Posts Tagged ‘Michael Atkin’

The Office of Financial Research To Look Hard At FIBO For Financial Instrument Reference Database

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Image Courtesy: Flickr/ .reid

Ontologies are getting a thumbs up to serve as the basis for the Office of Financial Research’s Instruments database. Last week, the Data & Technology Subcommittee of the OFR Financial Research Advisory Committee (FRAC) recommended that the OFR “adopt the goal of developing and validating a comprehensive ontology for financial instruments as part of its overall effort to meet its statutory requirement to ‘prepare and publish’ a financial instrument reference database.”

The Instruments database will define the official meaning of financial instruments for the financial system — derivatives, securities, and so on. The recommendation by the subcommittee is that the OFR conduct its own evaluation of private sector initiatives in this area, including the Financial Industry Business Ontology (FIBO), to assess whether and how ontology can support transparency and financial stability analysis.

FIBO, which The Semantic Web Blog discussed in detail most recently here, is designed to improve visibility to the financial industry and the regulatory community by standardizing the language used to precisely define the terms, conditions, and characteristics of financial instruments; the legal and relationship structure of business entities; the content and time dimensions of market data; and more. The effort is spearheaded by the Object Management Group and the Enterprise Data Management (EDM) Council.

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FIBO Summit Opening Remarks by EDMC Managing Director Mike Atkin

[Editor's Note: As our own Jennifer Zaino recently reported, the Enterprise Data Management (EDM) Council, a not-for-profit trade association dedicated to addressing the practical business strategies and technical implementation realities of enterprise data management held a two day FIBO Technology Summit in conjunction with MediaBistro’s Semantic Technology & Business (SemTechBiz) Conference, June 7th and 8th in San Francisco, California.  SemTechBiz was chosen for the summit because of its close proximity to the leading minds in Silicon Valley.
 
In afternoon and morning sessions, lead by distinguished academic and industry leaders, 60 top developers discussed 4 key technology challenges and developed plans that will lead to solutions critical to simultaneously lowering the cost of operations in financial institutions and ensuring the transparency required by regulations put in place since the beginning of the financial crisis of 2008.
 
Michael Atkin, EDM Council Managing Director began the deliberations with the following charge to the assembled experts.]

Photo of Mike Atkin, Managing Director, EDM CouncilI spent the majority of my professional life as the scribe, analyst, advocate, facilitator and therapist for the information industry.   I started with the traditional publishers and then moved on to my engagement in the financial information industry.  I watched the business of information evolve through lots of IT revolutions … from microfiche to Boolean search to CD-ROM to videotext to client server architecture to the Internet and beyond.

At the baseline of everything was the concept of data tagging – as the key to search, retrieval and data value.  I saw the evolution from SGML (which gave rise to the database industry).  I witnessed the separation of content from form with the development of HTML.  And now we are standing at the forefront of capturing meaning with formal ontologies and using inference-based processing to perform complex analysis.

I have been both a witness to (and an organizer of) the information industry for the better part of 30 years.  It is my clear opinion that this development – and by that I mean the tagging of meaning and semantic processing is the most important development I have witnessed.  It is about the representation of knowledge.  It is about complex analytical processing.  It is about the science of meaning.  It is about the next phase of innovation for the information industry.

Let me see if I can put all of this into perspective for you.  Because my goal is to enlist you into our journey.  Read more