Automating Rights Management for Market Data

The Market Data Profile for ODRL provides the additional vocabulary and semantics needed to express the rights and obligations controlling the use of market data using ODRL.

ODRL is a machine-readable Rights Expression Language. Capturing the rules and obligations contained in market data licenses in ODRL allows for the automated checking of compliance along the data supply chain.

Versioning

This standard is conceived as a living document. The Market Data Profile for ODRL will continue to evolve as the data supply chain develops and the opportunities for automating compliance increase.

To balance future flexibility with present implementations, all terms defined in the profile are assigned permanent identifiers. Any changes to the definition of a term must be versioned under a new identifier.

Similarly, any changes to the ontology itself, including any term-level changes, must be versioned under a new identifier for the ontology.

Term-level changes should be identified using a two-part version number. Changes in the first part indicate a breaking change: a change in the extension of the term or in its logical relationships that could result in an incorrect decision if the old and new values are treated as equivalent.

Changes in the second part indicate a safe change: an editorial change that clarifies the concept that the term represents without changing its extension. The old and new values can be treated as equivalent for the purposes of making a compliance decision.

Terms may be deprecated by using OWL annotations. Term with newer versions should be deprecated. To ease the weight of legacy terms on implementors, policy writers are discouraged from using deprecated terms.

Under this scheme, the ontology itself can only be changed by adding, deprecating, or removing terms but not by altering them. To help implementors keep up-to-date, editors of this profile should package and publish sets of changes as a new version of the ontology. Again, a two-part version number is required.

Changes to the first part indicate that the new ontology contains new terms or breaking changes in existing terms. Changes to the second part alert both policy writers and processors to editorial changes without logical consequence.

To allow terms to be removed, policy writers must use the latest version of the ontology. Implementors are encouraged to publish their conformance to it.

The aim of this versioning strategy is to maximise the opportunities for “practical” compatibility when the implementation (i.e. processing) and instance data (i.e. the ODRL policies) are operating on different versions of the ontology. Failure is scoped to an individual decision at runtime and occurs only when a breaking term is met.

Once met, processing must stop. No sound decision can be made by an ODRL processor and responsibility for the decision lies beyond the system.

Intermediate artifacts (e.g. branches or beta releases) should be represented by a suffix consisting of a hyphen and free-form qualifier.

For the purposes of clarity and simplicity, the version numbers of terms have not been specified in the examples below.

Supply Chain Metamodel

The Market Data Profile for ODRL operates within the context of the market data supply chain.

By market data, we mean the price and trade-related data for financial instruments (e.g. equity prices) and the data derived from it (e.g. indices). The supply chain is then the sum of the interactions between the parties creating, providing, and consuming market data.

To unlock the standard"s potential we must situate the profile within a metamodel that describes the entities, parties, and activities that define these interactions. They are of direct relevance to decisions on the compliant use of market data.

Entities

Resources

The data supply chain generates and consumes data. To track its progress, we need to distinguish between the original information as it is created (e.g. on a trading venue) and the data as it is traded and consumed (i.e. commercially packaged by timeliness, geography, or other dimension and subject to rights and obligations). The former is a Source and the latter is an Asset.

Source

Definition: A Source is a representation of the information as it is created and recorded.
Version: 0.9
Editorial Note: Informationally complete: independent of all aspects of commercialisation and/or delivery such as timeliness, method of delivery, or book depth.
Editorial Note: An abstract concept.
Label: Source
Identifier: https://www.w3.org/community/md-odrl-profile#source-0-9
Sub-class Of: prov:Entity

Asset

Definition: An Asset is some commodity (e.g. API calls, bandwidth, data) the use of which is controlled by rights and obligations.
Version: 0.9
Example: In the context of market data, an Asset could be the the pricing and trading data generated by the trade in one or more financial instruments on an exchange, or indices derived from that data.
Editorial Note: Assets are sensitive to their means of delivery and informational completeness. A real-time version of the data may be a different Asset than the delayed version. Book depth too can distinguish between Assets.
Editorial Note: Assets can be transformed through some calculation but still remain the same Asset. It only becomes a new Asset through calculation if the transformation is irreversible (i.e. the original data cannot be recovered) and non-substitutive (i.e. the altered data cannot be used in place of the original), thus creating a new Source which can then be packaged as new Assets.
Example: The operation of currency conversion does not change the identity of an Asset.
Example: Augmenting an Asset with additional symbology does not change the identity of that Asset.
Example: Co-mingling Assets does not change the identities of the combined Assets.
Example: Normalising an Asset does not change the identity of that Asset.
Label: Asset
Identifier: https://www.w3.org/community/md-odrl-profile#asset-0-9
Sub-class Of: prov:Entity , odrl:Asset

Resource Properties

providers

Definition: Identifies the Party playing the role of Provider in relation to an Asset.
Version: 0.9
Note: To improve interoperability, the parties should be identified using Legal Entity Identifiers [[LEI]] where possible.
Label: providers
Identifier: https://www.w3.org/community/md-odrl-profile#providers-0-9
Domain: Asset
Range: odrl:Party

In the example below the Asset :A1 is provided by the CME:

                        :A1   a             md:Asset ;
                              md:providers  lei:LCZ7XYGSLJUHFXXNXD88 .  # CME
                    

ipOwners

Definition: Identifies the Party that owns the intellectual property rights over an Asset.
Version: 0.9
Note: Can be used to specifiy the IP owner of any derived works by qualifying the output Asset of a Permission to Derive data.
Note: To improve interoperability, the parties should be identified using Legal Entity Identifiers [[LEI]] where possible.
Label: IP owners
Identifier: https://www.w3.org/community/md-odrl-profile#ipowners-0-9
Domain: Asset
Range: odrl:Party

In the example below the intellectual property rights over the Asset :A1 are owned by the CME:

                        :A1   a             md:Asset ;
                                md:ipOwner  lei:LCZ7XYGSLJUHFXXNXD88 .  # CME
                    

refines

Definition: Identifies the original Asset or Source that the subject Asset refines.
Version: 0.9
Editorial Note: New Assets can be created by constraining and/or aggregating other Assets or Sources.
Label: refines
Identifier: https://www.w3.org/community/md-odrl-profile#refines-0-9
Domain: Asset
Range: Asset , Source

In the example below the Asset :A2 is a Delayed version of the Asset :A1:

                        :A2   a                        md:Asset ;
                              md:refines              :A1 ;
                              md:timelinessOfDelivery [ a md::Delayed ] .
                    

compound IDs

Definition: Identifies a Compound ID that identifies a Source or Asset in a manner that can be understood along the supply chain.
Version: 0.9
Label: compound IDs
Identifier: https://www.w3.org/community/md-odrl-profile#compound-ids-0-9
Domain: Source , Asset
Range: Compound ID

The example below identifies the Eurodollar Futures Contract traded on Globex.

