Reflecting on the FIBO workshop that took place in November 2018 at the Data Architecture Summit, applying FIBO to SFTR reporting and mixing it up with some other linked data standards such as CSVW and PROV-O.

1. FIBO and SFTR
Reflecting on FIBO workshop at DAS 2018 and
applying FIBO to SFTR
Semantic Web London
Eugene Morozov
@eugenemorozov
https://www.linkedin.com/in/emorozov/

2. What is FIBO
● Financial Industry Business Ontology
● First version published in November 2015
● Structure and contractual obligations of financial instruments, business
entities and financial processes that can be used for data harmonization
● Sold out FIBO Workshop at DAS 2018, FIBO User Group, FIBO at Semantic
Web London and Connected Data London meetups
Semantic Web London

3. FIBO Workshop at DAS 2018
Semantic Web London

4. Key takeaways from the FIBO Workshop
● Internalize the structure
● Local Properties pattern
● Party in Role pattern
● Identifiers pattern
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5. What is SFTR
● Securities Financing Transactions Regulation
● Introduced by European Securities and Markets Authority to improve
transparency of the securities financing transactions
● Coming into effect in the EU in the first half of 2020
● Impacts investment firms, central counterparties, funds and commercial
firms involved in repurchase transactions
● Covers repurchase transactions (of which later), buy-sell-backs, securities
lending and margin lending
Semantic Web London

6. Same amount of cash + interest
Same nominal amount of bond
Cash
Bond
What are repo transactions
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Investor Repo dealer
On the start date
Investor Repo dealer
On the end date

7. SFTR with FIBO Step 1 - End game
… … …
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8. Financial
Business and
Commerce
Foundations
Business
Entities
SFTR with FIBO Step 2 - FIBO Structure
FBC
BE
FND
LoansLOAN
Business
Process
BP
SecuritiesSEC
Collective
Investment
Vehicles
CIV
Market
Data
MD
Corporate
Actions and
Events
CAE
Indices and
Indicators
IND
DerivativesDER
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9. SFTR with FIBO Step 2 - FIBO Structure
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10. SFTR with FIBO Step 2 - FIBO Structure
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11. SFTR with FIBO Step 2 - FIBO Structure
Although plausible, this
is an odd classification.
Most repos are traded
under a master
agreement such as
ICMA GMRA as we
explore next...
Semantic Web London

12. SFTR with FIBO Step 2 - FIBO Structure
fibo-fnd-agr-agr:
Agreement
rdfs:subClassOf
fibo-fnd-agr-ctr:
Contract
fibo-fnd-agr-ctr:
WrittenContract
fibo-fnd-txn-txnx:
MasterAgreement
rdfs:subClassOf
rdfs:subClassOf
fibo-fnd-txn-rea:
EconomicTransaction
fibo-fnd-txn-rea:
ContractualTransaction
fibo-fnd-txn-txnx:
CoveredTransaction
rdfs:subClassOf
swl:
MasterRepurchaseAgreement
rdfs:subClassOf
swl:
ICMAGMRA
rdfs:subClassOf
swl:
ICMAGMRA2011
rdfs:subClassOf
swl:
ICMAGMRA2011WithBuySellBackAnnex
rdfs:subClassOf
swl:
CoveredRepurchaseTransaction
swl:
ICMAGMRA2011RepoTransaction
swl:
ICMAGMRA2011BuySellBackTransaction
rdfs:subClassOf
rdfs:subClassOf
rdfs:subClassOf
rdfs:subClassOf
Semantic Web London

13. SFTR with FIBO Step 3 - Local Properties
fibo-fnd-agr-agr:
Agreement
rdfs:subClassOf
fibo-fnd-agr-ctr:
Contract
fibo-fnd-agr-ctr:
WrittenContract
fibo-fnd-txn-txnx:
MasterAgreement
rdfs:subClassOf
rdfs:subClassOf
fibo-fnd-txn-rea:
EconomicTransaction
fibo-fnd-txn-rea:
ContractualTransaction
fibo-fnd-txn-txnx:
CoveredTransaction
rdfs:subClassOf
rdfs:subClassOf
swl:
ICMAGMRA
rdfs:subClassOf
swl:
ICMAGMRA2011
rdfs:subClassOf
swl:
ICMAGMRA2011WithBuySellBackAnnex
rdfs:subClassOf
swl:
ICMAGMRA2011RepoTransaction
swl:
ICMAGMRA2011BuySellBackTransaction
rdfs:subClassOf
rdfs:subClassOf
rdfs:subClassOf
swl:repo-agg-1
swl:repo-1
swl:bsb-agg-1
swl:bsb-1
fibo-fnd-rel-rel:isGovernedBy
fibo-fnd-rel-rel:isGovernedBy
rdfs:subClassOf
rdf:type
rdf:type
rdf:type
rdf:type
Semantic Web London
swl:
MasterRepurchaseAgreement
swl:
CoveredRepurchaseTransaction

