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2017-11-14 Meeting notes

2017-11-14 Meeting notes

Owned by Elisa Kendall
Last updated: Nov 16, 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: 

Discussed open issues Elisa and the FBC/SEC FCTs found in attempting to relate a financial product to an instrument.  Robert joined the call to assist in teasing this out.  Some crude notes from that discussion and subsequent emails:

  • on an exchange, they use product and instrument interchangeably
  • on CPMI/IOSCO - there may be a definition we can use ... instruments are classified by ISO 10962 (types), where by an instrument is very primitive ... when you get more specific than IOS 10962 ... then you are really talking about a product, and with the details filled in then you're talking about a contract ...

From David - a product is an offer where you have a set of offers in a product catalog where you define what you can offer to a consumer ... the instrument and product are different animals, where the product is the offer ... and may include the fulfillment process ... 

Further discussion of the differences between derivative, instrument, contract and product:

  • instrument level - swap, maybe a rate swap
  • product level - swap and is an otc derivative with a 3 mo us libor underlyer is a product
  • contract level 0 a fully baked swap with all details is a contract and then you can go from contract to transaction

See https://www.bis.org/cpmi/publ/d141.pdf for definitions from CPMI IOSCO

From Robert: They may also want to consider looking at something like the interest rate swaps product descriptions for the ICAP SEF to test the universality of their model.  Those can be found here: http://www.icap.com/~/media/Files/I/ICAP-Corp-V3/pdfs-SEF/ICAP%20SEF%20Rule%20801%20--%20%20Interest%20Rate%20Swaps%20last%20amended%204-10-14.pdf.

With respect to what a source ID is - the CFTC cares about whether or not it is an LEI, and if not an LEI, what.  They don't need to know which LOU minted the LEI.  We may still want to have that as optional information in FIBO, however.

Decisions:

Action items