The many ways to describe Assets that are of relevance to market data licenses are enumerated in Constraints on Assets below.

Markets

Most of the Assets of interest to market data licenses describe the pricing and trading of financial instruments. These instruments are traded at Venues managed by Exchanges.

Knowing which venue generated a Source can help in tracing the rights and obligations that control the use of the data.

Exchange

Definition: An organisation that manages one or more Venues
Version: 0.9
Note: To improve interoperability, Exchanges should be identifed by their operating MIC codes [[ISO10383]].
Label: Exchange
Identifier: https://www.w3.org/community/md-odrl-profile#exchange-0-9

Venue

Definition: A multilateral system in which multiple buying and selling interests can interact in a way that results in contracts.
Version: 0.9
Scope Note: Includes regulated markets; Organised Trading Facilities (OTF) and Multilateral Trading Facilities (MTFs) as defined in MiFID II; and Alternative Trading Systems (ATS) as defined by the SEC. [[ATS]] [[EXCHANGE]] [[MiFID]] [[ECN]]
Note: MIC codes [[ISO10383]] should be used to identify a specific Venue.
Note: When Providing Trading Venues, reporting the number of venues on which an Asset is made available can decide data costs.
Label: Venue
Identifier: https://www.w3.org/community/md-odrl-profile#venue-0-9
Sub-class Of: Units of Count

Market Properties

operatingMic

Definition: Identifies the Exchange operating the venue using MIC market identifier codes, specifically the operating MIC code. [[ISO10383]]
Version: 0.9
Label: operating MIC code
Identifier: https://www.w3.org/community/md-odrl-profile#operatingmic-0-9
Domain: Venue
Range: Operating MIC Code

micCode

Definition: Identifies the Venue using MIC market identifier codes, specifically the market MIC code. [[ISO10383]]
Version: 0.9
Label: MIC code
Identifier: https://www.w3.org/community/md-odrl-profile#miccode-0-9
Domain: Venue
Range: MIC Code

Identifiers

Sources in market data are rarely identified by universally unique identifiers (aka URIs) that can be understood along the supply chain. In the case of exchange data, however, they do have a product code that is unique to the specific Venue that generates the Source.

Combining these in a compound ID creates a unique identifier that can be understood by the supply chain.

Compound ID

Definition: The combination of a context and an identifier (that is unique within that context) to deliver a globally unique identifier.
Version: 0.9
Editorial Note: For market data, the context will usually be the Venue that generates the Source.
Note: Use the identifier property provided by DCMI Metadata Terms vocabulary.
Label: Compound ID
Identifier: https://www.w3.org/community/md-odrl-profile#compoundid-0-9
Sub-class Of: prov:Entity

Compound ID Properties

context

Definition: Identifies the context in which the specified identifier is unique.
Version: 0.9
Label: context
Identifier: https://www.w3.org/community/md-odrl-profile#context-0-9
Domain: Compound ID
Range: Venue

This example identifies the Eurodollar Futures Contract traded on Globex:

                []   a                 md:CompoundID;  
                     md:context        [
                                           a                 md:Venue ;
                                           rdfs:label        "Globex" ;
                                           md:operatingMic   mic:XCME ;
                                           md:mic            mic:GLBX
                                       ]  ;
                     dc:identifier.    "GE" .
            

Units of Count

The rights and obligations controlling the use of data often require counting things (q.v. Report or Compensate duties).

Definition: Things to be counted.
Version: 0.9
Label: Units of Count
Identifier: https://www.w3.org/community/md-odrl-profile#units-of-count-0-9
Sub-class Of: prov:Entity

In addition to Venues, we may also want to make a count of:

User ID

Definition: An idenitifier for a user (human or machine) used for authenticated access to the Asset.
Version: 0.9
Label: User ID
Identifier: https://www.w3.org/community/md-odrl-profile#user-id-0-9
Sub-class Of: Units of Count

In the following Duty, usage must be reported by User ID.

                    []   a              odrl:Duty;
                         ...
                         odrl:action    [
                                          a                     md:Report ;
                                          odrl:unitOfCount      md:UserID
                                        ] ;
                         md:targets     [ a md:Usage ] ;
                         ...
                

Person ID

Definition: An idenitifier for a human user with authenticated access to the Asset.
Version: 0.9
Example: Also known as Access ID
Label: Person ID
Identifier: https://www.w3.org/community/md-odrl-profile#person-id-0-9
Sub-class Of: User ID

Machine ID

Definition: An idenitifier for a machine user with authenticated access to the Asset.
Version: 0.9
Label: Machine ID
Identifier: https://www.w3.org/community/md-odrl-profile#machine-id-0-9
Sub-class Of: User ID

Device

Definition: Any mechanism (fixed or portable) that displays the Asset to an individual person.
Version: 0.9
Scope Note: Does not include wallboards or any other mechanisms that display to groups of people.
Label: Device
Identifier: https://www.w3.org/community/md-odrl-profile#device-0-9
Sub-class Of: Units of Count, Display Type

