Date

16 Nov 2015

Attendees

Dennis Wisnosky

Agenda

FIBO Content Team Slides –

Proceedings

FIBO Securities Content Team Meeting 20151116.pptx

20151116 FIBO SEC and FBC FCT’s

The actions that are put in the wiki pages for an FCT it is possible to get a report on this, and when actions are done on JIRA issues, that can also be reported. A combined report would have both. However there is a macro issue implemented by Atlassian which limits open actions to 40. Policy going forward is to have ations that are short term actions, to not be JIRA issues, but if there is an issue that requires discussion (e.g. how to use a pattern), then when we create such an action in the Wiki and then allocate that to JIRA, then that becomes an Issue. Short term actions, and those that never get done, will be deleted. Dennis has deleted 120 of these. Dennis and Jacobus have a little more work to do on this.

Main meeting agenda see slide 2. Going forward we will provide status on both FBC and SEC. Aim to cover at least one ontology a week on Securities. Today is the deadline for Sridhar to provide feedback on the 2nd reading of the FBC spec. Previously his primary concern was that we had made changes Foundatons that had not included a redline for Foundations. We have provided that (last week), along with the updated inventory describing that. Since the redline went in on Friday, this gives Sidhar some latitude in when to give us those comments. The deadline for the AB homework is next week.

Slide 4: now 18 major and 19 minor issues on FBC. Some added for reconciliation with BE. Elisa has started to work on a couple of those. Anticipate resolutions next week for this group to review. updates from Gareth expected in a week or two.

Summary of progress on Gareth work has done with the UK and various legal entities, the regulatory viewpoints of those. This has also brought in some EU definitions as well. Gareth will share these with Elisa tomorrow. Should be able to get the EU material mostly done by the end of this week . The only ones causing concern, is that the US has been separated into 3 sectors, whereas Gareth is working on one file for the EU stuff, so some rejigging will be required.

Other concerns: some aspects found in BE that didn't look quite right, so need to clarify whether to link those in. Expect to have DB definitions, UK definitions and some EU top level concepts in there. This will address a number of issues, and also help us ensure that the main definitions in FBC are sufficiently broad.

Securities slide 6: Focus this week was updating Securities to get things into GitHub. Elisa an Richard have had some discussion on securities issuance. Diagrams and protégé views are in these slides along with definitions we need people to review Therefore recommend people download the slides. Also there are a lot of properties, and a lot without definitions.

Securities slide 7: The classes here reflect the foundations concepts. In CA an agent for service of process may be a company or a human. There are a bunch of things left off that were either offering document or prospectus related. We now have Legal Document in FND, best not use these rather than some more generic Information. These embody the "information stuff" that was attached to the original otology. Did not move Subscriber from the original ontology, we may need this. Also classes relating to allotment, and subscription to offerings not clear if we need those at this stage. RB notes that with the offering documents, whereas we have covered the US and CN perspectives, we would like t ensure that the EU perspective is covered. Also need to cover issuance process variants as well as jurisdictional variants. For example whether we have covered all the concepts related to syndication, IPO an so on, as issuance process, to make sure we have the right set of properties and classes to cover these.

Q: would we see the kinds of thing in derivatives master agreements, pretrade confirmations etc. as relevant to this? A: these derivatives concepts are not related o publicly traded instruments, which is the scope of SEC. JB notes that Private placemats are a potential issue here, since these are not specific to publicly traded instruments but are securities related. There are FpML messages about these. We need to identify if there are any concepts general enough to apply both to the securities markets and to derivatives trading, and to private placement. Note that private placement is included in Slide7. Need to clarify the scope of the SEC RFC. Feedback welcome on this.

Slide 8 definitions: This does not include all the properties in the ontology, bu does cover all the classes (2slides). Please review definitions on Slide 8 and 9. Offering has a diagram, along with offer documents.

Slide 11 gives the protégé view. Editorial note aims to explain what the original thinking was in this class namely a common concept that brings a number of different things together. The definition has been changed from the Red FIBO original slightly with reference to Barron’s and Investopedia. An offering is inferred to be a Written Contract. We need to review if that makes sense. The inference is because it is a financial instrument? The assertion that Offering is a sub class of Agreement needs to be considered. If Offering is also the overall issuance of a bunch of securities - (can an agreement be a bunch of agreements? Is the primary market solicitation of some issue of several securities itself an Agreement? It is more likely that describing this from a primary market offering point of view , there is an agreement that makes up part of the issuance progress. Question for bankers to review whether Offering should be a child of Agreement, given that what we mean by Offering is the overall, composite set of events that makes up a potential issue of several securities. Please review Offering.

Slide 13 shows Offering document. This is further inferred to be a Contract Document when you run the reasoner. See also the note from FIBO about what this is. Please review the definitions. Also, whether we need e.g. subscriber, whether we need to understand the allotment process and so on. Further properties can be seen if you open up the ontology itself that are not all on the slides. By next Monday, expect to see more attributions e.g. from Barron’s.

Elisa opens Securities ontology in Protégé for view. This is the Securities Issuance One bug (in a different ontology, from a legacy ontology.) Need a good definition for Price. Richard has researched some possible definitions but would like to find a good authoritative source for a definition of price. We should take price and make it something that has to do with a sale in the new Products and Service ontology in Foundations. We need a generic definition. Then there are prices like offering price, closing price, and so on. We need to be clear that the thing we are looking for a definition of, is the most general possible concept of price, such that various very differed kinds of price concept (price of a given trade, prices reported on exchanges and so on) can all be related to this general concept accurately.

Data type questions: Security offering distribution type, i.e. Primary v Secondary. Similarly Security Offering Sale Method these can be found in Protege.

Properties: There is a bunch of these under Sec, e.g. the various uses of price as a concept. Most of these items did not have definitions at least in the legacy OWL, so it is not clear what many of these are intended to be. MB to assist on this. We need to know whether some of the primary market concepts that were derived from WG11, are actually trained during the life o the security. If it is retained in people's securities master files records and so on. The assumption from WG11 was that information is all relevant, but we would like folks from the banks business side to confirm if this information really is retained and used for anything. Some of these are hard to find as they are several levels down in e.g. PartyInRole, may be easier to find in a text edition.

Slide 15 FBC progress: Should have progress to report next week on the DB materials. Use Cases Section 7 not clear if we will add more detail on use cases in Section 7or not.

Homework: review FBC spec and make comments. Send via JIRA or via the Wiki please. Please review the ontologies in Pink. No changes made in FBC for Pink GitHub yet. LCC ontology is very current, as was submitted to OMG last week GitHub version matches what was submitted. All SEC ontologies are current in Pink as of this morning. Elisa put the Protégé catalog files in GitHub as non normative. The catalog files will always be relative so if you have the ontologies in folders that resemble the IRI path, these catalogs should work for people.

Next meetings: See Slide 17. 2 more meetings before the OMG week.

Decisions

Action items

Mike Bennett To help Elisa with definitions from the legacy OWL.

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