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A-Team Insight Blogs

EDM Council Makes Progress with its Semantics Repository Work, Commodities Derivatives Next on the List

The EDM Council’s semantics repository has come a long way since the announcement of its creation back in May 2008. A lot of the legwork has been completed for the repository, which aims to standardise the terms and definitions of all reference data attributes stored in the master files of financial institutions, and the review process is well underway; this week’s focus is on commodities derivatives.

The semantic repository is aiming to identify all data attribute terms and definitions used by financial institutions for business processing, investment decisions, scenario modelling, risk management and portfolio valuation. It is therefore seeking to tackle the problem of ambiguity within data terms used in the financial markets. Thus far, the repository has been updated based on member adjustment to static reference terms for tradable securities and the industry group has finalised the draft of the semantic repository based on feedback from subject matter experts. It is now attempting to prove the feasibility of the project in practice.

The group is holding review meetings for the various sections of the repository on a weekly basis and over recent weeks has finalised the model for OTC options, forwards and swaps, with a focus on asset and rate based derivatives. This week the group is planning to go through the terms for OTC commodities forwards, options and swaps within this model, with a view to completing the overall OTC derivatives model. According to the EDM Council, reference will be made to the FpML schemas for commodity derivative product definitions in this endeavour.

More details on the work so far, including details of the previous review sessions can be downloaded here.

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