This ontology defines concepts that extend the Foundations (FND) Products and Services concepts specifically for the financial industry, including financial product, financial service, and financial service provider. Financial Products and Services Ontology provides the context in which an event, a task, a conversation or something else can occur facilitates an essential part, component, or element of some collection or set has constituent identifies the collection that something is an essential part, component, or element of is constituent of identifies the representation or tangible form of something in some context is embodied in identifies someone or something that expedites some event, transaction, conversation or something else in some context is facilitated by a collection of goods, services, or other things (e.g., financial contracts) that can be purchased and sold in some marketplace basket a component of a basket basket constituent a list of goods and/or services available for sale with their description and possibly prices, published as a printed or electronic document (e-catalog) catalog the extent to which an individual or organization is unprotected and open to damage, danger, risk of suffering a loss, or uncertainty exposure the extent to which an individual or organization is open to risk of suffering a loss in a transaction, or with respect to some investment or set of investments, e.g., some holding; the amount one stands to lose in that transaction or investment financial exposure any financial service in which a third party (the intermediary) matches lenders and investors with entrepreneurs and other borrowers in need of capital financial intermediation service a product provided to consumers and businesses by financial institutions such as banks, insurance companies, brokerage firms, consumer finance companies, and investment companies all of which comprise the financial services industry financial product a service provided to consumers and businesses by financial institutions such as banks, insurance companies, brokerage firms, consumer finance companies, and investment companies all of which comprise the financial services industry financial service a functional entity either licensed to provide financial services to consumers and/or businesses or established by law to provide financial services, such as a central bank financial service provider real or personal property (assets), including but not limited to financial assets, to which one holds title and of which one has possession holding an investor's stake, i.e., a holding, in a particular asset (such as an individual security) position a commodity under the jurisdiction of the regulatory agency, such as the Commodities Futures Trading Commission (CFTF), which includes any commodity traded in an organized contracts market regulated commodity an agreement between parties participating in a voluntary negotiation and the exchange of goods and/or services for some consideration (e.g., desired goods and services that someone else possesses) trade an identifier for a trade trade identifier an individual or organization or representative thereof that engages in the transfer of financial assets in any financial market on behalf of a client or the financial services provider trader 1 1 0 0 0 1 Copyright (c) 2015-2016 EDM Council, Inc. Copyright (c) 2015-2016 Object Management Group, Inc. http://www.omg.org/techprocess/ab/SpecificationMetadata/MITLicense FinancialProductsAndServices.rdf fibo-fbc-pas-fpas This ontology defines concepts that extend the Foundations (FND) Products and Services concepts specifically for the financial industry, including financial product, financial service, and financial service provider. The http://www.omg.org/spec/EDMC-FIBO/FBC/20150801/ProductsAndServices/FinancialProductsAndServices/ version of this ontology was modified to reflect issue resolutions detailed in the FIBO FBC 1.0 FTF report. http://www.omg.org/spec/EDMC-FIBO/FND/ http://www.omg.org/spec/EDMC-FIBO/BE/ http://www.omg.org/spec/EDMC-FIBO/FBC/FunctionalEntities/RegulatoryAgencies/ http://www.omg.org/spec/ODM/ http://www.w3.org/standards/techs/owl#w3c_all provides the context in which an event, a task, a conversation or something else can occur http://www.webster-dictionary.org/definition/facilitate an essential part, component, or element of some collection or set http://www.merriam-webster.com/dictionary/constituent identifies the collection that something is an essential part, component, or element of http://www.merriam-webster.com/dictionary/constituent identifies the representation or tangible form of something in some context http://www.collinsdictionary.com/dictionary/english/embodies identifies someone or something that expedites some event, transaction, conversation or something else in some context http://www.webster-dictionary.org/definition/facilitate a collection of goods, services, or other things (e.g., financial contracts) that can be purchased and sold in some marketplace From a securities perspective, a basket is a collection of products or securities that are designated to mimic the performance of a market. For investors, the market basket is the principal idea behind index funds, which are essentially a broad sample of stocks, bonds or other securities in the market; this provides investors with a benchmark against which to compare their investment returns. A basket may be associated with a specific market sector, and may be delineated for the purposes of statistical analysis, such as for calculating CPI. According to the US Bureau of Labor Statistics (BLS), with respect to the CPI, a market basket is a package of goods and services that consumers purchase for day-to-day living. The weight of each item is based on the