Business Coverage

Some of the terms in FIBO are in the process of standardization through the OMG. The tables below describe the sections and individual ontologies, along with where to find the most recent terms for these.

Note that the OMG specification proposals are divided into a larger number of smaller ontologies. The material which has not yet gone through that process is in a smaller number of larger model sections.

FIBO-BE Coverage

The material in this section is divided into the discrete ontologies shown below. Please refer to the OMG Specification RFC or the Adaptive web front end (when complete) for this material. Selected diagrams are also shown on the corresponding section on this website to give a basic idea of the content (along with explanatory slides).

Section	Ontology	Coverage
Business Entity		Terms to do with business entities, legal persons, legal entities, organizations etc.
	Business Entity Core	Concepts fundamental to business entities in general.
	Legal Personhood	Formal mechanisms by which Legal Persons have their being.
	Organization	Concepts specific to organizations (formal and informal) including parts.
	Functional	Entities defined by their function e.g. business, non-profit, SPV.
	Entity Relations	Relationships of ownership or control among entities (see also Corporation Relationships for relationships specific to those).
Corporation		Companies incorporated by the issuance of shares.
	Corporation Core	Basic facts about companies
	Corporation Relations	Relationships between corporations which arise from the holding of shares in those corporations.
Partnership		Formal partnerships (both incorporated and non-incorporated).
	Partnership Core	Facts about partnerships.
Trust		Entities which are formally consituted as Trusts.
	Trust Core	Core facts about Trusts.

Future FIBO-BE Scope

Sections may be redefined as part of the development of these areas:

Section	Ontology	Coverage
Future Work		Sections and ontologies to be included in future iterations of FIBO-BE.
	Reporting	Facts about reporting obligations and activities for business entities.
	Fund Related Entities	Entities specific to funds and collective investment vehicles including trust and non trust based fund entities. To be completed in conjunction with FIBO-CIV specification.
	Process Entity	Entities defined in terms of their roles in some process. Includes terms which form the basis of reporting related entities, along with settlement entities and the like.
	Commitment	Parties to financial or economic commitments.
	Foundation	Formal basis for the legal person type "Foundation" along with basic facts about these.
	State Actor	Entities which have a part in state, municipal or government concepts, e.g. governments, government bodies, international bodies and so on.
	Bank	Details for entities which are defined (by their activities) as banks. Incudes central banks which are referred to in some securities models.

In this Semantics Repository Website

These terms maintained in the Semantics Repository and this accompanying website.

Some of these are in "Beta" which means that they are substantively complete subject to further review. Others are still in draft and require additional alignment to the terms in the Basic Business Ontology as this has evolved since those drafts were created.

FIBO Securities Reference Terms

The terms in this section are currently maintained in the Semantics Repository and this accompanying website and are in Beta state.

Section	Ontology	Coverage
Common		Terms which apply to all traded securities.
	Security Core	Core terms which are needed for most models. Also included in the foundational terms for FIBO Business Entities.
	Security Assets	Securities as assets - forms a common building block for some business entity terms and is included in the foundational terms for FIBO Business Entities.
	Security Common	Other terms common to all traded securities.
Equity		Terms specific to shares and other equity related securities. The Equity model includes shares which are not traded publicly (for business entities models) as well as publicly traded shares. Other equity instruments include International Depositary Receipts as well as equity instruments for limited partnerships.
	Equity Core	Core terms are those fundamental to the nature of equity instruments. These terms are referred to in Business Entity models (for ownership relationships of incorporated companies).
	Equity	The main Equity model; this is in Beta and is best accessed via the Equity section of this website.
Debt		Terms related to debt instruments, both traded and bilateral (but excluding loans terms - see separate section). These are instruments which give the holder some participation in the debt of the issuing entity or counterparty.
	Bonds	Formal debt instruments which are identified as Bonds. These are distinguished by having a coupon which reflects the interest payable to holders.
	Asset Backed Securities	Tradable debt instruments, usually defined as bonds, in which there is some underlying basket of assets (such as loans or mortgages).
	Tradable Short Term Debt	Short term, or money market debt instruments, which may be freely traded. Please refer to the separate OTC Debt section for bilateral debt related contracts that also come under the general heading of Money Markets in the industry.
	Loan Participation Note	Contracts which give the holder some formal participation in some loan.
	OTC Debt Instruments	Debt contracts which are bilateral in nature. Most or all of these are also defined as Money Market instruments in industry parlance.

Derivatives

the derivatives material can be cut in two ways: by asset type, and exchange traded versus OTC. The material in this website has not yet been restructured to reflect the fact that exchange traded derivatives are essentially a sub-type of derivatives more generally. Also the OTC contracts are filed according to their underlying asset type, which the exchange traded ones currently are not. Please refer to the UML-based repository for a complete account of these.

Section	Ontology	Coverage
Derivatives		Instruments which have some 'Underlying' asset. The underlying may be used to determine payment structures on the instrument, or may be deliverable to the holder when they exercise the contract, or both. Derivatives are divided into exchange traded and over the counter (OTC) traded.
Exchange Traded Derivatives
	Traded Options
	Futures
OTC Derivatives		Derivatives which take the form of a contract struck bilaterally between two market participants. These may be swaps, options, forwards or swaptions. Each of the sections below may contain derivatives contracts of each of these contract types.
	Asset	OTC derivatives based on some security asset. This is maintained in two sections: Equity based and Debt based. These include return swaps / total return swaps, equity index derivatives and so on.
	Commodity	OTC derivatives where the underlying is some commodity. There are various kinds of commodity and these are classified accordingly e.g. energy, agricultural and so on. Includes swaps, options, forwards and swaptions with this kind of underlying.
	Rate	OTC derivatives which have some market rate as the underlying. Maintained in two sections (interest rates; market indices based). Includes swaps, options, forwards and swaptions with this kind of underlying.
	Foreign Exchange	OTC derivativs based on foriegn exchange. Includes Fx swaps, options, forwards and swaptions.
	Credit	OTC Derivatives which are based on some credit event. Includes Credit Default Swaps.
	Contracts for Difference	A kind of OTC instrument which is not a swap, option or forward.
Rights		Formal rights instruments, both OTC and tradable. Includes warrants and stockholder rights contracts.

