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Financial Informatics –II: Ontology and Semantic Web and Finance

Financial Informatics –II: Ontology and Semantic Web and Finance. Khurshid Ahmad, Professor of Computer Science, Department of Computer Science Trinity College, Dublin-2, IRELAND November 17 th , 2008. https://www.cs.tcd.ie/Khurshid.Ahmad/Teaching.html.

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Financial Informatics –II: Ontology and Semantic Web and Finance

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  1. Financial Informatics –II:Ontology and Semantic Web and Finance Khurshid Ahmad, Professor of Computer Science, Department of Computer Science Trinity College, Dublin-2, IRELAND November 17th, 2008. https://www.cs.tcd.ie/Khurshid.Ahmad/Teaching.html

  2. Financial Informatics: Semantic Web and Ontology SOURCE: Firat, Aykut; Madnick, Stuart; and Grosof, Benjamin, "Knowledge Integration to Overcome Ontological Heterogeneity: Challenges from Financial Information Systems" (2002). ICIS 2002 Proceedings. Paper 17. http://aisel.aisnet.org/icis2002/17

  3. Financial Informatics: Semantic Web and Ontology ‘Constructing correct definitions of pizzas from a menu and for a “vegetarian pizza” so that the correct pizzas are classified as “vegetarian” turns out to be a surprisingly challenging exercise’ for creating an ontology (Rector et al 2004). Rector, Alan .,Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  4. Financial Informatics: Semantic Web and Ontology ‘Constructing correct definitions of pizzas from a menu and for a “vegetarian pizza” so that the correct pizzas are classified as “vegetarian” turns out to be a surprisingly challenging exercise’ for creating an ontology (Rector et al 2004). Rector, Alan .,Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  5. Financial Informatics: Semantic Web and Ontology A tangled pizza toppings hierarchy. Rector, Alan .,Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  6. Financial Informatics: Semantic Web and Ontology A tangled pizza toppings hierarchy. Rector, Alan,. Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  7. Financial Informatics: Semantic Web and Ontology An initial hierarchy. Rector, Alan et al (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  8. Financial Informatics: Semantic Web and Ontology A correctly classified hierarchy. Rector, Alan et al (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  9. Financial Informatics: Semantic Web and Ontology ‘Constructing correct definitions of pizzas from a menu and for a “vegetarian pizza” so that the correct pizzas are classified as “vegetarian” turns out to be a surprisingly challenging exercise’ for creating an ontology (Rector et al 2004). Rector, Alan .,Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  10. Financial Informatics: Semantic Web and Ontology

  11. Financial Informatics: Semantic Web and Ontology ‘Constructing correct definitions of pizzas from a menu and for a “vegetarian pizza” so that the correct pizzas are classified as “vegetarian” turns out to be a surprisingly challenging exercise’ for creating an ontology (Rector et al 2004). Rector, Alan ., Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  12. Financial Informatics: Semantic Web and Ontology What counts as a Pizza. ‘Do all pizzas have to have a base? toppings? Is a pizza base without a topping a Pizza? Is anything with a Pizza_Base and Pizza_Toppings a Pizza? Can we completely define a Pizza?’ (Rector 2004, section 5.5) Rector, Alan ., Nick Drummond, Matthew Horridge, Jeremy Rogers, Holger Knublauch, Robert Stevens, Hai Wang, Chris Wroe. (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  13. Financial Informatics: Semantic Web and Ontology What counts as a Pizza. ‘Do all pizzas have to have a base? toppings? Is a pizza base without a topping a Pizza? Is anything with a Pizza_Base and Pizza_Toppings a Pizza? Can we completely define a Pizza?’ (Rector 2004, section 5.5) Rector, Alan et al (2004) OWL Pizzas: Practical Experience of Teaching OWL-DL: Common Errors & Common Patterns (http://www.co-ode.org/resources/papers/ekaw2004.pdf)

