Open Data Model is a fairly new organization, at least compared to the EDM Council. But these competing models have been busy lately. EDM set out classifications based on asset class distinctions as the basis for its model. Open Data’s model is based on the ISO 10962 standard and the same organizing principles as Wikipedia.
This topic was inspired by a post found on Waters Technology titled, “Data Standards Competition Heats Up.” These competitors aren’t exactly going into a cage match, but Open Data Model’s founder, Rodger Nixon, contends that his organization’s offering and methods are better and more effective than those of the EDM Council.
The EDM Council’s managing director, Mike Atkin, believes in their Financial Industry Business Ontology (Fibo), which is not necessarily or strictly a data model. Fibo will have three versions, for business entities, for instruments and for loans. The future of data management includes ontology and semantic processing.
Melody K. Smith
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