Wallboard

Definition: Any mechanism (fixed or portable) that displays the Asset to groups of people or publicly.
Version: 0.9
Scope Note: As opposed to a Device that displays to an individual.
Label: Wallboard
Identifier: https://www.w3.org/community/md-odrl-profile#wallboard-0-9
Sub-class Of: Units of Count, Display Type

Person

Definition: Any person with access to the Asset.
Version: 0.9
Label: Person
Identifier: https://www.w3.org/community/md-odrl-profile#person-0-9
Sub-class Of: Units of Count

Location

Definition: The place (or site) at which the Asset is accessed.
Version: 0.9
Label: Location
Identifier: https://www.w3.org/community/md-odrl-profile#location-0-9
Sub-class Of: Units of Count

Distribution Service

Definition: A service provided by a Party that involves distributing an Asset to External Parties.
Version: 0.9
Scope Note: Applies to both the redistribution of third-party data (e.g. exchange data in the case of a bank) and the distribution of derived data (e.g. benchmarks and indices).
Label: Distribution Service
Identifier: https://www.w3.org/community/md-odrl-profile#distribution-service-0-9

Distribution Service Properties

provides

Definition: Identifies the Assets that are delivered in a Distribution Service.
Version: 0.9
Label: provides
Identifier: https://www.w3.org/community/md-odrl-profile#provides-0-9
Domain: Distribution Service
Range: Asset

Parties

Parties play roles in ensuring the validity of Rules. To support the interoperability of Rules, they should be idenified using Legal Entity Identifier codes [[LEI]] where possible.

Party Types

Market data licenses are very sensitive to who has access to the data they control. The key distinction is between Parties that belong to the Assignee (and its affiliated or enumerated companies) and those that don"t (aka third-parties).

We can capture this by "typing" Parties into Internal-type and External-type parties. This distinction is, of course, relative to the Assignee.

Furthermore, the rights and obligations applicable to the licensee can sometimes differ from those offered to their affiliates. So we must express the distinction too.

In distribution use cases, the type of recipient is often significant. We differentiate between professional, non-professional, and educational parties, and between existing and prospective clients.

Internal Party

Definition: The Licensing Party and its affiliated or enumerated organisations as specified in the governing license.
Version: 0.9
Scope Note: Also covers the members of a banking group that licenses through an umbrella association.
Label: Internal Party
Identifier: https://www.w3.org/community/md-odrl-profile#internal-party-0-9
Sub-class Of: odrl:Party
Disjoint with: External Party

The following Permission can only be executed by Internal Parties.

                    []   a           odrl:Permission;
                         ...
                         md:users   [ a    md:InternalParty ] ;
                         ...
                

Licensing Party

Definition: The Party that is the signatory of the governing license and is directly bound by it.
Version: 0.9
Scope Note: A narrower terms than Assignee as Licensing Party identifies only the signatory, not all the parties bound by the rights and obligations assigned under the license (the Assignees).
Label: Licensing Party
Identifier: https://www.w3.org/community/md-odrl-profile#licensing-party-0-9
Sub-class Of: Internal Party
Disjoint with: Affiliated Party

Affiliated Party

Definition: The Parties designated as Assignees by virtue of their relationship with the Licensing Party as specified and enumerated in the governing license.
Version: 0.9
Label: Affiliated Party
Identifier: https://www.w3.org/community/md-odrl-profile#affiliated-party-0-9
Sub-class Of: Internal Party
Disjoint with: Licensing Party

External Party

Definition: A Party that is neither the Licensing Party nor one of the affiliated or enumerated organisations as specified by the governing license.
Version: 0.9
Scope Note: The opposite (i.e. set complement) of Internal Party
Scope Note: Captures the concept of third parties.
Label: External Party
Identifier: https://www.w3.org/community/md-odrl-profile#external-party-0-9
Sub-class Of: odrl:Party
Disjoint with: Internal Party

Professional Party

Definition: A Party that is neither a Non-Professional Party nor an Educational Party.
Version: 0.9
Label: Professional Party
Identifier: https://www.w3.org/community/md-odrl-profile#professional-party-0-9
Sub-class Of: External Party
Disjoint with: Non-Professional Party , Educational Party , Existing Client Party , Prospective Client Party

Non-Professional Party

Definition: A Party that is both a natural person (rather than a corporation, partnership, or other organisation) and acts only on their personal account.
Version: 0.9
Scope Note: Non-professional parties may not offer paid-for nor formal advice.
Label: Non-Professional Party
Identifier: https://www.w3.org/community/md-odrl-profile#non-professional-party-0-9
Sub-class Of: External Party
Disjoint with: Professional Party , Educational Party , Existing Client Party , Prospective Client Party

Educational Party

Definition: A formally accredited educational institution using market data solely for the purpose of education or training.
Version: 0.9
Label: Educational Party
Identifier: https://www.w3.org/community/md-odrl-profile#educational-party-0-9
Sub-class Of: External Party
Disjoint with: Non-Professional Party , Professional Party , Existing Client Party , Prospective Client Party

Existing Client Party

Definition: A Party that is a current consumer of Distribution Services provided by the Assignee.
Version: 0.9
Label: Existing Client Party
Identifier: https://www.w3.org/community/md-odrl-profile#existing-client-party-0-9
Sub-class Of: External Party
Disjoint with: Non-Professional Party , Professional Party , Educational Party , Prospective Client Party.

Prospective Client Party

Definition: A Party that the Assignee is engaging with in order to procure such Party as a consumer of Distribution Services provided by the Assignee.
Version: 0.9
Label: Prospective Client Party
Identifier: https://www.w3.org/community/md-odrl-profile#prospective-client-party-0-9
Sub-class Of: External Party
Disjoint with: Non-Professional Party , Professional Party , Educational Party , Existing Client Party.

Party Roles

Party Roles describe the part a Party (or set of Parties) plays as a data Asset moves along the market data supply chain.

Many Parties play different roles at different times. A large financial institution regularly acts as an Originator, Administrator, Provider, and Consumer of data assets.

