The Financial Industry Business Ontology (FIBO) defines the sets of things that are of interest in financial business applications and the ways that those things can relate to one another. In this way, FIBO can give meaning to any data (e.g., spreadsheets, relational databases, XML documents) that describe the business of finance.
The primary areas of work in Q3 affect the Securities (SEC) and Derivatives (DER) domain areas. This quarter we initiated work to clean up the CIV ontology under SEC/Funds. Some constructs were moved to higher-level areas in FIBO, and redundancies were eliminated. We also reviewed a number of Derivatives ontologies, warrants in particular, and extended / improved the representation of certain contract types. We also updated the ISO MIC codes in FBC as usual. The detailed changes made this quarter are highlighted below.
Note that a number of concepts were deprecated at the end of 2024 due to integration with the OMG Commons 1.2 revision. Many of these will be eliminated in the Q4 update, and new terms from the Commons 1.3 revision will be integrated into FIBO, which may result in additional deprecations. Users should be aware of this change when downloading and integrating the FIBO Q4 release at the end of the year.
Changes to BE in Q3 included improved consistency with respect to the use of some properties, revisions to the representation of beneficial ownership based on feedback, and incorporation of terms that were originally in the CIV ontology but were more broadly applicable.
There were no revisions related to corporate actions this quarter. We anticipate resuming work on the ACTUS and ISO 20022 controlled vocabularies for corporate actions over the coming months, however.
Several issue resolutions focused on entitlements this quarter. Based on review of the ACTUS terms related to warrants and other use cases, we've made significant improvements to their representation. Updates focused on bonds with warrants, equity warrants, structured and exotic warrants, and related concepts. Some explanatory material was added to distinguish futures from forwards as well.
A few issues touched on FBC in Q3, mainly in the context of cleaning up or promoting material from the CIV ontology. The primary contribution to the FBC domain in Q3 is an update to the ISO MIC codes.
Changes to the Foundations domain in Q3 include promotion of a few constructs due to the changes made in other domain areas, and the addition of contact, contact record, and related properties to the People ontology.
There were no changes to the LOAN domain area in Q3 2025. We anticipate that additional changes will be made to LOANs as we integrate the ACTUS data dictionary, however.
Major changes to the SEC domain area in Q3 were focused on the SEC/Funds ontologies, including but not limited to cleaning up the CIV ontology. We anticipate continuing our funds related efforts over the coming months, as well as shifting gears to begin cleaning up and integrating additional SEC/Debt ontologies, such as CLOs, CDOs, CMOs and the like.
GitHub-2140 - Broken import in example ontology on FIBO master branch by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2141
FND-396 - 43 incorrect uses of hasConstituent across FIBO by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2143
SEC-207 - Bond with warrant is defined as an offering without links to the bond or related warrant by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2145
DER-150 - EquityWarrant should inherit from CallWarrant by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2148
SEC-202 - Clean up the definition of beneficial ownership by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2149
DER-151 - No property to represent the number of shares in an EquityWarrant by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2151
DER-148 - Need to better distinguish futures from forwards by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2153
GitHub-2154 - Problem with HAS ANTICIPATED NUMBER OF PAYMENTS by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2155
DER-152 - Missing the concept of a structured warrant by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2157
DER-153 - Missing the concept of an exotic warrant by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2159
SEC-200 - Clean-up the CIV ontology in SEC/Funds in order to leverage it for use in describing various kinds of more complex instruments, such as CDOs by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2161
SEC-200a - Continue to clean up the CIV ontology in SEC/Funds in order to leverage it for use in describing various kinds of more complex instruments, such as CDOs by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2163
SEC-208 - SEC: Include nonprofit and community investment funds in CIV by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2166
FND-397 - Need the ability to represent the concept of a contact by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2168
FBC-337 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2170
FBC-338 - Not all FIBO ontologies were updated to use the new Commons definition of hasJurisdiction, which should be corrected by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2172
SEC-205 - There is some sort of logic error in the securities identification individuals ontology by @ElisaKendall in https://github.com/edmcouncil/fibo/pull/2131
Full Changelog: https://github.com/edmcouncil/fibo/compare/master_2025Q2...master_2025Q3