Q1 2024 Release Notes
Q1 2024 Revisions Summary
This quarter the FIBO development team made significant progress in several areas: (1) integrated the latest revisions from the migration of several FIBO ontologies to the OMG's Commons Ontology Library v1.1, including roles, parties, and situations, and scalar quantities and units, documents, (2) clean-up and alignment of the various places in FIBO that defined interest rates, rate resets and schedules related to loans and other debt instruments, and (3) additional changes to clean-up and augment debt baskets and swap related terminology. We also revised the ISO MIC codes to reflect the latest publication as of March 2024.
Note that elements that have been migrated to the OMG's Commons library in Q1 that are now deprecated in FIBO will be removed altogether in Q4 2024.
Business Entities (BE)
Revisions to Business Entities in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library. Further migration, including certain elements related to legal entities and organizations will be transitioned to OMG in the next iteration as a part of the Commons 1.2 library.
Business Process Domain (BP)
Revisions to Business Processes in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library.
Corporate Action and Events Domain (CAE)
Revisions to Corporate Actions in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library. Note that we plan to release controlled vocabularies for ISO 20022 and ACTUS related corporate actions over the coming months.
Derivatives (DER)
As mentioned in the summary, there were significant changes this quarter with respect to derivatives. These include alignment of various kinds of schedules for interest rate changes, rate resets, and related concepts that were initially buried in the IR Swaps ontology but are now available across all debt instruments in FIBO. The changes will facilitate mapping to ACTUS parameters over the coming months, with the expectation that an ACTUS-specific controlled vocabulary and mapping will be included as a part of FIBO. There were also a number of changes related to debt baskets and clean up of the swaps related class hierarchy as well. Changes related to migration of several ontologies to the OMG's Commons library also affected a number of DER ontologies.
Financial Business and Commerce (FBC)
A number of the modifications made to realign rates and schedules also impacted FBC, particularly with respect to the Debt ontology. We see these changes as being long overdue, and believe that FIBO users will be able to better represent any kind of debt instrument, including payment and rate related schedules in a far more consistent way. Changes related to migration of several ontologies to the OMG's Commons library also affected a number of DER ontologies. The ISO MIC codes were also updated this quarter to reflect the latest updates from ISO.
Foundations (FND)
The primary revisions to Foundations in Q1 reflect migration of several ontologies to the OMG's Commons Ontology Library. These include the entire Roles ontology, much of the Parties ontology, the entire Quantities and Units ontology, and much of the Documents ontology.
Note that elements that have been migrated to the OMG's Commons library in Q1 that are now deprecated in FIBO will be removed altogether in Q4 2024.
Indicators and Indices (IND)
Revisions to Indicators in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library.
Loans (LOAN)
Revisions to Loans in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library. Having said this, the changes made with respect to rates and schedules also impacted the loans area, improving the consistency of representing the kinds of schedules that are relevant to any kind of loan, especially mortgages.
Market Data Domain (MD)
Revisions to the Market Data ontologies in Q1 were primarily with respect to support for migration of certain FIBO FND ontologies to the OMG's Commons Ontology Library.
Securities (SEC)
The changes made to realign rates and schedules also impacted the securities arena, particularly with respect to debt instruments, as mentioned above. Changes related to migration of several ontologies to the OMG's Commons library also affected a number of SEC ontologies.
What's Changed
- FND-380a - Revise / replace several ontologies with their counterparts from the Commons Ontology Library v1.1 by @ElisaKendall in #1995
- DER-126 - Need to clean up the hierarchy of swap-related events by @ElisaKendall in #1992
- FBC-317 - The concepts related to interest rate schedules, rate resets and related events needs to be cleaned up by @ElisaKendall in #1997
- SEC-181 - Augment the set of debt baskets with some additional refinements by @ElisaKendall in #2000
- FND-382 - Add an isClassifiedBy restriction on Occurrence by @ElisaKendall in #2002
- FBC-319 - Revise the ISO MIC codes to reflect the latest updates from ISO by @ElisaKendall in #2005
- FBC-318 - Add the concept of a business calendar by @ElisaKendall in #2007
- Fix to report from testHygiene_performance_multiple_different_individuals by @mereolog in #2003
Full Changelog: master_2023Q4...master_2024Q1