  14. Financial Informatics: Semantic Web and Ontology

  15. Financial Informatics: Semantic Web and Ontology We need to exchange information. So we mark up the key elements of texts: A markup language is an artificial language using a set of annotations to text that give instructions regarding the structure of text or how it is to be displayed. Markup languages have been in use for centuries, and in recent years have also been used in computer typesetting and word-processing systems. A well-known example of a markup language in use today in computing is HyperText Markup Language (HTML), one of the most used in the World Wide Web. HTML follows some of the markup conventions used in the publishing industry in the communication of printed work among authors, editors, and printers. http://ec.europa.eu/taxation_customs/taxation/vat/how_vat_works/index_en.htm

  16. Financial Informatics: Semantic Web and Ontology We need to exchange information. So we mark up the key elements of texts: Ontology exchange is envisaged through mark languages like XML: The Extensible Markup Language (XML) is a general-purpose specification for creating custom markup languages. It is classified as an extensible language, because it allows the user to define the mark-up elements. XML's purpose is aiding information systems share structured data, especially via the Internet, to encode documents, and to serialize data http://en.wikipedia.org/wiki/XML

  17. Financial Informatics: Semantic Web and Ontology So we know how our world works. How do we tell others in the agencement what we know? Take the case of value-added tax: http://ec.europa.eu/taxation_customs/taxation/vat/how_vat_works/index_en.htm

  18. Financial Informatics: Semantic Web and Ontology So we know how our world works. How do we tell others in the agencement what we know? Take the case of value-added tax: It takes a 181 page document to just outline the tax. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:347:0001:0118:en:PDF

  19. Financial Informatics: Semantic Web and Ontology • Colleagues in the Netherlands have developed an ontology of European VAT laws. They have used this ontology to build an information extraction [system] • to assist both tax authorities as well as traders in extracting specific knowledge about companies. • […][to] retrieve relevant legislative texts or even particular sections in VAT law based on specific concept-queries. • The colleagues claim that the ontology can be used to support a so-called reader’s assistant in providing extra VAT-related information about concepts appearing in e.g. company websites. And to deal with VAT Fraud http://www.starlab.vub.ac.be/research/projects/poirot/contents/vatontology.htm

  20. Financial Informatics: Semantic Web and Ontology So we know how our world works. How do we tell others in the agencement what we know? Take the case of value-added tax: http://www.starlab.vub.ac.be/research/projects/poirot/contents/vatontology.htm

  21. Financial Informatics: What is ontology? Literature on intelligent systems invariably refers to a thesaurus of domain objects in the construction of knowledge bases. A ‘thesaurus’ suggests the existence of a range of words and phrases associated with a concept. The names of the objects form the terminology of the domain. The organisation of terminology is discussed under the rubric of ontology.

  22. Financial Informatics:What is ontology? Ontology is a branch of philosophy, and some philosophers believe that to understand what is in every area of reality one should look into the theories of sciences (Quine 1981). Quine coined the term ontological commitment: ‘scientists and philosophers to seek a comprehensive system of the world, and one that is oriented to reference even more squarely and utterly than ordinary language’. Quine, Willard, van Omran. (1981). Theories and Things. Cambrdige (Mass) & London: The Belknap Press of Harvard University Press.

  23. Financial Informatics:What is ontology? • “The goal of the Gene Ontology Consortium is to produce a dynamic, controlled vocabulary that can be applied to all eukaryotes even as knowledge of gene and protein roles in cells is accumulating and changing. To this end, three independent ontologies accessible on the World-Wide Web (http://www.geneontology.org) are being constructed: • biological process, • molecular function and • cellular component. ” Michael Ashburner et al (2000). "Gene Ontology: tool for the unification of biology". Nature Genetics Vol 25, pp 25 - 29

