1. Financial Industry Business Ontology (FIBO) Monthly Status/review call Wednesday November 2 nd 2011

2. FIBO Works update Joint workstreams – WS1: Content and RFC disposition – WS2: Technical Model Framework (metamodel) – WS3: Shared Semantics Treatment – WS3+ Shared Semantics semantics? Other FIBO Activity – Change Management – Migration – Documentation (RFC) Other News 2

3. Derivatives Proof of Concept To be extended into complete operational ontologies (suitable for Semantic Web applications) Metadata to be added in line with WS2 metadata works This is a high priority for the industry Demonstrate viability, provide practical guidance on implementation of semantics 3

4. FIBO Progress Base Metamodel completed and agreed Additional Metadata – almost complete (this week?) Migration to Adaptive – in progress – Tackling tooling related issues – Modularized model as required for Business Entity release RFC Document authoring in progress Ongoing discussions on shared semantics – Drafted treatments for a number of scenarios – Need to spin off actual semantics to separate calls Existing SR content SME Reviews essentially complete – Business Entities sign-off imminent – Much work required on derivatives – Legal conceptual modeling to do 4 Cop yrig ht © 201 0 ED M Cou ncil Inc.

5. WS2: Technical Modeling Framework Base Metamodel (ODM) decisions complete Additional metadata – What metadata we need – What standards to derive this from (DC, SKOS etc.) – How to implement this As OWL constructs As UML constructs via ODM What needs to be done in the model to achieve this 5

6. WS2: Additional Metadata Requirements Existing metadata (Term Origin etc.) to be refactored as new metadata New metaterm needed for classification facets New metadata for cross reference to existing standards (mapping) Change management metadata per OMG 6

7. WS2 Metadata Implementation Metadata derivation – Will create our own sub-terms of some Dublin Core and SKOS terms – Some implementation decisions to make re use of SKOS terms Metadata implementation – Mainly OWL Annotation Property – Instance of annotation property (“Fact”) in model There are some tool issues around this 7

8. WS3 Shared Semantics Identified treatments for each of a number of scenarios: – Ontologies to reference directly – Ontologies where: We want to use only a subset of the terms We want to use one aspect of the ontology (e.g. classes but not axioms) – Standard ontologies which are: Not very semantic but presented in OWL Not in OWL but still ontologies – Standards which are not formal ontologies UML XML Schema Treatments to be written up and presented this week 8

9. Shared Semantics: Selection Criteria Some standards already referenced Want to find standards for the rest – Inevitably some will be left over Criteria on which to select and apply standards – See Selection Matrix on the wiki – Degree of adoption or uptake of the standard – How authoritative it is for its subject matter – Geographical and political considerations Selection criteria to be agreed and implemented 9

10. Shared Semantics – actual semantics The WS3 sessions have focused on more technical aspects of the treatment of ontology sharing Need to hold separate business-facing sessions on the mid level ontology models – Legal: Done – Accounting / Transactions to do – Date/Time: Liaise with OMG Date Time Vocabulary group – Address / Location terms done? Please mail me to register interest in these 10

11. Change Management Process to be drafted with reference to OMG emerging “content” standard process – This is not a loosening but a change to how content managed – Needs a formal definition of what is “Content” Some parts of the FIBO standard relate to the modeling framework and must come under the existing OMG RFC process Need to add the metadata required for this – Defined in OMG draft documentation – We will use this in its current state 11

12. Migration Made a start (ODM name changes etc.) Will do Business Entities initially Expect to do a “Big bang” conversion of the model content when the migration process is fully determined and documented. – Doing parallel migration tests ahead of that time – The Big Bang should be after changes engendered by Shared Semantics (Mid level ontology) changes Actions on the model itself – Modularization – Addition of metadata – Changes to existing metadata. 12

13. Documentation Initial document created – Sections set out – Some content written Normative v informative parts – Model output report is normative – Anything which directly impacts on the Business Entity content is normative – Shared semantics methodology is informative – Informative material on model position (Logical versus Conceptual models) etc. – Informative material on modeling principles 13

14. Upcoming Webinars The EDM Council’s Semantics Initiative – An In-Depth Look at the Financial Industry Business Ontology and the Semantics POC on Derivatives – Dates: Thursday November 17 Monday November 28 Semantics in Finance Webinar – Overview of the semantics activities underway by the EDM Council/OMG, SWIFT and XBRL – What each group is doing, how they relate to one another, areas of potential collaboration, methods to ensure non-duplication – Date: 6 December 14

15. Semantics Community Open Ontology Repository (OOR) – Provides a searchable repository for ontologies through a common interface. – We will share our Element level metadata requirements Use Cases for shared semantics Joint IAOA-OOR-Ontolog "Ontologies and Standards" mini-series – This week (Thursday): Elisa Kendall is the invited speaker – ISO 19763 Metamodel Framework for Interoperability – http://ontolog.cim3.net/cgi-bin/wiki.pl?ConferenceCall_2011_11_03 15

16. Standards News ISO 20022 – Working Group 5 We have representation on that group Looking at what would make a semantics layer FIBO a possible candidate Semantics initiative in ISO 20022 Business Model (Registration Authority initiative) also applicable WG5 “Challenge” Will do a Challenge (beauty contest) to the Semantic Tech community using sample data Focus on Corporate Actions, Legal Entity terms As with other logical and physical model standards, position FIBO as semantic “layer” not displacement of existing terms 16

17. Summary Content – Business Entity sign-off imminent Metadata – Expect complete decisions this week on what to use – To be populated for Business Entities model Shared Semantics – Treatments nearly finalized – Some new standards to consider e.g. in Legal – Model extensively modularized – New Semantic sessions to do Migration in progress Documentation in progress 17

18. Questions? 18