Q4 2024 Release Notes
Q4 2024 Revisions Summary
Major revisions this quarter revolved around the ability for FIBO to describe real property, loans collateralized by real property, including mortgages, and sustainability linked loans. Three new ontologies related to lending were released this quarter: (1) Real Property (in FND/Places), (2) Mortgages (in LOAN/RealEstateLoans), and (3) Green Loans (in LOAN/LoansSpecific). There is also a new ontology in the development part of the LOAN domain called MortgageOrigination, which retains some of the original content from what was the MortgageLoans ontology. Significant updates were made to other ontologies to get to the point where the real estate and mortgage ontologies were considered sufficient for release, with new work focused on sustainability linked loans in the new green loans ontology. The Loan Participation Notes ontology was renamed to Distributed Loans, with significant content related to syndicated loans added. The new Distributed Loans ontology has been added to the set of production (released) ontologies. We anticipate creating examples over the coming months to assist FIBO users in taking advantage of these additions. Also this quarter, the start of a controlled vocabulary for the ACTUS algorithmic representation of a contract was added in its own domain. We will continue to build this out over the coming months. We also revised the ISO MIC codes and FpML interest rates this quarter based on changes by their registration authorities.
Note that revisions to incorporate the updates to the OMG Commons Ontology Library v1.2 are anticipated in Q1, with additional elements deprecated as a consequence. A comprehensive mapping from the original FIBO elements to the replacement content in Commons will be added to the Confluence wiki in the Foundations (FND) area. See https://dil-edmcouncil.atlassian.net/wiki/spaces/FND/pages/7111313/Mapping+FIBO+to+the+Commons+Ontology+Library for detailed mapping information for prior versions of the Commons library.
Business Entities (BE)
In support of the work related to loans in Q4, general definitions for syndicate and syndicate member were added to the BE Functional Entities ontology.
Business Process Domain (BP)
Minor revisions related to deprecated elements were made to the business process domain area in Q4 2024.
Corporate Action and Events Domain (CAE)
There were no updates made to any of the corporate actions ontologies in Q4, though current work on ACTUS related terminology will touch on corporate actions in 2025.
Derivatives (DER)
This quarter there were a couple of "clean-up" resolutions related to derivatives, including clean-up of definitions related to swap legs and elimination of long-time deprecated elements,
Financial Business and Commerce (FBC)
Most of the revisions to the FBC ontologies in Q4 were to the Debt ontology, including but not limited to moving the concept of a promissory note to Financial Instruments (to avoid circularity between the two ontologies), additional work related to collateral and collateral agreement, and to contractual provisions such as use of proceeds, needed for the work in LOAN. Other changes include the updated MIC codes and elimination of deprecated elements.
Foundations (FND)
The most significant revision to Foundations this quarter is the addition of the real property ontology. Other additions include new provisions in the contracts ontology, and updates to eliminate long-time deprecated elements.
Indicators and Indices (IND)
The primary revision to IND this quarter was the update to the FpML rates. A few long-time deprecated elements were also eliminated.
Loans (LOAN)
The focus of much of the work this quarter was on lending, particularly loans that are repaid periodically and collateralized via real property. Three new ontologies related to lending were released this quarter: (1) Real Property (in FND/Places), (2) Mortgages (in LOAN/RealEstateLoans), and (3) Green Loans (in LOAN/LoansSpecific). There is also a new ontology in the development part of the LOAN domain called MortgageOrigination, which covers the remainder of the original content from what was the MortgageLoans ontology. We envision additional updates will be needed to complete coverage of the properties required for algorithmic cash flow analysis via ACTUS, and to complete coverage of the remaining parameters required for regulatory reporting.
Market Data Domain (MD)
There were no revisions to the MD ontologies in Q4.
Securities (SEC)
Minor revisions were made to the SEC ontologies this quarter, primarily for alignment with the revisions to loans, in several debt instrument related ontologies. This includes a renamed and released ontology, now called Distributed Loans, which was formerly Loan Participation Notes, as mentioned in the summary. A number of concepts were added, particularly those related to the parties involved in distributed and syndicated loans. This ontology is now released. Other ontologies in the SEC/Debt area were revised for alignment purposes, and long-term deprecated elements were eliminated.
What's Changed
- DER-113 - Need to connect properties of a swap to the legs that may "inherit" those properties by @ElisaKendall in #2060
- FBC-322 - Missing synonyms on certain properties of financial instruments by @ElisaKendall in #2064
- LOAN-168 - Revise the Loans ontologies as the basis for green loans by @ElisaKendall in #2062
- LOAN-168a - Revise the Loans ontologies as the basis for green loans by @ElisaKendall in #2066
- LOAN-169 - Add a new ontology for concepts specific to green loans by @ElisaKendall in #2068
- FND-386 - Eliminate deprecated elements that have been deprecated for more than 2 quarters by @ElisaKendall in #2071
- LOAN-169a - Add Sustainability-linked loan and related concepts by @ElisaKendall in #2073
- LOAN-169b - Add concepts related to transition loans, including supporting green projects by @ElisaKendall in #2075
- LOAN-169c - Extend environmental and sustainability related concepts to better reflect reporting and tracking requirements by @ElisaKendall in #2077
- Loosened constraints on isEvidencedBy per stakeholder feedback by @ElisaKendall in #2079
- FND-388 - Create a new domain area to cover the mapping between FIBO and the ACTUS standard by @ElisaKendall in #2081
- FBC-323 - Revise the ISO MIC codes to reflect the latest updates from ISO (Q4 2024) by @ElisaKendall in #2083
- IND-127 - Revise the FpML rates controlled vocabulary to reflect Q4 2024 revisions by @ElisaKendall in #2085
- Hygiene tests update by @mereolog in #2026
Full Changelog: master_2024Q3...master_2024Q4