  24. Financial Informatics:What is ontology? Ontology is a branch of philosophy, and some philosophers believe that to understand what is in every area of reality one should look into the theories of sciences (Quine 1981). But some folk are rather sceptical of this approach: “Scientific theories and scientific methods are usually ontologically opaque. Their ontological commitments, in other words, can rarely be read off unequivocally from their axioms, principles, or methodological rules.” (Boettke et al 2005:pp F319). ‘[…] methods and models used by economists are ontologically opaque, that is, that economists ontological commitments cannot be read directly off the tools they use.’ (Boettke et al 2005:pp F322). Boettke, Peter J., Christopher J. Coyne, John Davis, Francesco Guala, Alain Marciano, Jochen Runde and Margaret Schabas. Where Economics and Philosophy Meet: Review of the Elghar Companion to Economics and Philosophy with responses from the Authors. The Economic Journal, Vol 116 (June), pp F306–F325

  25. Financial Informatics:What is ontology of finance? Ontology is a branch of philosophy, and some philosophers believe that to understand what is in every area of reality one should look into the theories of sciences (Quine 1981). But some folk are rather sceptical of this approach: “Scientific theories and scientific methods are usually ontologically opaque. Their ontological commitments, in other words, can rarely be read off unequivocally from their axioms, principles, or methodological rules.” (Boettke et al 2005:pp F319). ‘[…] methods and models used by economists are ontologically opaque, that is, that economists ontological commitments cannot be read directly off the tools they use.’ (Boettke et al 2005:pp F322). Boettke, Peter J., Christopher J. Coyne, John Davis, Francesco Guala, Alain Marciano, Jochen Runde and Margaret Schabas. Where Economics and Philosophy Meet: Review of the Elghar Companion to Economics and Philosophy with responses from the Authors. The Economic Journal, Vol 116 (June), pp F306–F325

  26. Financial Informatics:What is ontology of finance? How does one define aspects of ontology of finance/economics? How does Reuters News Agency assign categories to their reports? http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  27. Financial Informatics:What is ontology of finance? Indexing news wires  Reuters News services use a Coding Scheme that is updated annually. Three major categories are being used: Industry, Topic and Region codes are used

  28. Financial Informatics:What is ontology of finance?

  29. 30.00% 25.00% 20.00% Number of Document 15.00% 10.00% 5.00% 0.00% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 Number of Codes per Document Financial Informatics:What is ontology of finance? Two major applications: Indexing news wires  Reuters News Feed; Variable news feed: In a sample over half the news items had less than or equal to 5 codes; 10% had more than 7 codes and some news items had as many as 20 codes

  30. Financial Informatics:What is ontology of finance? Consider financial business process integration standards: Unified Business Language (UBL), ISO 20022 (UNIFI), and Interactive Financial eXchange (IFX), and how a bill is being described in the three: Tuomo Mäkelä, Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e-Business Process Standards. http:////www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  31. Financial Informatics:What is ontology of finance? http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  32. Financial Informatics:What is ontology of finance? In order to systematically and profitably conduct business within and across organisations, it is important that agents (people, machines, algorithms) are able to exchange data and that the data has meaning for all the agents involved in the exchange. exchange data and keep it meaningful to everyone involved. There are sophisticated technological solutions for such a meaningful exchange IBM Crossworlds ‘hub and spoke’ B2B systems Image from: http://www.ibm.com/developerworks/ibm/library/i-cross/

  33. Financial Informatics:What is ontology of finance? Universal Business Language (UBL) is an ambitious effort to unify the chaotic world of XML formats for business: The language (and the standard) comprises business forms for placing an order; responding to simple and complex orders; cancelling an order; dispatch advice or shipping notice; reciept advice; and, invoices. http://www.ibm.com/developerworks/xml/library/x-think16.html

  34. Financial Informatics:What is ontology of finance? Universal Business Language (UBL) is an ambitious effort to unify the chaotic world of XML formats for business: The language (and the standard) comprises business forms for placing an order; responding to simple and complex orders; cancelling an order; dispatch advice or shipping notice; reciept advice; and, invoices. An ‘order’ form in eXtensible Markup language (XML) http://www.ibm.com/developerworks/xml/library/x-think16.html

