  CFTC should be able to tell us and the type will be embedded in the structure.  A SPARQL query will tell us this.  EK: so not just stated.  Max:  Could be, but should be able to be inferred. JN:  This field is in the SDR data base and CFTC pulls it from there.  

79 and 80  - EK, need to figure this out.  JN:  In CFTC world, there are only 3 types.  There are only 5 or 6 MSPs.  Only 3 designations are recognized.  EK:  This may end up if FBC.  JN:  Needed to put this in. both counter party 1 and 2 cuz getting flat files.

81 and 82 - JN does not know the answer, but pass and get with Robert.  Could be double accounting.  Max, or are there other rules governing this?  JN:  If you are not an MSP or an SD, must mark what you are.  EK, this is a classifier that must be added to identify all financial institutions.  EK:  Want to be able execute a SPARQL query.  Max, not necessarily.  Could be arbitrary.  JN:  could just tell them to fill out if they are an FI or not.

 EK work with Max to figure out how to add a classifier for non MSPs and SDs.  Or, is the idea of changing the CFTC process better?  Just make it a mandatory field.  Are you an FI, Y or N.  JN:  Just do that so, no action.  

EK:  Just a hand full left.

83 - Block trade election indicator.  Max defines this and EK puts it into the cell 83,b.  Elisa may need more help with this.

84 - EK:  Does this cover all swaps, or just IRS?  JN:  Only affects uncleared.  EK writes this into cell 84,B. 

Lines 84 to 89 - EK believes they are in FIBO and will review and drop in the references.  If not, will contact others.  Max, this is very fundamental.  If we don't have this, we are in trouble.  All agree.

JN:  This looks like a pretty good data dictionary.  Can we display this a s DD.  EK:   We can give you a script to do that.  EK:  I will show u this next week.  How to navigate from the spread sheet to FIBO.  We can go from there.

JN: From my point of view I need to sell FIBO.   Max, Yes, from the glossary as an ontology, a query can be executed to see if a rule has been compiled with.  JN:  very close to the sale.  Just need to show IRS terms definitions, DD.  This is powerful, but FIBO offers much more.  JN and a bonus is a logical diagram.

JN:  Good plan!  We want to get to yes on interest rate swaps, we can go from there.  We will get at least to the CIO to get $$$$ and resouces and be off to the races.  IRS is 80% and is the most complex.


Decisions:

Action items

  • Elisa Kendall David Newman  figure how to understand post allocation.
  • Elisa Kendall  look up the contents of the URLs for lines 73 and 74 and decide with DN where this goes.  In .ext or reporting piece that is a wrapper around the trade info.
  • Elisa Kendall Talk to Max week of Oct 2 while he is in Minneapolis.