Q1 2025 Release
Q1 2025 Release Notes
Q1 2025 Revisions Summary
In Q1 we made extensive changes that touched many individual ontologies in FIBO by integrating the latest additions to the OMG's Commons Ontology Library via version 1.2. Four ontologies were added to the library: (1) Locations, which replaces the contents in the FIBO/FND/Places/Locations ontology, (2) Organizations, which replaces all of the contents of the FIBO/FND/Organizations/Organizations ontology and some classes in both FIBO/FND/Organizations/FormalOrganizations and FIBO/BE/LegalEntities/LegalPersons as well as properties throughout FIBO, (3) RegistrationAuthorities, which replaces the FIBO/FBC/FunctionalEntities/RegistrationAuthorities ontology in its entirety, and (4) RegulatoryAgencies, which replaces some of the content in the FIBO/FBC/FunctionalEntities/RegulatoryAgencies ontology though not all. A mapping describing the changes, from FIBO to the Commons ontologies, is underway, available on the FIBO/Foundations wiki at https://dil-edmcouncil.atlassian.net/wiki/spaces/FND/pages/252346395/Mapping+concepts+from+the+OMG+Commons+Ontology+Library+v1.2+to+FIBO. We anticipate completion by mid-April 2025. Note that deprecated elements will remain in FIBO for a minimum of 6 months, and likely for 9 to 12 months.
Other major updates included normalization of patterns related to how we specify underliers, reconciliation of terminology for business day adjustment and business day convention, adding support for the ISO 4914 Unique Product Identifier (UPI), and adding terminology to support definitions of 'private fund', 'private credit fund', and 'private equity fund' in advance of building out additional content related to private funds over the coming months.
Business Entities (BE)
The primarily changes to the Business Entities domain this quarter involved integrating the latest additions to the OMG Commons Ontology Library v1.2, deprecating duplicate content. Note that classes including LegalPerson and LegalEntity moved to the Commons organizations ontology, which had fairly widespread impact in BE and elsewhere in FIBO. This makes these classes much more broadly useful for work in non-financial domain ontologies however, and simplifies mapping across ontologies that reuse the Commons definitions.
Business Process Domain (BP)
Updates to the BP domain this quarter involved integrating the latest additions to the OMG Commons Ontology Library v1.2.
Corporate Action and Events Domain (CAE)
The primarily updates to the CAE ontologies this quarter involved integrating the latest additions to the OMG Commons Ontology Library v1.2.
Derivatives (DER)
This quarter we addressed a number of issues in Derivatives that had been on our plate for some time, such as (1) adding new concepts and semantics for over-the-counter derivatives and the ISO 4914 Unique Product Identifier (UPI), (2) reconciled terminology for business day adjustment with business day convention (favoring convention as used in a number of other standards), and (3) normalized the patterns and terminology related to underliers. We also integrated the latest additions to the OMG Commons Ontology Library v1.2.
Financial Business and Commerce (FBC)
In Q1, we (1) integrated the latest additions to the OMG Commons Ontology Library v1.2, including FBC's registration authorities and regulatory agencies ontologies, deprecating duplicate content, (2) reconciled terminology for business day adjustment with business day convention (favoring convention as used in a number of other standards), (3) moved the property 'has credit limit' to FBC to make it more broadly available for use with respect to credit facilities in addition to loans, (4) revised the definition of position to normalize it with other related definitions, such as shareholding, and (5) updated the ISO MIC codes to reflect the latest revisions from ISO. We also corrected minor spelling issues in definitions and ontology prefixes for jurisdictions.
Foundations (FND)
This quarter, we (1) integrated the latest additions to the OMG Commons Ontology Library v1.2, including the locations and organizations ontologies from an FND perspective, deprecating duplicate content, (2) reconciled terminology for business day adjustment with business day convention (favoring convention as used in a number of other standards), and (3) augmented the assessments ontology to include definitions for the general notion of value, and extended it to cover 'expected value', 'fair value', 'market value', 'observed value', 'present value', 'qualitative value', 'quantitative value' and 'reference value', as we move towards better support for market data and valuation more generally (integrated with DER-112 as it was needed for normalizing patterns related to underliers,
Indicators and Indices (IND)
IND ontologies were revised in Q1 to (1) integrate the latest additions to the OMG Commons Ontology Library v1.2, and (2) reconciled terminology for business day adjustment with business day convention (favoring convention as used in a number of other standards).
Loans (LOAN)
The main revisions to the LOANS domain in Q1 include (1) integrating the latest additions to the OMG Commons Ontology Library v1.2, and (2) moving the property 'has credit limit' to FBC to make it more broadly available for use with respect to credit facilities in addition to loans.
Market Data Domain (MD)
The primarily updates to the Market Data ontologies this quarter involved integrating the latest additions to the OMG Commons Ontology Library v1.2.
Securities (SEC)
Significant revisions to the Securities domain in Q1 include (1) integrating the latest additions to the OMG Commons Ontology Library v1.2, and deprecating duplicate content in FIBO, (2) reconciling terminology for business day adjustment with business day convention (favoring convention as used in a number of other standards), (3) normalizing the patterns and terminology related to underliers (which impacted asset-backed securities in SEC), (4) extending the concept of 'shareholding' to incorporate additional semantics, and (5) moving the concept of a 'collective investment vehicle' from funds to the more general pools ontology, reconciling the class hierarchy for managed investments, and adding concepts for 'private fund', 'private credit fund', and 'private equity fund', which will be extended with the assistance of SMEs in a future release.
What's Changed
- fix scaffolding.ttl with terminating dot after last @prefix by @neeraj9 in https://github.com/edmcouncil/fibo/pull/2093
- DER-146 - Add a definition for the ISO 4914 Unique Product Identifier for OTC instruments by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2097
- Typo in the label of DataProcessingServicer by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2098
- DER-146a - Augment the definition for the ISO 4914 Unique Product Identifier for OTC instruments with additional annotations and examples by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2100
- SEC-150 - Reconcile the notions of business day adjustment and business day convention by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2102
- BE-254 - The definition of shareholding is missing details by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2108
- FBC-324 - The property 'has credit limit' is defined in loans and should be available for any credit facility in FBC by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2106
- DER-112 - There are mixed approaches to representing underliers - some use hasUnderlier (formerly hasIdentity) and others do not by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2104
- FND-389 - Integrate the ontologies added to Commons 1.2 (phase 1) by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2112
- FND-389a - Integrate the ontologies added to Commons 1.2 (Organizations, phase 2) by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2114
- FND-389b - Integrate the ontologies added to Commons 1.2 (phase 3) by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2116
- FBC-326 - Revise the ISO MIC codes to reflect updates made in Q1 2025 by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2118
- SEC-203 - Need the definition of private credit fund by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2110
- DER-90 - Clean-up definitions in the rate derivatives ontology by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2120
New Contributors
- @neeraj9 made their first contribution in https://github.com/edmcouncil/fibo/pull/2093
Full Changelog: https://github.com/edmcouncil/fibo/compare/master_2024Q4...master_2025Q1