  35. Financial Informatics:What is ontology of finance? The Interactive Financial eXchange (IFX) specification is a […] XML-based, financial messaging protocol, built by financial industry and technology leaders [..]. IFX can be used for Electronic Bill Presentment and Payment Business to Business Payments Business to Business Banking (such as balance and transaction reporting, remittance information) Automated Teller Machine communications Consumer to Business Payments Consumer to Business Banking http://www.ifxforum.org/standards/

  36. Financial Informatics:What is ontology of finance? UNIFI is the nickname of ‘ISO 20022 - UNIversal Financial Industry message scheme’, the platform proposed by ISO to develop all financial messages. Objective: To enable communication interoperability between financial institutions, their market infrastructures and their end-user communities http://www.iso20022.org//

  37. Date Account All institutions have their own sets of data objects Order ISO standardises common data objects… Order …and groups them into ‘syntax-neutral’ message models, which... Date Date … can be ‘transformed’ in message formats in the desired syntax EDIFACT XML ISO 15022 FIX Financial Informatics:What is ontology of finance? SOURCE:http://www.iso20022.org/documents/general/Scripted_UNIFI_(ISO_20022)_presentation_v37.ppt

  38. Trade Counterparty Trade Counterparty Executing Party Ordering Party Order (ISO 15022) Order (FIX) Order (ISO 15022) Order (FIX) Execution (ISO 15022) Execution (FIX) Execution (ISO 15022) Execution (FIX) Financial Informatics: What is ontology of finance? Ordering Party SOURCE:http://www.iso20022.org/documents/general/Scripted_UNIFI_(ISO_20022)_presentation_v37.ppt

  39. Financial Informatics:What is ontology of finance? There are a number of systems that can help with the integration of business processes, and some are appearing in the financial industry. However, the standards are designed for different purposes and support different processes. Generation of a high-level ontology would provide means to enhance the interoperability between standards and support streamlined processes within the financial domain. http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  40. Financial Informatics:What is ontology of finance? There are a number of systems that can help with the integration of business processes, and some are appearing in the financial industry. However, the standards are designed for different purposes and support different processes. Generation of a high-level ontology would provide means to enhance the interoperability between standards and support streamlined processes within the financial domain. http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  41. Financial Informatics:What is ontology of finance? Mäkelä, Rommel, Uskonen and Wan (2007), based in Helsinki, have asked three research questions: 1. How do different standards cover the field of financial information exchange? 2. How are the existing standards constructed and related to each other? 3. What are the basic requirements for ontology to support financial B2B integration? Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  42. Financial Informatics:What is ontology of finance? Mäkelä, Rommel, Uskonen and Wan (2007), have used the so-called Upper Level Ontology to integrate the various process languages to produce an ontology of finance. Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  43. Financial Informatics:What is ontology of finance? Mäkelä, Rommel, Uskonen and Wan (2007), have used the so-called Upper Level Ontology to integrate the various process languages to produce an ontology of finance. Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  44. Financial Informatics:What is ontology of finance? Mäkelä, Rommel, Uskonen and Wan (2007), have used the so-called Upper Level Ontology to integrate the various process languages to produce an ontology of finance. Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  45. Mäkelä, Rommel, Uskonen and Wan (2007), have used the so-called Upper Level Ontology to integrate the various process languages to produce an ontology of finance.

  46. Financial Informatics:What is ontology of financial transactions? Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  47. Financial Informatics:What is ontology of tangled financial transactions? Child of multiple parents Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  48. Financial Informatics:What is ontology of financial account? Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  49. Financial Informatics:What is ontology of financial account that have siblings? Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

  50. Financial Informatics:What is ontology of financial account that have tangles? Multiple parents! Mäkelä, Tuomo., Kaisa Rommel, Jukka Uskonen, Tao Wanhttp Towards a Financial Ontology – A Comparison of e- Business Process Standards (available at http://www.soberit.hut.fi/T-86/T-86.5161/2007/FinancialOntology_final.pdf

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