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Standards and Semantics

Standards and Semantics. in financial services. Standards for Financial Services – Securities Markets. OTC Product Density 1972 - Present. Registrar. Underwriting – Generic Capital Market Fundraising. Funding Decision. Prospectus. Subscribers. Depends on asset type. NNA. Front Office.

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Standards and Semantics

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  1. Standards and Semantics in financial services

  2. Standards for Financial Services – Securities Markets

  3. OTC Product Density 1972 - Present

  4. Registrar Underwriting – Generic Capital Market Fundraising Funding Decision Prospectus Subscribers Depends on asset type NNA Front Office SEC Pricing, Terms, Allotments Investment Bank Allocations Leads/Co-Leads TRADE LIFECYCLE Middle Office Market Makers Identifier Assignment Book Runners Back Office Depositary Custodian(s)

  5. Standards Landscape

  6. A first attempt Pizza approach “Everything is a Thing” Would not account for common terms e.g. accounting terms for equity, debt, cashflow Financial Semantics in OWL

  7. Hypercube/EDM Council: The Semantics Repository • Top level: KR Lattice hierarchy • philosophical order • continuant v occurrent • concrete v abstract KR Lattice • Mid level: Global terms • Accounting • Legal • Math etc. Global terms Instruments Components Dated terms, process etc. • EDMC: Financial Instruments Semantics • Securities • Components • Market data • Processes Common types and selection lists

  8. Hypercube/EDM Council: The Semantics Repository • Top level: KR Lattice hierarchy • philosophical order • continuant v occurrent • concrete v abstract KR Lattice • Mid level: Global terms • Accounting • Legal • Math etc. Global terms These need to be aligned with the best of the rest Instruments Components Dated terms, process etc. • EDMC: Financial Instruments Semantics • Securities • Components • Market data • Processes Common types and selection lists

  9. General Systems Characteristics • Global scale • Information sets are comprised from real-time and historical sources across multiple corporate/SRO/regulatory entities • Legacy architectures • Messaging systems • Databases • Business Processes resemble “paved cow trails” • Terms start off with meaning (legal / contractual) but this is eroded as data passes through numerous systems and data feeds

  10. Crossing the Language Interface Business world EDMC SR Business terms (semantics) The language interface Technology world Logical design ISO 20022 / FIBIM trace MDDL Physical design FIX FpML

  11. Messaging and Database requirements Business world EDMC SR Business terms (semantics) The language interface Technology world Logical design Logical Data models Logical message models Physical design Database schemes Message schemes

  12. The Challenge – Where are the tools? Messaging and Database requirements Business world EDMC SR Business terms (semantics) trace The language interface Technology world Logical design Logical Data models Logical message models trace Physical design Database schemes Message schemes

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