Date

28 Jan 2019

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/SEC/issues/SEC-7?filter=allopenissues

5) Todays content discussion.

SMIF OWL-UML

SKOS

RDF/S

6) For next week.

Proceedings:

David Saul: Waters Technology - planning for consolidated event in May in NYC (20-21) conference, full day is May 21st, looking for panelists and topics for that conference; should plan on a FIBO panel for that. Planning meeting for the conference is tomorrow (1/28), and David Saul will be participating, also Carla McKenna.

DS: Waters NA Info Summit (May 21-22, NYC) - FIBO should be part of the event (Bottega is on the planning committee with David Saul)

MA volunteer to run the session if accepted

PR: working with DA to create a specific ontology for GLEIF level 1 and level 2 (parent legal entity format for L2 - where parent doesn't have a legal entity)

PR: phase 1 ending (being reviewed) as basis for onward activity. First step is to create the ontology with a small amount of data. Then will publish data in RDF and XML

DS: What relationship is this to the GLEIF regulatory committee asking for comments about L2 data?

DS: the issue of parent that isn't a legal entity is part of the SSGA comment

(PR) https://www.gleif.org/en/about-lei/common-data-file-format/parent-reference-data-format

JB: ROC is looking into the problem (GLEIF position - don't publish the information as official GLEIF data because it violates the policy of LEI is only assigned to legal entities)

JB: separate the GLEIF policy work from LEI ontology

DS: policy does impact operations (this issue is an example. If no LEI, then firm must create an internal identifier - would like the identifiers to be consistent with the LEI standard)

ISO compatible format for entities that are not eligible for LEI is the parent national identifier (PNI) - stored, but not made available

PNI does not go through the same QA management process as LEI.

Concepts in GLEIF ontology (PR) should be mapped into FIBO. Actions: EK to review ontology with PR and make changes in FBC for concepts missing from FIBO

PR (examples of differences in approach) = relationship between foreign branch and parent is not an accounting relationship (FIBO inherits from accounting)

I think the issue with foreign branch and the 'accounting consolidation' relationship type is due to the fact that the subject and predicate in the GLEIF relationship is assumed to be two different LEIs

EK: MIC code (LIRA 210) now reflects the new URI approach

EK: Closed out FBC-210

EK: MIC code update process (ISO) is now aligned with the FIBO publish process (EDMC) - open question on the timing requirements for updates to MIC

FIBO is updated quarterly - how does FIBO stay current with MIC and currency monthly update process.

FBC 296 and 208 have not been advanced

FBC 211 - ratings ontology is now published in GitHub (still Provisional)

Classes of exchanges (called out within MiFID II) have been implemented

Is there anything missing from the FIBO definition of "exchange" - are any of the legacy FIBO concepts still relevant?

Open question - we have "securities exchange" - should we add the other domains (i.e. commodity)

Open Question: Should we add specific exchange concepts for Europe and other jurisdictions?

MA to investigate repo concepts

EK: Exercise convention - turned the conventions themselves into individuals but did not include "date."

EK: EK created "exercise terms" (terms of the contract that specifies the convention) - includes the issues that relate to date

SEC-69 (commercial paper) - in US it is always discounted. Does "interest bearing" exist in other jurisdictions?

JB: Islamic finance ?

Bill of exchange - no action taken

EK to send definition of bill of exchange to MA (site draft and time draft are under consideration - should these be added)?

Short term strategy - continue the clean-up on SEC before we fully launch the bonds working group

Need to clean up some issues on short term commercial paper (DS to inquire with European team to determine if discounted and interest bearing are still needed as sub-classes)

SEC-37 (EK can do by herself)

Decisions:

Action items

Elisa Kendall Continue the clean-up for SEC until the strategy for launching bond research is defined
Elisa Kendall Review GLEIF ontology from PR for concepts to potentially add to FIBO
David Saul (Unlicensed) Inquiry to European colleagues to determine if discounted and interest bearing concepts for short-term commercial paper are still needed as sub-classes

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