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FND-280 #comment - loosens constraints on business day related proper… #896

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Feb 27, 2020
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FND-280 #comment - loosens constraints on business day related proper… #896

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51 changes: 20 additions & 31 deletions FND/DatesAndTimes/BusinessDates.rdf
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Original file line number Diff line number Diff line change
Expand Up @@ -32,8 +32,8 @@
<dct:abstract>This ontology extends definitions of date and schedule concepts from the FinancialDates ontology with concepts defining dates that may be adjusted when they fall on weekends or holidays as defined in a given business center, for use in other FIBO ontologies.</dct:abstract>
<dct:license rdf:datatype="&xsd;anyURI">http://opensource.org/licenses/MIT</dct:license>
<sm:contentLanguage rdf:datatype="&xsd;anyURI">http://www.w3.org/standards/techs/owl#w3c_all</sm:contentLanguage>
<sm:copyright>Copyright (c) 2014-2018 EDM Council, Inc.</sm:copyright>
<sm:copyright>Copyright (c) 2014-2018 Object Management Group, Inc.</sm:copyright>
<sm:copyright>Copyright (c) 2014-2020 EDM Council, Inc.</sm:copyright>
<sm:copyright>Copyright (c) 2014-2020 Object Management Group, Inc.</sm:copyright>
<sm:dependsOn rdf:datatype="&xsd;anyURI">https://spec.edmcouncil.org/fibo/ontology/FND/DatesAndTimes/FinancialDates/</sm:dependsOn>
<sm:dependsOn rdf:datatype="&xsd;anyURI">https://spec.edmcouncil.org/fibo/ontology/FND/Places/Countries/</sm:dependsOn>
<sm:dependsOn rdf:datatype="&xsd;anyURI">https://spec.edmcouncil.org/fibo/ontology/FND/Relations/Relations/</sm:dependsOn>
Expand All @@ -44,9 +44,10 @@
<owl:imports rdf:resource="https://spec.edmcouncil.org/fibo/ontology/FND/Places/Countries/"/>
<owl:imports rdf:resource="https://spec.edmcouncil.org/fibo/ontology/FND/Relations/Relations/"/>
<owl:imports rdf:resource="https://spec.edmcouncil.org/fibo/ontology/FND/Utilities/AnnotationVocabulary/"/>
<owl:versionIRI rdf:resource="https://spec.edmcouncil.org/fibo/ontology/FND/20180901/DatesAndTimes/BusinessDates/"/>
<owl:versionIRI rdf:resource="https://spec.edmcouncil.org/fibo/ontology/FND/20200201/DatesAndTimes/BusinessDates/"/>
<skos:changeNote>The https://spec.edmcouncil.org/fibo/ontology/FND/20141101/DatesAndTimes/BusinessDates/ version of this ontology was revised by the FIBO FND 1.2 RTF in order to add definitions for business recurrence intervals such as the day of the month and week, and to revise the representation of the end of the month to correspond to the way that the other intervals are represented for use in parametric schedules.</skos:changeNote>
<skos:changeNote>The https://spec.edmcouncil.org/fibo/ontology/FND/20180801/DatesAndTimes/BusinessDates/ version of this ontology was revised to better support definitions related to business day adjustments.</skos:changeNote>
<skos:changeNote>The https://spec.edmcouncil.org/fibo/ontology/FND/20180901/DatesAndTimes/BusinessDates/ version of this ontology was revised to loosen domains on properties related to business day and day count (recurrence interval) conventions, eliminate a duplicate individual, and normalize definitions to be ISO 704 compliant.</skos:changeNote>
<skos:changeNote>This ontology was added to Foundations in advance of the December 2014 Long Beach meeting in support of the SEC specification. It is also needed to provide temporal relationships for Ownership and Control.