14. SFTR with FIBO Step 3 - Local Properties
fibo-fnd-agr-agr:
Agreement
rdfs:subClassOf
fibo-fnd-agr-ctr:
Contract
fibo-fnd-agr-ctr:
WrittenContract
fibo-fnd-txn-txnx:
MasterAgreement
rdfs:subClassOf
rdfs:subClassOf
fibo-fnd-txn-rea:
EconomicTransaction
fibo-fnd-txn-rea:
ContractualTransaction
fibo-fnd-txn-txnx:
CoveredTransaction
rdfs:subClassOf
rdfs:subClassOf
swl:
ICMAGMRA
rdfs:subClassOf
swl:
ICMAGMRA2011
rdfs:subClassOf
swl:
ICMAGMRA2011WithBuySellBackAnnex
rdfs:subClassOf
swl:
ICMAGMRA2011RepoTransaction
swl:
ICMAGMRA2011BuySellBackTransaction
rdfs:subClassOf
rdfs:subClassOf
rdfs:subClassOf
swl:repo-agg-1
swl:repo-1
swl:bsb-agg-1
swl:bsb-1
fibo-fnd-rel-rel:isGovernedBy
fibo-fnd-rel-rel:isGovernedBy
rdfs:subClassOf
rdf:type
rdf:type
rdf:type
rdf:type
fibo-fnd-txn-txnx:CoveredTransaction
a owl:Class ;
rdfs:subClassOf
fibo-fnd-txn-rea:ContractualTransaction ,
[
a owl:Restriction ;
owl:onProperty fibo-fnd-rel-rel:isGovernedBy ;
owl:someValuesFrom fibo-fnd-txn-txnx:MasterAgreement ;
] ;
rdfs:label "covered transaction"@en ;
fibo-fnd-rel-rel:isGovernedBy
a owl:ObjectProperty ;
rdfs:label "is governed by" ;
owl:inverseOf fibo-fnd-rel-rel:governs ;
skos:definition "a relationship between a contract,
agreement, jurisdiction, or other legal construct and
the regulation, policy, procedure, or legal person
that regulates or oversees (governs) it" ;
Semantic Web London
swl:
MasterRepurchaseAgreement
swl:
CoveredRepurchaseTransaction

15. SFTR with FIBO Step 4 - Party in Role
fibo-fnd-agr-agr:
Agreement
rdfs:subClassOf
fibo-fnd-agr-ctr:
Contract
fibo-fnd-agr-ctr:
WrittenContract
fibo-fnd-txn-txnx:
MasterAgreement
rdfs:subClassOf
rdfs:subClassOf
fibo-fnd-txn-rea:
EconomicTransaction
rdfs:subClassOf fibo-fnd-txn-rea:
ContractualTransaction
fibo-fnd-txn-txnx:
CoveredTransaction
rdfs:subClassOf
rdfs:subClassOf
swl:
ICMAGMRA
rdfs:subClassOf
swl:
ICMAGMRA2011
rdfs:subClassOf
swl:
ICMAGMRA2011WithBuySellBackAnnex
rdfs:subClassOf
swl:
ICMAGMRA2011RepoTransaction
swl:
ICMAGMRA2011BuySellBackTransaction
rdfs:subClassOf
rdfs:subClassOf
rdfs:subClassOf
swl:repo-agg-1
swl:repo-1
swl:bsb-agg-1
swl:bsb-1
fibo-fnd-pty-pty:
PartyInRole
swl:
CollateralTaker
fibo-fnd-rel-rel:isGovernedBy
fibo-fnd-rel-rel:isGovernedBy
swl:
CollateralProvider
rdfs:subClassOf
rdfs:subClassOf
swl:repo-1-ct
swl:repo-1-cp
fibo-fnd-pty-pty:hasPartyInRole
swl:repo-agg-1-p1
swl:repo-agg-1-p2
fibo-fnd-pty-pty:hasParty
fibo-fnd-pty-pty:hasParty
fibo-fnd-pty-pty:
IndependentParty
fibo-fnd-rel-rel:hasIdentity
fibo-fnd-rel-rel:hasIdentity
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
Semantic Web London
fibo-fnd-pty-pty:hasPartyInRoleswl:
MasterRepurchaseAgreement
swl:
CoveredRepurchaseTransaction