In the example of an Exchange delivering an Asset to a vendor for onward distribution to a bank, the sequence of parties and their roles would look as follows:

  1. The exchange acting as an Originator assigns rights and as a Provider delivers data to the vendor, acting as a Consumer.
  2. The vendor, then acting as an Administrator, assigns rights, and as a Provider, delivers data to the bank, acting as a Consumer.
  3. The banks market data function, now acting as an Administrator, then assigns rights and, acting as a Provider, delivers data to its end users, who are Consumers of the data.
  4. And if those end-users in the bank were then to derive a new creative work from the data, they would be acting as Originators ... and so the supply chain spins on.

Note: the rights and obligations controlling the use of the Asset could be changed by the vendor (and those controlling the use of the derived data by the bank) so long as the new rights and obligations are conpliant (i.e. at least as strict) as the original ones specified by the Originator.

Definition: Abstract class that acts as the super-class for the concrete Roles played by Parties in the market data supply chain in relation to an Asset
Version: 0.9
Label: Party Role
Identifier: https://www.w3.org/community/md-odrl-profile#party-role-0-9

Originator

Definition: The role a Party plays in creating a Source and acting as an Assigner of the rights and obligations controlling its commercialisation and use.
Version: 0.9
Scope Note: Applies to all Parties (not just exchanges) deriving or curating a new creative work and acting as the Assigner for this work.
Note: Originators may use an Administrator to manage their rights assignments and a Service Facilitator to destribute the data.
Label: Originator
Identifier: https://www.w3.org/community/md-odrl-profile#originator-0-9
Sub-class Of: Party Role
In Range Of: role

We can imagine an Originator so:

Originator diagram

Provider

Definition: The role a Party plays in delivering and/or or providing access to an Asset for Consumers.
Version: 0.9
Scope Note: Designates the role a vendor plays in providing data to its customers.
Scope Note: Describes the role the market data function within a financial institution plays in providing data to its internal customers.
Scope Note: The rights and obligations controlling the use of the Asset are supplied by the Administrator or Originator.
Label: Provider
Identifier: https://www.w3.org/community/md-odrl-profile#provider-0-9
Sub-class Of: Party Role
In Range Of: role

We can imagine a Provider so:

Provider diagram

Consumer

Definition: The role a Party plays in receiving an Asset and acting as the Assignee of the rights and obligations controlling the use of that Asset.
Version: 0.9
Scope Note: Designates the role a vendor or market data function within an organisation plays in receiving data from its Providers and the rights and obligations controlling its use from their Adminstrators.
Scope Note: Describes the role the end-user of market data (e.g. trading desk or back office) plays in using the data provided to it.
Label: Consumer
Identifier: https://www.w3.org/community/md-odrl-profile#consumer-0-9
Sub-class Of: Party Role
In Range Of: role

We can imagine a Consumer so:

Consumer diagram

Service Facilitator

Definition: The role an external organisation plays when contracted by the Assignee to deliver a business function using the assignee's data access rights.
Version: 0.9
Scope Note: Covers third-parties assisting in the delivery of data services for the Assignee such as generating derived data or distributing data.
Scope Note: Includes the activities of a 'calculating agent'.
Note: When a Service Facilitator is used to create new original works, the Assignee, who owns the IP in the new data product, should be considered the Originator as it is they who can assign rights over it.
Label: Service Facilitator
Identifier: https://www.w3.org/community/md-odrl-profile#service-facilitator-0-9
Sub-class Of: Party Role
In Range Of: role

We can imagine a Service Facilitator so:

Service facilitator diagram

Assignees frequently require notification of (or consent for) the use of a Service Facilitator. We can model this as a notification (or request consent) Duty where the Notify action is taken on a per-service provider basis.

                    []   a              odrl:Duty;
                         ...
                         odrl:action    [
                                           a                md:Notify ;
                                           odrl:unitOfCount [
                                                                 a            md:ExternalParty ;
                                                                 md:roles     [ a md:ServiceFacilitator ]
                                                             ] ;
                                        ] .
                         ...
                

Administrator

Definition: The role an organisation plays in assisting in the the assignment or management of rights.
Version: 0.9
Label: Administrator
Identifier: https://www.w3.org/community/md-odrl-profile#administrator-0-9
Sub-class Of: Party Role
In Range Of: role

We can imagine an administrator so:

Administrator diagram

Party Properties

roles

Definition: Specifies the supply-chain Party Role(s) played by a Party in relation to a data Asset.
Version: 0.9
Label: roles
Identifier: https://www.w3.org/community/md-odrl-profile#roles-0-9
Domain: odrl:Party
Range: Party Role

Activities

An Activity is something that occurs over a period of time and acts upon or with Entities. An activity has a start time and an end time; can be influenced or informed by other activities; and can be generated by something. It"s a concept central to tracking provenance.

We can usefully connect rights and provenance by identifying the activities that are of significance in market data licenses. The actual use and processing of data (Usage) is one example. The implementation of access control policies (Controls) is another. Reasonable Suspicion, a trigger for Audit activities, also shares the above properties, and so can usefully be modelled as an activity.

Usage

Definition: The Assignee"s access to and processing of the Asset.
Version: 0.9
Label: Usage
Identifier: https://www.w3.org/community/md-odrl-profile#usage-0-9
Sub-class Of: prov:Activity
Disjoint with: Audit , Reasonable Suspicion , Control , Derivation

Calculating Index

Definition: Computing an index value based on the performance of an identified set of constituents.
Version: 0.9
Label: Calculating Index
Identifier: https://www.w3.org/community/md-odrl-profile#calculating-index-0-9
Sub-class Of: Usage
Disjoint with: Creating Traded Product , Trading , Training , Technical Support , Data Management , Product Development , Marketing , Business Continuity , Regulatory Requirement

Creating Traded Product

Definition: To create financial instruments (e.g. derivatives) in order to then trade them.
Version: 0.9
Label: Creating Traded Product
Identifier: https://www.w3.org/community/md-odrl-profile#creating-traded-product-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index , Trading , Training , Technical Support , Data Management , Product Development , Marketing , Business Continuity , Regulatory Requirement

