Financial Services Standards

The Object Management Group® (OMG®) Finance Domain Task Force (OMG FDTF) was created to develop sustainable business and technology standards that will promote the notion that data and its semantics are the DNA of financial services. Some standards that the FDTF are currently working to include:

Financial Industry Business Ontology® (FIBO®)

A joint effort by OMG and the Enterprise Data Management (EDM) Council, FIBO® is an industry initiative to define financial industry terms, definitions and synonyms using semantic web principles such as RDF/OWL and widely adopted OMG modeling standards such as UML®. FIBO will contribute to transparency in the global financial system, aid industry firms in providing a cost-effective means for integrating disparate technical systems and message formats, and aid in regulatory reporting by providing clear and unambiguous meaning of data from authoritative sources.

Financial Instrument Global Identifier® (FIGI®)

Many of the systems in use today across securities industry have been built around proprietary, closed methodologies for identifying financial securities. Hundreds of symbologies are in use, with companies often using various classification methods to name and manage financial securities and map contextual information about these securities during the trade negotiation, execution, settlement, and clearing process.

Supporting multiple identifiers methodologies can make data management and integration more costly and redundant. FIGI® removes this obstacle by specifying the structure and semantics of Global Identifiers, how they are constructed and validated, and their relationship with other financial information.

Open Symbology (FIGI) - www.openfigi.com/ from Open Symbology on Vimeo.

Resources

*FIBO and Financial Industry Business Ontology are registered trademarks of the EDM-C, used with permission.