Contribution of LCR Implementation following Innovation Regulation SIG Socialisation

[stephengoldbaum]

Business Problem

The FINOS Open Reg Tech SIG has discussed potential use cases to establish a core FINOS platform. The LCR was most recently discussed. It is imperative that we choose a regulation and begin work on a solution to clarify the concepts and answer outstanding questions with concrete solutions.

Proposed Solution

This proposal is to finalize the decision to officially adopt LCR as the first target regulation and to embark on building the solution. The LCR is a great example use case. It is moderately sized, fairly straight forward to understand, full of business logic and calculations, and not a competitive differentiator for any firms. It would also demonstrate the benefits of the technologies that have been discussed so far, such as modeling the regulation logic in Morphir, procuring the necessary data with Legend, and overlaying the cross-regulation taxonomy/ontology via semantic technologies.

Tentative Roadmap

1. Agree on the regulation (LCR)
2. Contribute existing LCR implementation into a new project in FINOS
3. Implement the remainder of the LCR as a Open Reg Tech SIG team effort
4. Decide on an execution environment (i.e., Spark)
5. Enable procurement of the data with Legend
6. Demonstrate the complete solution.

Current State

The Morphir project has already defined a large chunk of the LCR. That should be our starting point.

Existing Materials

Current LCR implementation

Development Team

Maintainers

• Stephen Goldbaum
  • github: stephengoldbaum

Confirmed contributors

• Attila Mihaly
  • github: AttilaMihaly
• Ian Hollowbread
  • github: ianhollowbread

Target Contributors

Members of the Open Reg Tech SIG plus the Morphir and Legend projects

Infrastructure needs

Describe the FINOS infrastructure you will need for this project, in addition to a GitHub repository. The FINOS team will connect with you before setting up any of this infrastructure

• [x] Recurring meetings
• [x] Mailing list
• [x] Other (please explain): Dedicated GitHub repo. Execution environment such as Databricks Lakehouse

What's next?

Upon submission of this project proposal, the FINOS team will get in touch with you to discuss next steps.

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Contribution process (v. 1.1, last updated on December 20, 2021)

Below is the list of tasks that FINOS Team and the contribution author go through in order to complete the FINOS contribution process. Please do not edit these contents at contribution time!

Kick-off meeting

• [x] Set up kick-off meeting with project leads
• [x] Run kick-off meeting
  • [x] FINOS overview (if necessary)
  • [x] FINOS Maintainers cheatsheet
  • [x] FINOS Project/Standards Governance
  • [x] FINOS Project Lifecycle
  • [x] Walk through the checklist, answer questsion and remove items that don't apply

FINOS Contrib POC

• [x] Identify and Assign FINOS Project Coordinator : @mcleo-d
• [x] Identify and Assign FINOS Strategic Advisor : @robmoffat

Proposal (Lead Maintainer)

Identify project meta (Lead: FINOS Contrib POC, Support: FINOS Marketing)

• Project main coordinates
  • [x] Project Name: Open Reg Tech: US LCR
  • [x] Project Slug open-reg-tech-us-lcr
  • [x] Does the name have a registered trademark? no
  • [x] Request logo design (if needed) request
• [x] Category and sub-category (for FINOS Landscape) new category: regulatory technology?
• [x] Is there existing code? If so, is it public? If not, can you grant read access to user github.com/finos-admin?
• [x] Team composition: lead maintainer and other maintainers

Maintainers, contributors and CLAs (Lead: FINOS Contrib POC, Support: FINOS infra)

• [x] For each maintainer identified in the previous step, collect: the following info:
  • Fullname
  • GitHub username
  • Corporate email address
• [x] Identify other existing contributors (assuming there's a contribution history (eg Git history)
• [x] Check if maintainers and other contributors are all covered by FINOS CLA
• [x] Engage with FINOS Legal team to figure out what’s needed to cover all maintainers and contributors with FINOS CLA
• [x] Reach out to contributors and employers to coordinate CLA signatures

Project Communication Channel(s)

• [x] Ask maintainers which communications channels they'd like to use
• Asynchronous
  • [x] GitHub Issues (public)
  • [x] GitHub Discussions (public) add
• Synchronous
• [x] Create the identified communication channels during infra set up

Approval (Lead: FINOS Infra)

• [x] Assign issue to Executive Director (@mindthegab) to trigger voting
• [x] (optional) if additional socialization is required, the Executive Director may bring projects to the FINOS Governing Board
• [x] FINOS accepts the contribution (and the contribution process can move forward)

Code transfer (Lead: FINOS Infra)