Trading

Definition: The activity of buying and selling financial instruments.
Version: 0.9
Label: Trading
Identifier: https://www.w3.org/community/md-odrl-profile#trading-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Training , Technical Support , Data Management , Product Development , Marketing , Business Continuity , Regulatory Requirement

Providing Trading Venue

Definition: Providing a Venue/trading platform on which buy and sell orders from multiple parties are matched
Version: 0.9
Scope Note: Broker crossing networks and dark pools are examples of alternative trading systems (ATS), and are thus trading platforms.
Scope Note: Includes alternative trading systems (ATS) as defined by 300a of the SEC regulation on Alternative Trading Systems [[ATS]]: any organization, association, person, group of persons, or system that constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange.
Scope Note: Includes multilateral trading facilities (MTF) as defined in MiFID II [[MiFID]]: multilateral systems, operated by an investment firm or a market operator, which bring together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non- discretionary rules) in a way that results in a contract.
Scope Note: Includes organised trading facilities (OTF) as defined in MiFID II [[MiFID]]: multilateral systems which are not a regulated market or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances, or derivatives are able to interact in the system in a way that results in a contract.
Scope Note: Includes systematic internalization (SI) as defined in MiFID II [[MiFID]]: dealing on an organised, frequent, systematic, and substantial basis on one"s own account when executing client orders outside a regulated market, an MTF, or an OTF, without operating a multilateral system.
Scope Note: Includes any exchange registered as a National Securities Exchange (as defined in Section 3(a)(1) of the Exchange Act [[EXCHANGE]])
Scope Note: Includes any Electronic Communications Network (as defined by Rule 600(b)(23) of Regulation NMS [[ECN]])
Note: As trading venues, the trading platforms described here may well have mic codes associated with them.
Label: Providing Trading Venue
Identifier: https://www.w3.org/community/md-odrl-profile#providing-trading-venue-0-9
Sub-class Of: Trading
Disjoint with: Trading as Principal , Brokerage

Trading as Principal

Definition: Trading on behalf of the firm’s own accounts, not on behalf of a client.
Version: 0.9
Scope Note: Market making is considered to be trading as principal.
Example: Proprietary trading.
Example: Trading firms.
Label: Trading as Principal
Identifier: https://www.w3.org/community/md-odrl-profile#trading-as-principal-0-9
Sub-class Of: Trading
Disjoint with: Providing Trading Venue , Brokerage

The following Permission allows the user to trade automatically as principal (using a purpose constraint).

                        []   a              odrl:Permission;
                             ...
                             odrl:action    [
                                              a                 md:TradeAutomatically ;
                                              md:purpose        [ a md:TradingAsPrincipal ]
                                            ] ;
                             ...
                    

Brokerage

Definition: Acting on behalf of another person’s name and for another person’s account or acting in one’s own name and for another person’s account (i.e. trading to execute orders on behalf of clients).
Version: 0.9
Scope Note: Offering smart order routing is considered facilitating customer business.
Label: Brokerage
Identifier: https://www.w3.org/community/md-odrl-profile#brokerage-0-9
Sub-class Of: Trading
Disjoint with: Providing Trading Venue , Trading as Principal

Training

Definition: Training the Assignee’s users or subscribers in the use of a Distribution Service
Version: 0.9
Label: Training
Identifier: https://www.w3.org/community/md-odrl-profile#training-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Technical Support , Data Management , Product Development , Marketing , Business Continuity , Regulatory Requirement

Technical Support

Definition: The provision of technical assistance (by support staff) relating only to performance issues.
Version: 0.9
Scope Note: Excludes assistance in placing or adjusting an order.
Label: Technical Support
Identifier: https://www.w3.org/community/md-odrl-profile#technical-support-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Training , Data Management , Product Development , Marketing , Business Continuity , Regulatory Requirement

Data Management

Definition: Oversight by support staff of internal data quality control and assurance (i.e., monitoring systems to ensure an accurate flow of data).
Version: 0.9
Scope Note: Covers quality assurance and administration.
Scope Note: Excludes assistance in placing or adjusting an order.
Label: Data Management
Identifier: https://www.w3.org/community/md-odrl-profile#data-management-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Training , Technical Support , Product Development , Marketing , Business Continuity , Regulatory Requirement

Product Development

Definition: Developing new Distribution Services or further developing existing ones
Version: 0.9
Label: Product Development
Identifier: https://www.w3.org/community/md-odrl-profile#product-development-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Training , Technical Support , Data Management , Marketing , Business Continuity , Regulatory Requirement

Marketing

Definition: Marketing Distribution Services to potential users or subscribers.
Version: 0.9
Label: Marketing
Identifier: https://www.w3.org/community/md-odrl-profile#marketing-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Training , Technical Support , Data Management , Product Development , Business Continuity , Regulatory Requirement

Demonstrations

Definition: Demonstrating Distribution Services to potential users or subscribers.
Version: 0.9
Editorial Note: Demonstrations are time limited activities. Demonstrations in a public forum must be at time-limited events like conferences or trade shows.
Label: Demonstrations
Identifier: https://www.w3.org/community/md-odrl-profile#demonstrations-0-9
Sub-class Of: Marketing

Business Continuity

Definition: Maintaining and testing a business continuity environment.
Version: 0.9
Note: If the business continuity environment becomes the live environment, then the normal permission must be used to execute business, not this one.
Label: Business Continuity
Identifier: https://www.w3.org/community/md-odrl-profile#business-continuity-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Training , Technical Support , Data Management , Product Development , Marketing , Regulatory Requirement

Regulatory Requirement

Definition: Activities undertaken solely for the purposes of satisfying regulatory requirements.
Version: 0.9
Label: Regulatory Requirement
Identifier: https://www.w3.org/community/md-odrl-profile#regulatory-requirement-0-9
Sub-class Of: Usage
Disjoint with: Calculating Index ,Creating Traded Product , Trading , Training , Technical Support , Data Management , Product Development , Marketing , Business Continuity

This Permission allows the user to store and display the data only for the purposes of satisfying a regulatory requirement.

