R-J-L
commented
5 years ago Very much agree the benefits of a controlled vocabulary with thesauri (rt, nt, bt, etc) would be extremely helpful. Was thinking of terms thrown around like "onboarding" and "session". The statement "be sure the FIXatdl file version is made known to the session" is an example. Easy when buy-side has the equivalent of a direct "leased line" to broker. A bit more complex when the buy-side uses a shared network connection that basically only provides authentication, reliable transport, and delivery without touching the messages. Much more complex when there is one "session" between buy side and a "value added shared network". The buy side is on one "session" with the network itself, and so is the broker. Trouble is there are tons of buy sides on the network and traffic is being consolidated to that single connection "session" with the broker. The network itself is very much "man in the middle". Further, when the "smart" network itself is touching the contents of the messages (e.g. adjusting say 4.0 FIX to 4.2, swapping out security symbol and replacing it with CUSIP, and extracting and interacting with the message in an OMS/EMS kind of way (including helping select algos/order types, helping populate order tickets regular and algo parameters, and injecting in all the background required fields) the term "session" becomes very homographic.
One of the desired benefits of a controlled vocabulary is interoperability with other vocabularies, e.g. between FIX and FIBO. SKOS provides some semantic relationships for this purpose, specifically related, narrower, and broader, to support thesauri. However, homographs (same words with different meanings) must be distinguished by their context. This suggests that vocabulary terms must be linked to an ontology to provide context.
Also see Consider adding relationships between concepts #1