Open Source

A One Thousand entity Core Financial Services Business Data Model goes open source.

Public License

Jayzed Data Models Inc. will release the core of the Financial Industry Business Data Model (FIB-DM) under GNU General Public License (GPL-3.0), an Open Source Initiative® recommended license.

FIB-DM Core is Open Source

The PowerDesigner conceptual model will be available for download on this website in June 2019. Other modeling tools can import the native CDM or XMI file. Data Modellers, you can follow our LinkedIn page for updates.

FIB-DM Core is a comprehensive, self-contained, high-quality blueprint for midsize financial service providers and independent data architects. You can use FIB-DM as a complete Enterprise Data Model, scoped subsets for application and departmental databases, or both.


Comprehensive

With 1874 entities, the Financial Industry Business Data Model is the largest Enterprise Data Model available for Banks and Investment Companies.

FIB-DM Core has 1029 entities for free – more than half of the parent model.

FIB-DM Core and Extended Packages Entity count

Jayzed Data Models retains specialized packages for Securities (SEC), Derivatives (DER), Indices & Indicators (IND). Commercial licenses of the extensions fund the work for the open source core.


Self-contained

FIB-DM is a transformation from the industry standard ontology. In set theory, the core model is a definable inner model of the universe of sets (Wiki). Likewise, an ontology module is self-contained, if (SPARQL) queries on the module return the same results as queries on the whole ontology. In other words, there must be no open ends.

The diagram shows FIB-DM main package (subject area) dependencies, which correspond to ontology imports in the reference ontology.

FIB-DM Package Dependencies

The Foundation (FND) package at the uses entities from the generic packages for Metadata (SM), Languages, Countries, and Currencies (LCC), and classification, taxonomies, and vocabularies (SKOS). These packages provide the framework of the data model. For the most part, Foundation is not Finance-specific. You can use the data model patterns for any domain model. Business Entities (BE) and Finance, Business & Commerce (FBC) extend the Foundation. Most BE, and FBC entities are subtypes of Foundation entities. You can leverage half of the content in these packages for other domains.

FIB-DM Core has no references into SEC, DER, and IND. That is to say; there are no missing super-types or Relationship entities.


High quality, concise and business-friendly design

FIB-DM is a complete model transformation of FIBO, the Financial Industry Business Ontology. Above all, the Enterprise Data Management Council (EDMC), an association of global financial institutions created the ontology. Hence, FIBO is the authoritative open source industry standard for concepts, their relationships, and definitions.

But Ontology Web Language (OWL) is fundamentally different from the Entity Relationship Model (ERM) – won’t the design be changed as well?

Surprisingly not, there is a one-to-one correspondence between named OWL classes and data model entities, because both classes and entities define the same business concepts.

The example diagram below shows the FIB-DM Foundation Agreements Contracts sub-package. For clarity, Associative entities are blue throughout all diagrams.

FIBO Foundation Agreements – Contracts

A contract has effective and execution dates, various terms and contract parties. Note that in FIBO and FIB-DM party is the role that a person or legal entity plays in context of the contract.

Data modelers will notice the multiple inheritances of the Promissory Note – it’s not a bug, it’s a feature.

  1. For the business user, the Promissory Note is indeed both a Written and Unilateral Contract.
  2. FIB-DM is a conceptual data model – it will not be physicalized as is.
  3. After scoping, and attribution, the modeler will determine the appropriate pattern to resolve the inheritance.

The Transformation White Paper explains configuration decisions and intricacies in detail.


Motivation

Why I decided to give away a thousand entities.

A history of FIB-DM

A modeler/architect for 15 years, I converted to ontologist in 2014. When a Semantic Compliance® project required relational components, I manually transformed part of the Financial Regulation Ontologies.

I found that the ontology made an excellent data model. Consequently, FIBO as the source should create the best data model for the Financial Industry.

From sampler to fremium

Large Financial Institutions have limited need for a FIBO data model – they are more interested in applying the configurable OWL-to-LDM transformation to their own (FIBO extension) ontologies.

Like I wrote in my post to EDM Council group:

The Financial Industry Business Data Model (FIB-DM) is a bridge for council members, who don’t have Tripple Stores and in-house Ontology Experts yet. Directly leverage your industry standard and implement FIBO on your existing relational databases.

Customers can test fully functional software applications at leisure until the trial expiration date. However, that approach doesn’t work for Intellectual Property (IP).

Hence, the traditional IP-asset marketing and presales involve evaluation licenses and the massive investment in on-site Proof of Concept.

Complete transparency and fremium pricing is a modern solution. For example, the Full Model Report shows complete documentation of FIB-DM Extended 1875 entities, attributes, and relationships. Initially, I considered a model “sampler” download of FIB-DM Foundation, Swaps, and Government Entities. That would have been the beforementioned uncomprehensive model with open ends limiting usability.

The wide distribution of the fremium core has a larger user community. Hence the strategy reaches more potential Extension buyers than other approaches.

From fremium to premium

Some colleagues argued that the large Core doesn’t leave enough incentive to buy the Extended license. Yes, I wanted to release the largest Open Source Data Model and breach the 1000 threshold. Therefore, I added all of the BE and FBC packages to FIB-DM Core.

However, there are many more extension in the pipeline for the next quarterly releases:

  • Jayzed Data Models will add a Semantic Compliance package with transformed Bank, Fund, and Hedge Fund Regulation ontologies.
  • The EDMC already has FIBO modules for Loans, Collective Investment Vehicles, Corporate Actions, Business Processes and Market Data in the development version. These modules will be added to FIB-DM, once they are released for Production.

Conclusion

FIB-DM Core is a comprehensive, self-contained, high-quality blueprint for financial service providers. More than half of the model (>500 entities) is not Finance specifically. You can use the largest Open Source data model at the Enterprise level or pattern library Application DB design.

Next month, download the model and see for yourself!

References and further reading

FIBO homepage on the EDM Council website: https://edmcouncil.org/page/aboutfiboreview

Open Source Initiative website: https://opensource.org/

Jayzed Data Models website: http://jayzed.com/

FIB-DM Technical Specification, Whitepaper, and Diagrams: https://fib-dm.com/


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