                    []   a              odrl:Permission;
                         ...
                         odrl:action    [
                                            a             md:Store , md:Display ;
                                            md:purpose    [ a md:RegulatoryRequirement ]
                                        ] ;
                         ...
                

Audit

Definition: An examination of the Assignee's use of the Asset and/or the systems involved in its receipt, use, and distribution, for the purpose of determining the Assingee's compliance to the controlling license.
Version: 0.9
Label: Audit
Identifier: https://www.w3.org/community/md-odrl-profile#audit-0-9
Sub-class Of: prov:Activity
Disjoint with: Usage , Reasonable Suspicion , Control , Derivation

Reasonable Suspicion

Definition: A reasonable suspicion that the Assignee is misusing the Asset.
Version: 0.9
Label: Reasonable Suspicion
Identifier: https://www.w3.org/community/md-odrl-profile#reasonable-suspicion-0-9
Sub-class Of: prov:Activity
Disjoint with: Usage ,Audit , Control , Derivation

Control

Definition: The access control measures that manage the availability of the Asset to the Assignee"s users and processes.
Version: 0.9
Label: Control
Identifier: https://www.w3.org/community/md-odrl-profile#control-0-9
Sub-class Of: prov:Activity
Disjoint with: Usage ,Audit , Reasonable Suspicion , Derivation

Restricted User Group

Definition: Control that ensures that only uniquely identified users can access the Asset.
Version: 0.9
Note: Covers both human and machine access.
Label: Restricted User Group
Identifier: https://www.w3.org/community/md-odrl-profile#restricted-user-group-0-9
Sub-class Of: Control

Closed User Group

Definition: Control that ensure that only authenticated and authorised users can access the Asset.
Version: 0.9
Label: Closed User Group
Scope Note: Usually effected by an entitlements system.
Identifier: https://www.w3.org/community/md-odrl-profile#closed-user-group-0-9
Sub-class Of: Restricted User Group

For usage, see Example 11.

Derivation

Definition: The processes by which an Asset (or assets) is transformed into a new asset through calculation.
Version: 0.9
Label: Derivation
Identifier: https://www.w3.org/community/md-odrl-profile#derivation-0-9
Sub-class Of: prov:Activity
Disjoint with: Usage ,Audit , Reasonable Suspicion , Control

Irreversible

Definition: A derivation activity that uses calculations that cannot be perfomred in reverse (i.e., the source Asset cannot be reverse engineered from the derived asset).
Version: 0.9
Label: Irreversible Derivation
Identifier: https://www.w3.org/community/md-odrl-profile#irreversible-0-9
Sub-class Of: Derivation

Non-Substitutive

Definition: The derived asset cannot be used in the place of the source asset (i.e., cannot substitute for it in any calculations).
Version: 0.9
Label: Non-Substitutive Derivation
Identifier: https://www.w3.org/community/md-odrl-profile#non-substitutive-0-9
Sub-class Of: Derivation

The following Permission allows the user to derive indices so long as the derivations are Irreversible and Non-Substitutive.

                    []   a              odrl:Permission;
                         ...
                         odrl:action    [
                                            a                     md:Derive ;
                                            md:purpose          [ a md:CalculateIndex ] ;
                                            md:derivationTypes  [ a md:Irreversible ] , [ a md:Non-Substitutive ] ;
                                        ] ;
                         ...
                

Activity Properties

system provider

Definition: The Party that provides and controls the technical infrastucture that implements an Activity.
Version: 0.9
Label: System Provider
Identifier: https://www.w3.org/community/md-odrl-profile#system-provider-0-9
Domain: prov:Activity
Range: odrl:Party

Vendor terminals can be modelled by specifying the access control system and display systems as being managed by the Provider. If no data is stored locally, the data host constraint should also be set.

                    []   a              odrl:Permission;
                         ...
                         odrl:controls  [
                                            a                     md:ClosedUserGroup ;
                                            md:systemProvider     [ a md:Provider ] ;
                                        ] ;
                         odrl:action    [
                                            a                     md:Display ;
                                            md:systemProvider     [ a md:Provider ] ;
                                        ] ;
                         ...
                

Permissions

Valid Permissions allow the specified Actions to be taken over their target Asset.

Validity requires all active Duties be fulfilled and all Constraints satisfied.

Permission Functions

Permission functions specify the role a Party plays in a Permission.

licensee

Definition: Specifies the Party that is the signatory to the license and is directly bound by it.
Version: 0.9
Label: licensee
Identifier: https://www.w3.org/community/md-odrl-profile#licensee-0-9
Sub-Property Of: Assignee
Domain: odrl:Permission
Range: odrl:Party

affiliates

Definition: Provides an enumerated list of the affiliates of the licensee who are associated with the license through their relationship with the licensee.
Version: 0.9
Note: The relationship is usually one involving a percentage of ownership; in many cases, the Provider specifies the minimum percentage required for an entity to be considered an Affilliate.
Note: Usually the same rules apply to both the licensee and its affiliates. But a recipients constraint can be used to enforce any differences.
Label: affiliates
Identifier: https://www.w3.org/community/md-odrl-profile#affiliates-0-9
Sub-Property Of: Assignee
Domain: odrl:Permission
Range: odrl:Party

Actions

Distribute

Definition: To supply an Asset to a Party.
Version: 0.9
Scope Note: Redistribution is the case where the Asset is transferred to a third party. In this case, the recipients constraint can be set to External Party.
Note: The recipient's use of the Asset can be controlled by using a duty to impose a Next Policy that specifies the Permissions, Prohibitions, and/or Duties to which the recipient must adhere in their use of the asset.
Label: Distribute
Identifier: https://www.w3.org/community/md-odrl-profile#distribute-0-9
Sub-class Of: odrl:Action, prov:Activity