16. SFTR with FIBO Step 5 - Identifiers
fibo-fnd-agr-agr:
Agreement
rdfs:subClassOf
fibo-fnd-agr-ctr:
Contract
fibo-fnd-agr-ctr:
WrittenContract
fibo-fnd-txn-txnx:
MasterAgreement
rdfs:subClassOf
rdfs:subClassOf
fibo-fnd-txn-rea:
EconomicTransaction
rdfs:subClassOf fibo-fnd-txn-rea:
ContractualTransaction
fibo-fnd-txn-txnx:
CoveredTransaction
rdfs:subClassOf
rdfs:subClassOf
swl:
ICMAGMRA
rdfs:subClassOf
swl:
ICMAGMRA2011
rdfs:subClassOf
swl:
ICMAGMRA2011WithBuySellBackAnnex
rdfs:subClassOf
swl:
ICMAGMRA2011RepoTransaction
swl:
ICMAGMRA2011BuySellBackTransaction
rdfs:subClassOf
rdfs:subClassOf
rdfs:subClassOf
swl:repo-agg-1
swl:repo-1
swl:bsb-agg-1
swl:bsb-1
fibo-fnd-pty-pty:
PartyInRole
swl:
CollateralTaker
fibo-fnd-rel-rel:isGovernedBy
fibo-fnd-rel-rel:isGovernedBy
swl:
CollateralProvider
rdfs:subClassOf
rdfs:subClassOf
swl:repo-1-ct
swl:repo-1-cp
swl:repo-agg-1-p1
swl:repo-agg-1-p2
21388UEIUZI4R8WK8U00
fibo-fnd-pty-pty:hasParty
fibo-fnd-pty-pty:hasParty
fibo-fnd-pty-pty:
IndependentParty
fibo-be-le-lei:
LEIRegisteredEntity
fibo-be-le-lei:
LegalEntityIdentifier
swl:repo-agg-1-p2-lei
fibo-fnd-rel-rel:hasIdentity
fibo-fnd-rel-rel:hasIdentity
fibo-fnd-aap-agt:isIdentifiedBy
fibo-fnd-rel-rel:hasTag
swl:repo-1-uti
fibo-fnd-pas-fpas:
UniqueTransactionIdentifier
G58VIZ2XDW97GLR5L0RK2TDAGGWBCWM
TUTAM0BVI834TWQ9VD6OZ23
fibo-fnd-rel-rel:hasTag
rdf:type
fibo-fnd-aap-agt:isIdentifiedBy
fibo-fnd-pas-fpas:
hasGeneratingEntityIdentifier
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
rdf:type
Semantic Web London
fibo-fnd-pty-pty:hasPartyInRole
fibo-fnd-pty-pty:hasPartyInRoleswl:
MasterRepurchaseAgreement
swl:
CoveredRepurchaseTransaction

17. SFTR with FIBO Step 6 - Describing sources
lei1,lie2,side
21388UEIUZI4R8WK8U00,21387ML7PI6MZDIY1F00,Sell
Semantic Web London
Some tabular
structure without
much meaning,
perhaps extracted
from an existing
system

18. SFTR with FIBO Step 6 - Describing sources
lei1,lie2,side
21388UEIUZI4R8WK8U00,21387ML7PI6MZDIY1F00,Sell
csvw:TableGroup
swl:repo-tg-1
csvw:Table
swl:repo-table-1
csvw:Schema
swl:repo-schema-1
rdf:type
rdf:type
csvw:table
csvw:tableSchema
rdf:type
swl:repo-col-lei1
csvw:Column
swl:repo-col-lei2 swl:repo-col-side
csvw:column
rdf:type
Semantic Web London
But at least we
can describe its
schema...