These three ontologies are designed for use together:
Expand Down Expand Up @@ -75,54 +76,54 @@ They are modularized this way to minimize the ontological committments that are
</owl:Restriction>
</rdfs:subClassOf>
<rdfs:label>business day adjustment</rdfs:label>
<skos:definition>a convention that specifies what happens when a date falls on a day that is a weekend or a holiday in one or more business centers</skos:definition>
<skos:definition>convention that specifies what happens when a date falls on a day that is a weekend or a holiday in one or more business centers</skos:definition>
</owl:Class>

<owl:Class rdf:about="&fibo-fnd-dt-bd;BusinessDayConvention">
<rdfs:subClassOf rdf:resource="&fibo-fnd-dt-bd;Convention"/>
<rdfs:label>business day convention</rdfs:label>
<skos:definition>a convention that enumerates the possible ways to handle a date that falls on a weekend or holiday</skos:definition>
<skos:definition>convention that enumerates the possible ways to handle a date that falls on a weekend or holiday</skos:definition>
</owl:Class>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessDayFollowing">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<rdfs:label>business day following</rdfs:label>
<sm:normativeReference>FPML 5.1 &quot;BusinessDayConventionEnum&quot;</sm:normativeReference>
<skos:definition>BusinessDayFollowing is a BusinessDayConvention that means a non-business date will be adjusted to the first following day that is a business day.</skos:definition>
<skos:definition>convention specifying that a non-business date will be adjusted to the first following day that is a business day</skos:definition>
</owl:NamedIndividual>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessDayModifiedFollowing">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<rdfs:label>business day modified following</rdfs:label>
<sm:normativeReference>FPML 5.1 &quot;BusinessDayConventionEnum&quot;</sm:normativeReference>
<skos:definition>BusinessDayModifiedFollowing is a BusinessDayConvention that means a non-business date will be adjusted to the first following day that is a business day unless that day falls in the next calendar month, in which case that date will be the first preceding day that is a calendar date.</skos:definition>
<skos:definition>convention specifying that a non-business date will be adjusted to the first following day that is a business day unless that day falls in the next calendar month, in which case that date will be the first preceding day that is a calendar date</skos:definition>
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the last use of "that date" presumably does not mean the one in the following calendar month. It would be better stated as "the adjusted date will be the first preceding...".

</owl:NamedIndividual>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessDayModifiedPreceding">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<rdfs:label>business day modified preceding</rdfs:label>
<sm:normativeReference>FPML 5.1 &quot;BusinessDayConventionEnum&quot;</sm:normativeReference>
<skos:definition>BusinessDayModifiedPreceding is a BusinessDayConvention that means that a non-business date will be adjusted to the first preceding day that is a business day unless that day falls in the previous month, in which case that date will be the first following day that is a business day.</skos:definition>
<skos:definition>convention specifying that a non-business date will be adjusted to the first preceding day that is a business day unless that day falls in the previous month, in which case that date will be the first following day that is a business day</skos:definition>
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Again the last "that date" would be better "the adjusted date"

</owl:NamedIndividual>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessDayNearest">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<rdfs:label>business day nearest</rdfs:label>
<sm:normativeReference>FPML 5.1 &quot;BusinessDayConventionEnum&quot;</sm:normativeReference>
<skos:definition>BusinessDayNearest is a BusinessDayConvention that means that a non-business date will be adjusted to the nearest day that is a business day -- i.e. if the non-business day falls on any day other than a Sunday or a Monday, it will be the first preceding day that is a business day, and will be the first following business day if it falls on a Sunday or a Monday.</skos:definition>
<skos:definition>convention specifying that a non-business date will be adjusted to the nearest day that is a business day -- i.e. if the non-business day falls on any day other than a Sunday or a Monday, it will be the first preceding day that is a business day, and will be the first following business day if it falls on a Sunday or a Monday</skos:definition>
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"first preceding" could be taken as "earliest preceding". "latest preceding would be clearer".
The algorithm is unnecessarily specific and wrong - in the case of the Saturday after Thanksgiving (assuming the Friday is not a business day) then the nearest business day will be the following Monday but the algorithm says the preceding Wednesday.

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Let's address this under a new issue - I only normalized the definition, did not change the content.

