1. Rear Admiral Hopper
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2015 SEO: Schema, Structure & Financial Services
by C A L I B E R M E D I A G R O U Pon F E B R U A R Y 1 6 , 2 0 1 5
SEO, Structures, Schema, & Financial Industry Business Ontology (FIBO)
The Semantic Web & Emergent SEO Technologies: Part II
Early Structured Data: Precedents to FIBO
The mother of the C O B O Lcomputer language, Rear Admiral Grace Brewster Murray
Hopper, readily torpedoed the words “We’ve always done it this way”, citing this
expression as a most damaging phrase in any language. Regarding the ways in
which we do, in fact, communicate, she insisted “we must have a language and a
structure that will take care of the data descriptions and priorities, as well as the
operations we wish to perform.” Ms. Hopper, a pioneering computer scientist for the
U.S. Navy throughout the 20th century, won the first Computer Science Man-of-the-
Year Award in 1969, and today you can find her motto “Dare and Do” affixed to the
active guided missile destroyer the USS Hopper. So, Ms. Hopper demanded more
structured, efficient, and meaningful languages than those used in the past. And the
World Wide Web is amidst an ever-progressing shift in how languages construct structured web documents, for those
languages to signal and deliver even more precise meanings to search engines, optimizing the relevance of the
search results (operations) we produce (perform) every day. The Semantic Web (once known as the ‘Ontology Web’)
connects logic with language to produce meaning. Web engineers use semantic technologies such as referenced
ontologies (e.g., Schema.org). Web technologists are also standardizing emerging industry-specific ontologies, or
industry-normative taxonomies, to serve Line of business (LOB) semantics (i.e., domain-specific ontologies) for
newspapers, libraries (e.g., LOC MOD), project management, art museums, biomedicine, biochemistry, genetics, the
Life Sciences, ITservices, the insurance industry (in tandem with ACORD), auto manufacturers and car dealers, a
comprehensive Semantics of Business Vocabulary and Business Rules (SBVR) standards, the eXtensible Business
Reporting Language (XBRL) standard, the travel industry, and across financial institutionsontologies, within that
industry. Seems like we’ve some a long way from stuffing keywords into web pages, now that we are applying
syndetic (connecting) structures to syntactic semantics (Schema for indicating ‘meaning’), and an exhaustively
thorough understanding of semantic ontologies was updated last September within the Object Management Group’s
(OMG) Ontology Definition Metamodel (ODM) — with XML Metadata Interchange (XMI) files included.
Early Financial Services Structured Data Markup
For the financial services industry many semantic web experts cite Dow Jones Corporation’s Factiva (initially named,
‘Dow Jones Reuters Business Interactive’) as the first large-scale project that deployed industry-specific structured
data (taxonomies & ontologies) to finance domain-specific publications. Today, after multiple iterations and industry
acquisitions, News Corporation‘s Factiva and LexisNexis are the leaders for high-end aggregated global financial and
business news publishing. Yet, a comprehensive financial products and services industry markup language standard
initiative began just one month after Factiva.com was launched: FpML (Financial products Markup Language), first
proposed by J.P. Morgan and PricewaterhouseCoopers (PwC) in June 1999. IBM, SWIFTand other organizations
joined this effort, a markup initiative focused on OTC derivatives markets (over-the-counter derivatives are traded
between two parties, not through financial exchanges or intermediaries). FpML is overseen by the International Swaps
and Derivatives Association (ISDA). The FIXProtocol standard, begun in 1992 for financial service entities’ securities
trading, is now overseen by the FIXTrading Community, The Banking Industry Architecture Network (BIAN), founded
in 2008, continues to work with the OMG and The Open Group to develop financial services interoperability
frameworks.
But what of banks as institutions themselves — how might they more effectively:
a) Communicate more efficiently with other banks (e.g., buy & sell others’ loans);
b) Provide transactional transparency for regulatory authorities (e.g., comply with
U.S. Treasury and Federal Reserve Board regulations), and, most importantly;
c) Speak more precisely and transparently with savings & loans consumers?
Financial Services: Schema & FIBO
Well, in 2012 we welcomed FIBO, the Financial Industry Business Ontology™, at an EDMC and OMG hosted
conference, Demystifying Financial Services Semantics (subtitled: The Business Value of Data and Semantics) ,
during which we were presented “The Financial Industry Business Ontology” (by Mike Bennett, Director and Founder,
Hypercube; Head of Semantics and Standards, EDMC), followed by “Financial Industry Business Ontology in
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2. Operations” (a discussion led by David Newman, SVP, Enterprise Technology Architecture & Planning, Wells Fargo).
FIBO is overseen by the OMG Finance Domain Task Force (FDTF); FIBO OMG EDMC updates are found on this
OMG Wiki; and, Adaptive, headquartered in Orange County, CA, kindly provides a visual FIBO concepts model.
Here’s Dennis Wisnosky, the former CTO and Chief Architect for the US DoD Office of the Secretary of Defense
(OSD), concisely introducing banking executives and semantic ontologists to the FIBO vocabulary (i.e., financial
institutions’ financial instruments in the semantic world) in February of 2014. It was in February, 2013 that Dennis
Wisnosky was appointed to lead the enterprise standards implementation process for the Enterprise Data
Management Council’s (EDMC) Financial Industry Business Ontology (FIBO).