19. SFTR with FIBO Step 6 - Describing sources
lei1,lie2,side
21388UEIUZI4R8WK8U00,21387ML7PI6MZDIY1F00,Sell
csvw:TableGroup
swl:repo-tg-1
csvw:Table
swl:repo-table-1
csvw:Schema
swl:repo-schema-1
rdf:type
rdf:type
csvw:table
csvw:tableSchema
rdf:type
swl:repo-col-lei1
csvw:Column
swl:repo-col-lei2 swl:repo-col-side
csvw:Row
rdf:type
swl:repo-row-1
csvw:row
csvw:describes
csvw:column
rdf:type
swl:csv-repo-1
21388UEIUZI4R8WK8U00
21387ML7PI6MZDIY1F00
Sell
swl:lei1
swl:lei2
swl:side
Semantic Web London
… and load it into
RDF

20. SFTR with FIBO Step 7 - Capturing provenance
swl:demo-script
swl:demo-20190122
prov:SoftwareAgent
prov:Activity
prov:Agent
rdfs:subClassOf
rdf:type
csvw:TableGroup
swl:repo-tg-1
csvw:Table
swl:repo-table-1
csvw:Schema
swl:repo-schema-1
rdf:type
rdf:type
csvw:table
csvw:tableSchema
rdf:type
swl:repo-col-lei1
csvw:Column
swl:repo-col-lei2 swl:repo-col-side
csvw:Row
rdf:type
swl:repo-row-1
csvw:row
csvw:describes
csvw:column
rdf:type
swl:csv-repo-1
21388UEIUZI4R8WK8U00
21387ML7PI6MZDIY1F00
Sell
swl:lei1
swl:lei2
swl:side
rdf:type
prov:Entity
rdf:type
prov:wasAssociatedWith
prov:uses
lei1,lie2,side
21388UEIUZI4R8WK8U00,21387ML7PI6MZDIY1F00,Sell
Semantic Web London
We want to keep the
provenance
information during
transformation to
FIBO structure with
clear meaning

21. SFTR with FIBO Step 7 - Capturing provenance
swl:demo-script
swl:demo-20190122
prov:SoftwareAgent
prov:Activity
prov:Agent
rdfs:subClassOf
rdf:type
csvw:TableGroup
swl:repo-tg-1
csvw:Table
swl:repo-table-1
csvw:Schema
swl:repo-schema-1
rdf:type
rdf:type
csvw:table
csvw:tableSchema
rdf:type
swl:repo-col-lei1
csvw:Column
swl:repo-col-lei2 swl:repo-col-side
csvw:Row
rdf:type
swl:repo-row-1
csvw:row
csvw:describes
csvw:column
rdf:type
swl:csv-repo-1
21388UEIUZI4R8WK8U00
21387ML7PI6MZDIY1F00
Sell
swl:lei1
swl:lei2
swl:side
rdf:type
prov:Entity
rdf:type
prov:wasAssociatedWith
prov:used
fibo-fnd-txn-rea:
EconomicTransaction
rdfs:subClassOf fibo-fnd-txn-rea:
ContractualTransaction
fibo-fnd-txn-txnx:
CoveredTransaction
rdfs:subClassOf
swl:
ICMAGMRA2011RepoTransaction
rdfs:subClassOf
rdfs:subClassOf
swl:repo-1
fibo-fnd-pty-pty:
PartyInRole
swl:
CollateralTaker
swl:
CollateralProvider
rdfs:subClassOf
rdfs:subClassOf
swl:repo-1-ct
swl:repo-1-cp
rdf:type
rdf:type
rdf:type
prov:Entity
rdf:type
prov:wasGeneratedBy
prov:wasDerivedFrom
Semantic Web London
lei1,lie2,side
21388UEIUZI4R8WK8U00,21387ML7PI6MZDIY1F00,Sell
fibo-fnd-pty-pty:hasPartyInRole
fibo-fnd-pty-pty:hasPartyInRole
swl:
CoveredRepurchaseTransaction

22. SFTR with FIBO Step 8 - ISO 20022
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● Transformation of the FIBO structure into ISO 20022 XML messages is left as
an exercise for the reader

23. Q&A
Semantic Web London
Eugene Morozov
@eugenemorozov
https://www.linkedin.com/in/emorozov/