</owl:NamedIndividual>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessDayNone">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<rdfs:label>business day none</rdfs:label>
<sm:normativeReference>FPML 5.1 &quot;BusinessDayConventionEnum&quot;</sm:normativeReference>
<skos:definition>BusinessDayNone is a BusinessDayConvention that means that a date will not be adjusted if it falls on a day that is not a business day.</skos:definition>
<skos:definition>convention specifying that a date will not be adjusted if it falls on a day that is not a business day</skos:definition>
</owl:NamedIndividual>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessDayPreceding">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<rdfs:label>business day preceding</rdfs:label>
<skos:definition>a BusinessDayConvention that means that a date will be adjusted to the first previous day that is a business day</skos:definition>
<skos:definition>convention specifying that a date will be adjusted to the first previous day that is a business day</skos:definition>
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"first previous" could be taken as "earliest previous" which is not the intent. "latest previous" would be clearer

</owl:NamedIndividual>

<owl:Class rdf:about="&fibo-fnd-dt-bd;BusinessRecurrenceInterval">
Expand All @@ -135,26 +136,18 @@ They are modularized this way to minimize the ontological committments that are
</owl:Restriction>
</rdfs:subClassOf>
<rdfs:label>business recurrence interval</rdfs:label>
<skos:definition>a recurrence interval that is specified using a business recurrence interval convention</skos:definition>
<skos:definition>recurrence interval that is specified using a business recurrence interval convention</skos:definition>
</owl:Class>

<owl:Class rdf:about="&fibo-fnd-dt-bd;BusinessRecurrenceIntervalConvention">
<rdfs:subClassOf rdf:resource="&fibo-fnd-dt-bd;Convention"/>
<rdfs:label>business recurrence interval convention</rdfs:label>
<skos:definition>a convention for modeling recurring days, such as the end of the month, a particular day of the month, a day of the week, or more specifically, a t-bill auction date</skos:definition>
<skos:definition>convention that specifies how recurring days should be handled, such as the end of the month, a particular day of the month, a day of the week, or more specifically, a t-bill auction date</skos:definition>
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@rivettp rivettp Feb 25, 2020 •
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I don't see why t-bill auction is here, and it's very jurisdiction-specific. If it is so important (does it have its own named convention?) it should at least be cited as "US Treasury bills".

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It was there before - all I did was fix the definition. And there are t-bills referenced in the FpML that may not be limited to the US, including Australian t-bills ... although those could be Australian dollar but US t-bills.

</owl:Class>

<owl:NamedIndividual rdf:about="&fibo-fnd-dt-bd;BusinessRecurrenceIntervalEndOfMonth">
<rdf:type rdf:resource="&fibo-fnd-dt-bd;BusinessRecurrenceIntervalConvention"/>
<rdfs:label>business recurrence interval end-of-month</rdfs:label>
<sm:normativeReference>FIX 5.0SP2 &quot;LegDateRollConvention/EOM&quot;</sm:normativeReference>
<sm:normativeReference>FPML 5.1 &apos;RollConventionEnum/EOM&apos;</sm:normativeReference>
<skos:definition>The last day of a calendar month irrespective of the length of the calendar month.</skos:definition>
</owl:NamedIndividual>

