OPEN.20131008 FIBO Technology Summit Report

8/12/2019 OPEN.20131008 FIBO Technology Summit Report

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Once upon a time, there were no standard definitions of financial terms and thefinancial institutions could interpret the meaning of the rules and regulations ofthe industry each in their own way. Everyday, new financial instruments andtransaction types were invented. One day, major companies in business formany decades began to collapse and lead the world into general economic

depression. Because of that, regulators struggled mightily to understand thecondition of the worlds economy and it became clear that the companiesthemselves did not know their true financial exposure. Because of that, an effortwas launched by the industry to develop a Financial Industry Business Ontology(FIBO) - a common vocabulary based on international standards, that wouldenable companies to better communicate within and among themselves andwould enable regulators to perform meaningful oversight as required by laws.Until finally, the dual purpose of reducing the cost of manufacturing data requiredby law became de minimisand Congress and regulators were confident of theprovenance of answers to their questions of the industry.

Dennis E. Wisnosky

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OPEN.20131008 FIBO Technology Summit Report