FIBO Collective Investment Vehicles

Previously included in the securities / reference data material, this is going to be defined as a separate OMG specification, with accompanying enhancements to the business entities model. Meanwhile, the material here is an extensive draft, based on ISO 20022 and subsequently refined with input from EFAMA. Some work is required to this model before it is complete, but it is very extensive.

Section	Ontology	Coverage
Collective Investment Vehicles		Terms for funds and other collective investment vehicles.
	CIV Reference Terms	Reference data terms and non time dependent facts about funds and CIVs.
	CIV Date and Time Dependent Terms	Terms which have a time component (either real time, intra-day or dated terms). These include Net Present Value (NPV) and related analytics.

Indices and Indicators

This section defines market rates of all descriptions, including interest rates, published indices such as government indices (inflation, employment etc.) and market indices which aggregate prices of securities (e.g. FTSE).

This information is currently maintained on this Semantics Repository website as part of the securities / reference data terms. This is projected to be a separate OMG specification. It will be referred to in derivatives models among others.

Section	Ontology	Coverage
Indices and Indicators		All market indices, rates and other variables. These are currently all maintained in a single section on this Semantics Repository website. The structure described below will be reflected in the proposed OMG standards.
	Interest Rates	Published interest rates, including interbank offer rates, treasury, federal funds rates etc.
	Economic Rates	Published indices, such as employment rates, inflation rates and so on. These are indices which give some indication on the parameters of some economy.
	Reference indices	Published index values which reflect the value of some basket of instruments, often of a specific type (equity of bond indices).
	Credit Indices	Published indices which reflect the performance of a basket of credit risks.

Date and Time Sensitive Terms

Terms which have some date or time component in their definition. This includes all prices, yields and analytics.

Note that Loans dated terms are maintained separately, as are those of Collective Investment Vehicles.

This section is in draft and is awaiting refactoring around the OMG Date Time Vocabulary (DTV) before it is finalized and presented for review. There is extensive material in the current draft format, for which we welcome review and comments.

Section	Ontology	Coverage
Time Sensitive Instrument Terms		Terms which have a date or time component. These have a different value on a different day or at a different time. All such terms have a current value, a time series of past values, and some indication of what is the granularity on which the term is measured (daily, real time etc.)
	Common	Common or core terms from which the date and time dependent terms below are derived. For example, pricing fundamentals, yields etc.
	Equity	Pricing and analytics for equity products. Includes types of price which may be quoted by stock exchanges (end of day, intra-day, first and last prices and so on). All prices are a feature of a given market or exchange.
	Debt	Debt date and time related terms including pricing, yields, convexity, duration analytics and so on. Prices for debt may be defined in several different ways (monetary versus percentage; quoted by means of a yield figure and so on).
	Futures	Exchange traded futures date and time dependent terms such as margining.
	ET Options	Exchange traded options date and time dependent terms such as margining.
	CIV	time and date dependent terms for funds and other types of collective investment vehicle. Includes Net Present Value (NPV) values, and other metrics and analytics derived from this.

Loans

The loans model was created in response to a proof of concepts on mortgage backed and asset backed securities. Working with IBM Research and others, we took a set of terms used for risk management in this area and analyzed them - most turned out to be terms about loans themselves. A loans model was created, with formal semantics for lending concepts including credit facilities and so on. These were subjected to a series of SME reviews in the normal way. In this way, we extended the model to a range of types of loan including student loans, and expanded the number of terms around loan appraisal and the lending lifecycle.

Although this section is a quite substantial draft, we intend to re-align this with the MISMO XML messaging standard for loans and ensure that we have modeled the semantics of all the terms referred to in MISMO. This will require the addition of terms for portfolios and holdings, and for real estate, construction and project management. For the real estate, construction and project management terms we will seek formal semantic alignment with standards which are published or maintained by the industry bodies most closely associated with those activities.

The loans model contains time- and date-sensitive terms as well as static reference terms about contracts and the like. The content will be made more modular as part of the MISMO realignment. The subject areas are itemized below but for example we would most likely make each kind of loan, or at least each broad category of loan (mortgage, general, student) a separate section with one or more ontologies within it. We also need to decide whether to package the time-dependent and non-time dependent material side by side within these packages of segregate them completely as we have in the securities models.

Section	Ontology	Coverage
Loans		All terms about loans including securitized and non securitized.
	Loan Common	Common and fundamental loan terms and the overall loan semantics framework
	Miscellaneous Loans	Different kinds of loan such as motor, marine and so on.
	Mortgage Loans	Loans which have collateral posted as security and where that collateral is real estate, and the real estate which makes up the collateral is purchased with the funds loaned.
	Student Loans	A loan or series of loans made for the purposes of study at some institution of learning.
	Credit	Terms specific to the existence and extension of credit. Includes terms like home equity lines of credit which may be referenced in asset backed securities.
Loans Dated Terms		Terms with a date or time component. May be divided into several discrete ontologies when this material is re-packaged.
	Loan Common Dated Terms	Terms with a date or time component. For example, amounts outstanding.