White Label

Definition: White labeling is a form of third-party distribution where a Provider (often in this instance, a calculation agent or analytics provider) derives a product from an Originator's data and then allows it to be branded by an External Party as if it were its own.
Version: 0.9
Scope Note: Sometimes the Provider hosts a branded platform for their white-labelling partner. In these cases, it's often important to specify both who hosts the data and who manages the access control system by specifying their system provider properties on the partner's permissions.
Note: Some products are new original works (i.e. satisfying the Irreversible and Non-Substitutive constraints on derivations). Then the Provider is the IP Owner and usually retains the role of commercial agent. But for many leveraged products that don't satisfy these constraints (e.g. CFDs), the IP remains with the Originator.
Label: White label
Identifier: https://www.w3.org/community/md-odrl-profile#white-label-0-9
Sub-class Of: md:Distribute

Reproduce

Definition: To copy an Asset and then supply it to a Party.
Version: 0.9
Scope Note: Usually applied to documents, parts of documents, charts, or similarly formatted artifacts.
Label: Reproduce
Identifier: https://www.w3.org/community/md-odrl-profile#reproduce-0-9
Sub-class Of: odrl:Distribute,

Format

Definition: To format an Asset - usually a document - for presentational purposes.
Version: 0.9
Scope Note: A Prohibition on formatting a document would mean that it must be presented "as is".
Label: Format
Identifier: https://www.w3.org/community/md-odrl-profile#format-0-9
Sub-class Of: Reproduce

Store

Definition: To store an Asset for future use (including distribution).
Version: 0.9
Label: Store
Identifier: https://www.w3.org/community/md-odrl-profile#store-0-9
Sub-class Of: odrl:Action, prov:Activity

Download

Definition: To download an Asset to store and use it with a local application.
Version: 0.9
Scope Note: Applicable in the context of terminal use.
Note: Exercising this action can be used as a unit-of-count.
Label: Download
Identifier: https://www.w3.org/community/md-odrl-profile#download-0-9
Sub-class Of: Action, Units of Count

Transform

Definition: To transform an Asset into a different format without changing its informational content.
Version: 0.9
Scope Note: Describes converting an Asset into a different format for consumption by a system.
Label: Transform
Identifier: https://www.w3.org/community/md-odrl-profile#transform-0-9
Sub-class Of: Action

Use

Definition: Use of an Asset in any way by an Internal Party.
Version: 0.9
Scope Note: Allows for both human and machine use of an Asset. Use Display if only human use is allowed; Non-Display for machine use.
Scope Note: Does not permit the distribution of an Asset to an External Party.
Note: Often constrained by the purpose (e.g Trading, Marketing) for which the Asset is used.
Label: Use
Identifier: https://www.w3.org/community/md-odrl-profile#use-0-9
Sub-class Of: odrl:Action, prov:Activity
Super-class Of: Display, Non-Display

Display

Definition: To view an Asset via a graphical user interface, device, or other display medium.
Version: 0.9
Scope Note: Applicable to human as opposed to machine use of an Asset.
Note: Can be constrained to individual display by setting display types to Device, or, for public display, to Wallboard.
Synonyms: View
Label: Display
Identifier: https://www.w3.org/community/md-odrl-profile#display-0-9
Sub-class Of: Use

Non-Display

Definition: Machine use of an Asset to automate any process except Display or Distribution.
Version: 0.9
Scope Note: If the Asset is to be seen, then a seperate permission to Display is required.
Example: Automated valuations.
Example: Calculating risk figures.
Example: Profit and loss calculations.
Example: Benchmarking.
Example: Automated risk management and position exciting functions.
Example: Quantitative analysis.
Example: Portfolio management.
Example: Fund administration.
Example: Operations control programs.
Example: Investment analysis.
Example: Surveillance programs.
Label: Non-Display
Identifier: https://www.w3.org/community/md-odrl-profile#non-display-0-9
Sub-class Of: Use
Super-class Of: Trade Automatically, Derive

Trade Automatically

Definition: To use an Asset in an automated trading system.
Version: 0.9
Note: The distinction between trading as a principal, as a broker, or providing a platform can be specidied using a purpose constraint.
Example: Semi-automated or automated order/quote generation.
Example: Order pegging.
Example: Systematic internalisation.
Example: Price referencing for trading purposes.
Example: Mid-point trading.
Example: Smart order routing to facilitate trading.
Example: Market making.
Example: Execution management.
Example: Quoting and trading of financial derivatives.
Label: Trade Automatically
Identifier: https://www.w3.org/community/md-odrl-profile#trade-automatically-0-9
Sub-class Of: Non-Display

Derive

Definition: To generate new data from an Asset using a mathematical, logical, or other type of transformation, e.g. arithmetic formula, composition, or aggregation.
Version: 0.9
Scope Note: Includes performing analytics.
Note: Frequently, it"s important to specify whether the transformation is Irreversible and Non-Substitutive using the derivation types constraint.
Note: Where derivations are used to create new works (a.k.a. Derived Works) that are intended for distribution to third-parties, a Next Policy Duty must be specified.
Label: Derive
Identifier: https://www.w3.org/community/md-odrl-profile#derive-0-9
Sub-class Of: Non-Display

Duties

Active Duties must be fulfilled for their associated Permissions to be valid. If a duty is left unfulfilled, then the permission becomes invalid and can no longer be exercised.

Duties are fulfilled when the subject takes the Action for the object of the duty. The Duty may also have a target that specifies the Asset, Party, or Activity over which the Action is taken.

