As noted last month by Reference Data Review, the EDM Council is continuing to tweak its semantic repository to better reflect the market’s data semantics. To this end, over the course of September and October, the EDM Council’s subject matter expert (SME) review team has been working through terms that vary over time for the market’s main instrument classes. This work has resulted in a number of changes and additions to the model and the industry group has just released its updated schedule for reviews over the next month or so.
Over the next four weeks the group will re-review the resulting models, in line with the schedule. The group is then planning to start work on OTC derivatives from 2 December, subject to progress made during November.
The EDM Council is keen for firms to put forward suitable subject matter experts for these sessions, to ensure that it has correctly and completely modelled these terms. The updated models will be posted to the website ahead of each review session. “We would be delighted to provide any organisations, who have yet to get involved in the semantic work underway, with an introductory demonstration of the repository,” says Carole Mahoney, head of business operations for the data industry group.
“Typically, a demo takes upwards of an hour, is provided over a GoToMeeting webinar, and can be arranged at a data and time convenient to you and your colleagues,” she continues.
The overall goal of the EDM Council’s semantics repository is to standardise the terms and definitions of all reference data attributes stored in the master files of financial institutions and passed among supply chain partners. Precise nomenclature translates into a common language between systems and sources, reduces the cost of doing business, and promotes confidence in data among business users, claims the group. Visit the EDM Council website here for more information.