amount of expenditure reported by a sample of households. http://www.investopedia.com/terms/m/market_basket.asp http://www.merriam-webster.com/dictionary/market%20basket a component of a basket a list of goods and/or services available for sale with their description and possibly prices, published as a printed or electronic document (e-catalog) http://www.businessdictionary.com/definition/catalog.html the extent to which an individual or organization is unprotected and open to damage, danger, risk of suffering a loss, or uncertainty Examples include financial exposure, credit exposure, legal exposure, credit rating exposure, reputational exposure, and so forth. http://www.businessdictionary.com/definition/exposure.html the extent to which an individual or organization is open to risk of suffering a loss in a transaction, or with respect to some investment or set of investments, e.g., some holding; the amount one stands to lose in that transaction or investment Examples in banking include the total amount of unsecured loans, the amount of loans advanced to a single borrower, group, industry, or country, and the probability of loss from devaluation, revaluation, or foreign exchange fluctuations. Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012 http://www.businessdictionary.com/definition/exposure.html any financial service in which a third party (the intermediary) matches lenders and investors with entrepreneurs and other borrowers in need of capital Often investors and borrowers do not have precisely matching needs, and the intermediary's capital is put at risk to transform the credit risk and maturity of the liabilities to meet the needs of investors. Office of Financial Research (OFR) Annual Report, 2012, Glossary a product provided to consumers and businesses by financial institutions such as banks, insurance companies, brokerage firms, consumer finance companies, and investment companies all of which comprise the financial services industry http://www.investorwords.com/19080/financial_services.html a service provided to consumers and businesses by financial institutions such as banks, insurance companies, brokerage firms, consumer finance companies, and investment companies all of which comprise the financial services industry http://www.investorwords.com/19080/financial_services.html a functional entity either licensed to provide financial services to consumers and/or businesses or established by law to provide financial services, such as a central bank http://www.investorwords.com/19080/financial_services.html real or personal property (assets), including but not limited to financial assets, to which one holds title and of which one has possession Note that a holding may refer to a single asset, such as a piece of real estate, a portfolio of assets, multiple portfolios, and so forth, and is frequently aggregated over multiple assets. Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012 http://legal-dictionary.thefreedictionary.com/Holding an investor's stake, i.e., a holding, in a particular asset (such as an individual security) A position can be long or short, and it can be in any asset class, such as stocks, bonds, futures, or options. A position can be open (current) or closed (past), but in general use, unless a position is specifically referred to as closed, the assumption is that it references an open position. Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012 http://www.investorwords.com/3748/position.html a commodity under the jurisdiction of the regulatory agency, such as the Commodities Futures Trading Commission (CFTF), which includes any commodity traded in an organized contracts market The CFTC polices matters of information and disclosure, fair trading practices, registration of firms and individuals, protection of customer funds, record keeping, and maintenance of orderly options and futures markets in the United States. Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012 an agreement between parties participating in a voluntary negotiation and the exchange of goods and/or services for some consideration (e.g., desired goods and services that someone else possesses) Trading activities typically include (a) regularly underwriting or dealing in securities; interest rate, foreign exchange rate, commodity, equity, and credit derivative contracts; other financial instruments; and other assets for resale, (b) acquiring or taking positions in such items principally for the purpose of selling in the near term or otherwise with the intent to resell in order to profit from short-term price movements, and (c) acquiring or taking positions in such items as an accommodation to customers or for other trading purposes. (Source: Instructions for Preparation of Consolidated Reports of Condition and Income (FFIEC 031 and 041), Schedule RC-D - Trading Assets and Liabilities, 2013. The advent of money as a medium of exchange has allowed trade to be conducted in a manner that is much simpler and effective compared to earlier forms of trade, such as bartering. In financial markets, trading also can mean performing a transaction that involves the selling and purchasing of a security. The seller must deliver the commodity sold to the buyer; the buyer must pay the agreed purchase price, which could be in the form of other goods or services, on the agreed date. Deutsche Bank Presentation on the Lifecycle of a Trade, available at http://www.slideshare.net/ahaline/23512555-tradelifecycle http://www.investopedia.com/terms/trade.asp an identifier for a trade an individual or organization or representative thereof that engages in the transfer of financial assets in any financial market on behalf of a client or the financial services provider http://www.investopedia.com/terms/t/trader.asp