<owl:Class rdf:about="&fibo-fnd-dt-bd;Convention">
<rdfs:label>convention</rdfs:label>
<skos:definition>a widely accepted or established way of doing &apos;something&apos; within some community of practice</skos:definition>
<skos:definition>widely accepted or established way of doing &apos;something&apos; within some community of practice</skos:definition>
<fibo-fnd-utl-av:adaptedFrom>Barron&apos;s Dictionary of Business and Economics Terms, Fifth Edition, 2012</fibo-fnd-utl-av:adaptedFrom>
<fibo-fnd-utl-av:adaptedFrom rdf:datatype="&xsd;anyURI">https://en.oxforddictionaries.com/definition/convention</fibo-fnd-utl-av:adaptedFrom>
</owl:Class>
Expand All @@ -168,9 +161,8 @@ They are modularized this way to minimize the ontological committments that are
<owl:qualifiedCardinality rdf:datatype="&xsd;nonNegativeInteger">1</owl:qualifiedCardinality>
</owl:Restriction>
</rdfs:subClassOf>
<rdfs:label>day of the month</rdfs:label>
<skos:definition>a business recurrence interval that indicates a specific, recurring day of the month</skos:definition>
<skos:scopeNote>This class is only used or meaningful when a regular period in a schedule is monthly, i.e., period is 1 month.</skos:scopeNote>
<rdfs:label>day of month</rdfs:label>
<skos:definition>specific, recurring day of the month</skos:definition>
</owl:Class>

<owl:Class rdf:about="&fibo-fnd-dt-bd;DayOfWeek">
Expand All @@ -196,14 +188,13 @@ They are modularized this way to minimize the ontological committments that are
</owl:oneOf>
</owl:Class>
</owl:equivalentClass>
<skos:definition>a business recurrence interval that indicates a specific, recurring day of the week</skos:definition>
<skos:scopeNote>This class is only used or meaningful when a regular period in a schedule is weekly, i.e., period is 1 week.</skos:scopeNote>
<skos:definition>specific, recurring day of the week</skos:definition>
</owl:Class>

<owl:Class rdf:about="&fibo-fnd-dt-bd;EndOfMonth">
<rdfs:subClassOf rdf:resource="&fibo-fnd-dt-bd;BusinessRecurrenceInterval"/>
<rdfs:label>end of the month</rdfs:label>
<skos:definition>a business recurrence interval that indicates the last day of a calendar month, regardless of the length of that month</skos:definition>
<skos:definition>the last day of a calendar month, irrespective of the length of the calendar month</skos:definition>
</owl:Class>

<owl:ObjectProperty rdf:about="&fibo-fnd-dt-bd;hasBusinessCenter">
Expand All @@ -223,23 +214,21 @@ They are modularized this way to minimize the ontological committments that are
<owl:ObjectProperty rdf:about="&fibo-fnd-dt-bd;hasBusinessDayConvention">
<rdfs:subPropertyOf rdf:resource="&fibo-fnd-rel-rel;has"/>
<rdfs:label>has business day convention</rdfs:label>
<rdfs:domain rdf:resource="&fibo-fnd-dt-bd;BusinessDayAdjustment"/>
<rdfs:range rdf:resource="&fibo-fnd-dt-bd;BusinessDayConvention"/>
<skos:definition>identifies a convention regarding how a date should be handled when it falls on a day that is not a business day</skos:definition>
</owl:ObjectProperty>

<owl:ObjectProperty rdf:about="&fibo-fnd-dt-bd;hasBusinessRecurrenceIntervalConvention">
<rdfs:subPropertyOf rdf:resource="&fibo-fnd-rel-rel;has"/>
<rdfs:label>has business recurrence interval convention</rdfs:label>
<rdfs:domain rdf:resource="&fibo-fnd-dt-bd;BusinessRecurrenceInterval"/>
<rdfs:range rdf:resource="&fibo-fnd-dt-bd;BusinessRecurrenceIntervalConvention"/>
<skos:definition>identifies a convention regarding how certain recurring dates should be handled with respect to a given schedule, such as the end of the month</skos:definition>
</owl:ObjectProperty>

<owl:ObjectProperty rdf:about="&fibo-fnd-dt-bd;holdsDuring">
<rdfs:subPropertyOf rdf:resource="&fibo-fnd-dt-fd;hasDatePeriod"/>
<rdfs:label>holds during</rdfs:label>
<skos:definition>a relationship that states that some condition or state holds during a specified date period</skos:definition>
<skos:definition>specifies that some condition or state is true (holds) during a specified date period</skos:definition>
</owl:ObjectProperty>

<owl:Class rdf:about="&fibo-fnd-dt-fd;CalculatedDate">
Expand Down