• [x] @stephengoldbaum to push internal code into open-reg-tech-us-lcr
• [x] @stephengoldbaum @robmoffat Review FINOS project blueprint contents
  • [x] Project title/description in README
  • [x] Project badge in README
  • [x] License in README
  • [x] Contributing in README
  • [x] CONTRIBUTING.md
  • [x] LICENSE (look for {} placeholders)
• [x] Transfer all code assets as GitHub repositories under github.com/finos via Pull Request
• [x] Link communication channels linked front and center in the project README.md

Code validation (only if code is contributed) (Lead: FINOS Infra)

• [x] @robmoffat @TheJuanAndOnly99 Add @maoo's security scanning actions via a PR (No dependencies, no checks apply)
• [x] The codebase doesn’t have HIGH or CRITICAL CVEs across direct and transitive libraries
• [x] The codebase doesn’t have any unfriendly licenses across direct and transitive libraries
• [x] (optional - if a build system is provided) The build process runs successfully
• [x] The codebase doesn’t include any patent or copyright that conflicts with FINOS Governance and bylaws (to be validated with FINOS Legal team) - no patents or copyrights
• [x] Apply project blueprint contents - see ODP docs
  • [x] Ensure that the proper project governance is in the CONTRIBUTING.md file
• [x] All incubating criteria are checked and documented below

Infra setup (Lead: FINOS Infra)

• [x] Enable EasyCLA
• [x] Add project to metadata
• [x] Add logo to FINOS landscape
  • [x] Create staging branch on finos/finos-landscape
  • [x] Merge finos/metadata changes on master (will udpdate landscape.yml in finos/finos-landscape)
  • [x] Create PR from staging branch on finos/finos-landscape
  • [x] Review Netlify preview
  • [x] Merge PR
• [x] Add project maintainers emails to finos-project-maintainers@finos.org list
• [x] Add project maintainers GitHub usernames to the project-maintainers Team
• [x] Onboard project on LF systems (SFDC, Insights, EasyCLA, Groups.io)
• [x] (best effort) Update release coordinates and code namespace to include finos

Announcement (Lead: FINOS Contrib POC)

• [x] Remove the private tag on the project
• [ ] Make announcement in the OpenRegTech SIG with @mcleo-d. Ask for contributions
• [x] Notify FINOS Contrib POC and FINOS marketing (@grizzwolf + finos-marketing internal Slack channel)

[mcleo-d]

This LCR contribution proposal is also being discussed at the FINOS Regulation Innovation SIG on Tuesday April 5th 2022 at 12pm EST / 5pm GMT for those who want to attend through the GitHub Issue below ...

• https://github.com/finos/open-regtech-sig/issues/40

[mtronci]

+1 from the FS Industry Solutions team in Google Cloud, we are interested to contribute to this submission. We propose to also work on a SQL based implementation of the use case, which we think can represent an accessible and multi-platform manner to express the overall requirements.

[mcleo-d]

+1 from the FS Industry Solutions team in Google Cloud, we are interested to contribute to this submission. We propose to also work on a SQL based implementation of the use case, which we think can represent an accessible and multi-platform manner to express the overall requirements.

Thank you @mtronci 👏🏻 @stephengoldbaum is representing the contribution at the FINOS All Community Call on Wednesday 4th May if you and the Google team would like to register and join below ...

https://zoom.us/webinar/register/7416511381973/WN_d7mob7ABSQer5_LJdUYoEQ

[sarahsinclair]

+1 from the Open Standard for FS regulation project - sponsored by Deutsche [Taniem Choudhury], as Liquidity Reporting is the same use case we are using too, with James Nicholls of Braithwate too

[mindthegab]

Given the extensive socialization, strong alignment with our OpenRegtech goals and overwhelming support from the Community, I am happy to approve this project for onboarding and incubation in FINOS.

Thanks for being such a great contributor @stephengoldbaum and team!

@mcleo-d reassigning to you for further steps!

[mcleo-d]

Thanks for the approval @mindthegab and congratulations @stephengoldbaum! 🚀

I've added the approval to this week's Regulation Innovation meeting to inform the SIG about the exciting news ...

https://github.com/finos/open-regtech-sig/issues/42

[sarahsinclair]

Indeed, thanks all.

I don’t actually recall receiving this type of approval for #179

Please can you confirm, and if we haven’t, what we need to do, to get it.

Many thanks

Sarah

[stephengoldbaum]

Great news and very exciting!

[robmoffat]

Congratulations @stephengoldbaum! Closing this issue now - please make sure it gets announced at the Reg Tech SIG! Main marketing announcement is on the plan for OSFF NYC.

thanks everyone, well done.