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Commodity Model - Commodity Classification

Background

The classification of commodity products represented with the type CommodityReferenceFramework has been deemed insufficently granular for the various product taxonomies used by practitioners for example the ESMA classification and ISDA's product taxonomies. This release upgrades the ProductTaxonomy type to accommodate a more generic representation of commodity classifications compatible with any classification systems.

The productTaxonomy attribute inherited from the ProductBase type with the Commodity type was also observed as the adequate position to document the classification rather than duplicate the information within the referenceFramework of the commodityProductDefinition attribute.

What is being released?

  • Added support for hierarchical, multi-layered commodity taxonomies by making changes to the the "Taxonomy" types.
  • Removed the redundant commodity classification documented within the commodity reference framework

Data types

  • Removed elements commodityBase and subCommodity from the type CommodityReferenceFramework.
  • Added conditions for type Commodity controlling the newly added elements.
  • Added condition for type Taxonomy controlling the newly added elements.
  • Cardinality for element className in type TaxonomyClassification changed to optional.
  • Added element ordinal to type TaxonomyClassification.

Review directions

In the CDM Portal, select the Textual Browser and inspect each of the changes identified above.