OpenIM The Open Investment Model

SD-13.1 — Instrument & Security Master

Business Domain: BD-13 Investment Data & Reporting (Cross-cutting — data) · Applies: BOTH

Purpose

Maintains the golden record of every instrument and security the institution holds, trades, prices or references. The Instrument & Security Master is the authoritative source for what a holdable thing is — a listed equity, a bond, a derivative, a fund interest, a loan, a directly-held real asset, cash — its identifiers, its static terms and its classification. Every domain that holds a position, prices it, values it or reports on it reads the instrument from here; the master exists so that those domains share one definition rather than each curating their own. It is the curated, slow-changing golden record — distinct from SD-13.4 Market & Reference Data Management, which sources the vendor feeds the master is populated from and the fast-moving market data (prices, rates) that is not master data at all.

Service Operations

  • Instrument onboarding — create the golden record for a new instrument: assign the internal golden key, capture the instrument class and static terms, and set up the alias and external-identifier structures. Public-markets instruments onboard largely from vendor feeds; private and bespoke instruments onboard from documents and deal data.
  • Identifier cross-reference — record and maintain the mapping from the golden key to every external identifier the instrument carries (ISIN, CUSIP, SEDOL, FIGI, private CUSIP, vendor instrument IDs), so external data can be joined in without an external identifier becoming a primary key.
  • Instrument entity resolution — when an instrument arrives from a feed, document or trade, decide whether it is an existing golden record under a new identifier or description, or a genuinely new instrument; resolve on identifier match where one exists and on alias and attribute match where it does not.
  • Alias management — capture each name and vendor description an instrument has been seen under as an Entity Alias, accumulating the institutional knowledge that lets the next resolution cycle match automatically.
  • Instrument-attribute maintenance — keep the static and slow-changing attributes current: maturity and coupon for debt, contract terms for derivatives, asset-class and sector classification, the issuer link to the legal-entity master.
  • Instrument classification — assign and maintain the time-varying classifications of an instrument (asset class, sector, geography, strategy) against the governed classification taxonomy.
  • Instrument lifecycle management — handle the events that change or end an instrument record: maturity, redemption, conversion, the corporate-action-driven creation of a successor instrument, retirement of a record no longer held or referenced.
  • Master distribution — publish the curated instrument record to every consuming domain and to the data platform, as the single authoritative reference.

Inputs and outputs

  • Inputs: vendor instrument-reference feeds and identifier scheme data (sourced by SD-13.4); deal and trade data for bespoke and private instruments; corporate-action events (SD-12.6) that create or amend instruments; the classification taxonomy.
  • Outputs: the golden instrument record — consumed by essentially every domain that touches a position: BD-05 Portfolio Management, BD-06 Trading & Execution, BD-07 Investment Risk, BD-08 Valuation & Pricing, BD-09 Performance & Analytics, BD-12 Investment Operations, and SD-13.10 reporting. SD-13.3 Investment Vehicle & Fund Master consumes the instrument shell of a fund interest.

Entities

  • Owns: E-02 Instrument / Asset (the golden instrument record) and its specialisations as instrument records: PB-01 Listed Equity, PB-02 Debt Instrument, PB-08 Income Schedule (the coupon / dividend / distribution stream attached to a debt or equity instrument), DR-01 Listed Derivative, DR-02 OTC Derivative, and RA-01 Direct Real Asset (a directly-held real asset is an Instrument valued by appraisal). The instrument-side partition of E-13 Entity Alias and E-14 External Identifier (key-partitioned by master kind — instrument-side here, entity-side at SD-13.2, fund-side at SD-13.3; see ownership-map.md). Consumes E-11 / E-12 from SD-13.7 for instrument-side classifications.
  • Consumes: E-09 Asset Class; E-01 Legal Entity (the issuer link, owned by SD-13.2); PB-07 Corporate Action (lifecycle events); the SD-12.6 corporate-action events; the SD-13.4 vendor instrument-reference feeds and identifier scheme data.
  • Open question: which is canonical — the known_aliases / external_ids arrays carried in-record on E-02, or the normalised E-13 / E-14 rows. The same question is open across all three masters; it should be resolved once, consistently.

Standards

  • FIBO (Financial Industry Business Ontology, EDM Council) — OpenIM aligns the instrument master to FIBO Securities and Derivatives semantics rather than re-defining instrument concepts; FIBO is the lower semantic layer.
  • Identifier standards — ISIN (ISO 6166), CUSIP, SEDOL, FIGI (the Bloomberg-originated open identifier, an OMG standard), and the private-markets quasi-identifier private CUSIP. The master holds whatever identifiers exist and resolves where they do not.
  • DAMA-DMBOK and the EDM Council DCAM data-management framework — the master-data-management discipline the Service Domain is run to.

Open extensions

  • Resolution of the in-record-array versus normalised-entity question for E-13 / E-14.
  • Instrument-resolution confidence scoring and the auto-confirm threshold.
  • The handoff with SD-13.3 on the fund-interest instrument shell.

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