Financial Services: the FIBO Ontology
In considering the depth of FIBO’s orchestration, standardization, and the importance of
FIBO for the financial industry, Caliber called upon Elisa Kendall, a principal at Thematix
Partners, an Object Management Group (OMG) architecture board member, and key
contributor to the Financial Industry Business Ontology (FIBO). [Note Ms. Kendall’s
presentation, “Ontology Engineering in UML“.]
Question: “What is the impact of FIBO for the financial industry, to date?”
Answer: “FIBO has been the occasion for a wide range of industry subject matter experts
[SMEs] to weigh in on the vocabulary that they use from day-to-day. This is perhaps the
first time the industry as a whole has coalesced on standardized terms of art. What makes
this lexicon different from any other is that it is rendered as an ontology, enabling not only clear and unambiguous
communication between human beings, but as well, reasoning and classification by machines. This ability could
conceivably avoid the next meltdown.”
Financial Services: F I B O& S E O
What are the SEO ramifications connected to FIBO’s arrival? Caliber’s Emergent SEO is based on Schema, and
Schema (along with other methods of applying structured data vocabularies to web documents, such as RDFa and
JSON-LD) is derived from industry-specific lexicons. As FIBO matures to standardize the structures within its
vocabularies’ terminologies so will those frameworks yield even greater utility within the Semantic Web — the
Ontology Web — providing much more precise search results (i.e., “findability“) for the financial institutions that have
implemented this explicit, specific and rigorous markup to the respective financial services and financial instruments.
Beneficiaries will include commercial banks, brokerages, credit unions, investment banks, insurance agencies,
foreign currency exchanges, and other financial services entities‘ offerings.
—–
Update, May 2015: Schema.org has assembled a select working group, working under the project title of
FIBO.Schema.org, and Caliber Media Group will be assisting in setting the Financial Industry’s Schema.org
Ontology.
—–
Side-note | Addendum
Federal agencies that are (or will be) involved in FIBO developments:
Bureau of Consumer Financial Protection (C F P B)
Commodity Futures Trading Commission (C F T C)
Federal Deposit Insurance Corporation (F D I C)
Federal Housing Finance Agency (F H F A)
Federal Reserve Board (F R B)
Financial Stability Oversight Council (F S O C)
Government Accountability Office (G A O)
Municipal Securities Rulemaking Board (M S R B)
National Credit Union Administration Board (N C U A B)
Office of the Comptroller of the Currency (O C C)
Office of Financial Research (O F R)
U.S. Securities and Exchange Commission (S E C)
U.S. Department of the Treasury
Taggedas: bankingseo, edmc, emergent seo, emergingseo, fibo, financial industry seo, omg, ontologies, Schema, semantic web, seo, uml
{8comments…read them below or add one }
Ian Davis February18, 2015 at 8:55 am
Gee, comprehensive much, Chris? This is like some sort of OMG FIBO Ontology Schema reference guide.
Your portion considering Admiral Hopper threw me off, at first, but then I quickly got the connection of her structured
data efforts for COBOL with the structure/ontology efforts on the part of EDMC for FIBO, Schema, and then the SEO
section. Oh, and I didn’t notice that Caliber’s a member of EDMC — congratulations.
Thanks!
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3. R E P L Y
Caliber Media Group February18, 2015 at 12:32 pm
Thank you, Ian.
R E P L Y
Jan Cabrillo February27, 2015 at 9:14 am
OK, Caliber, I get it, at least I think so. The semantic web isn’t a serendipitous endeavor, like conversations
talking most often are, and is instead some/an integration of ‘highly’ (methodically) structured data/elements in order
to lend meaning to the raft of items already published (and that’ll be published on the web today, tomorrow, and so
on). So, from the work of folks at OMG & EDMC, along with banks and regulatory agencies, a banking language will
emerge that’ll “render transparency” both among fin. svcs. entities and between those banks and the SEC, etc.
Then, that structure will be blended-over into Schema.org, Freebase (I mean, from you’ve posted elsewhere, over to
Wikidata.org), then all of the stuff that banks and brokerages and insurance agencies offer will be more
“transparently” discoverable by the public using search engines. Right? I mean, I think that is the long-version of a
TL;DR.
R E P L Y
Caliber Media Group February27, 2015 at 9:24 am
Jan, we just edited your spelling on serendipity, that’s all, and you response is an exact TL;DR to what we
are getting at regarding FIBO, Schema, and SEO. Thanks tons, and we hope spring comes soon to New Jersey!
R E P L Y
Christopher Regan March 9, 2015 at 9:23 am
This weekend I heard a piece, as part of the celebration of International Women’s Day, about Admiral
Hopper, “Grace Hopper, ‘The Queen Of Code’, Would Have Hated That Title”, on NPR:
http://www.npr.org/blogs/alltechconsidered/2015/03/07/390247203/grace-hopper-the-queen-of-code-would-have-
hated-that-title/
There also a new movie about her, “The Queen Of Code”, that is cited and linked.
R E P L Y
James Tyler April 10, 2015 at 9:19 pm
Tweet. Done. Very informative! Thanks for sharing such valuable info with the community.
R E P L Y
SEO Blog April 21, 2015 at 2:05 am
At this moment I am going to do my breakfast,
later than having my breakfast coming again to read additional news.
R E P L Y
Caliber Media Group June 3, 2015 at 10:36 am
Update, June 2, 2015: http://www.finextra.com/news/announcement.aspx?pressreleaseid=59962
“The Enterprise Data Management Council (EDM Council) received approval for Fibo Foundations as the first of thirty
data content standards for the financial industry.”
R E P L Y
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