Duty Functions

Duty functions specify the role a Party plays in fulfilling a Duty. There are two: the subject who must exercise the duty"s action and the object who receives the effect of the action.

subject

Definition: Specifies the Party that must execute the Action specified by a Duty.
Version: 0.9
Example: Where the action is Notify, the subject is the notifying Party.
Example: Where the action is Report, the subject is the reporting Party.
Example: Where the action is Request, the subject is the requesting Party.
Example: Where the action is Consent, the subject is the consenting Party.
Example: Where the action is Compensate, the subject is the compensating Party.
Example: Where the action is Invoice, the subject is the invoicing Party.
Example: Where the action is Attach, the subject is the attaching Party.
Label: subject
Identifier: https://www.w3.org/community/md-odrl-profile#subject-0-9
Domain: odrl:Duty
Range: odrl:Party

object

Definition: Specifies the Party that is affected by the Action specified by a Duty.
Version: 0.9
Example: Where the action is Notify, the object is the notified Party.
Example: Where the action is Report, the object is the Party that receives the report.
Example: Where the action is Request, the object is the requested Party.
Example: Where the action is Consent, the object is the Party that receives the consent.
Example: Where the action is Compensate, the object is the compensated Party.
Example: Where the action is Invoice, the object is the invoiced Party.
Example: Where the action is Attach, the object is the Party that receives the attachment.
Label: object
Identifier: https://www.w3.org/community/md-odrl-profile#object-0-9
Domain: odrl:Duty
Range: odrl:Party

Duty Relations

targets

Definition: The target property indicates the Asset, Activity, or Party that is the primary subject to which the Rule action directly applies.
Version: 0.9
Scope Note: This property is a direct generalisation of the ODRL target relation to add Activities and Parties to its domain.
Label: targets
Identifier: https://www.w3.org/community/md-odrl-profile#targets-0-9
Domain: odrl:Duty
Range: odrl:Party, Asset, prov:Activity

Duty Assets

Attribution

Definition: A declaration of the Assigner's ownership of the Asset.
Version: 0.9
Note: The wording of the declaration will usually be specified by the wordingproperty.
Label: Attribution
Identifier: https://www.w3.org/community/md-odrl-profile#attribution-0-9
Sub-class Of: Asset

Disclaimer

Definition: A clarification of the Assigner"s relation to the Asset.
Version: 0.9
Note: The wording of the clarification will usually be specified by the wording property.
Label: Disclaimer
Identifier: https://www.w3.org/community/md-odrl-profile#disclaimer-0-9
Sub-class Of: Asset

Proscription

Definition: A written instruction forbidding some action .
Version: 0.9
Note: The wording of the instruction will usually be specified by the wording property.
Label: Proscription
Identifier: https://www.w3.org/community/md-odrl-profile#proscription-0-9
Sub-class Of: Asset

Duty Asset Properties

wording

Definition: Specifies the wording required by an Attribution, Disclaimer, or Proscription.
Version: 0.9
Label: wording
Identifier: https://www.w3.org/community/md-odrl-profile#wording-0-9
Domain: Attribution , Disclaimer , Proscription
Range: xsd:string

Actions

Notify

Definition: The subject makes the object aware of of a relevant change in the state of the world specified by the target relation.
Version: 0.9
Example: Where the target is a Usage activity, the subject makes the object aware that they have now started using the asset.
Example: Where the target is a Reasonable Suspicion, the subject makes the object aware that they now have a reasonable suspicion that the asset is being misused.
Example: Where the target is a Party playing the role of Service Facilitator, the subject makes the object aware that a service facilitator now has access to the asset. (See Example 1.)
Label: Notify
Identifier: https://www.w3.org/community/md-odrl-profile#notify-0-9
Sub-class Of: odrl:Action, prov:Activity

Report

Definition: The subject provides a report to the object on a relevant and on-going state of affairs specified by the target relation.
Version: 0.9
Example: Where the target is a Controls activity, the subject reports to the object on their implementation of access controls.
Example: Where the target is a Usage activity, the subject reports to the object on their usage of the Asset. The duty should specify the unit of count to use in the report. (See Example 2)
Label: Report
Identifier: https://www.w3.org/community/md-odrl-profile#report-0-9
Sub-class Of: odrl:Action, prov:Activity

Reporting usage requires a unit of count such as device, user-account, or location to specify what must be reported. The example below calls for reporting by device (once):

                    []   a             odrl:Duty;  
                         odrl:action   [
                                           a                 md:Report ;
                                           odrl:unitOfCount  [ a md:Device ] ;
                                           md:reporting-code        1754
                                       ]  ;
                         md:targets    [ a md:Usage ] .
                

Report Action Properties

reporting code

Definition: A unique identifier that points to the data package or information product that the use of a Permission must be reported against.
Version: 0.9
Scope Note: Also known as a Product Code.
Example: The Reporting Code “SMGL2SST” identifies Display to a Closed User Group of the Information Product “Spot Market Germany (Frankfurt/Xetra®) Level 2” without automatic Updating.
Label: reporting code
Identifier: https://www.w3.org/community/md-odrl-profile#reporting-code-0-9
Domain: Report

Request

Definition: The subject makes the object aware of a desired state of the world specified by the target relation.
Version: 0.9
Example: Where the target is an Audit activity, the subject requests the object to Consent to an audit.
Example: Where the target is a Party playing the role of Service Facilitator, the subject requests the object to Consent to a service facilitator accessing the asset. (See Example 3.)
Label: Request
Identifier: https://www.w3.org/community/md-odrl-profile#request-0-9
Sub-class Of: odrl:Action, prov:Activity

Compensate

Definition: The subject pays the object.
Version: 0.9
Note: The compensation action must be decorated with the payment amount and the unit (or currency) of payment. It may also specify the unit of count which acts as a multiplier of the payment amount.
Label: Compensate
Identifier: https://www.w3.org/community/md-odrl-profile#compensate-0-9
Sub-class Of: odrl:Action, prov:Activity

The following example requires $1,150 to be paid per location once:

                []   a             odrl:Duty;
                     odrl:action   [
                                       a                 md:Compensate ;
                                       odrl:unitOfCount  [ a md:Location ] ;
                                       odrl:payAmount    1150.00 ;
                                       odrl:unit         currency:USD ;  # USD
                                    ]  .
            

Invoice

Definition: The subject bills the object.
Version: 0.9
Label: Invoice
Identifier: https://www.w3.org/community/md-odrl-profile#invoice-0-9
Sub-class Of: odrl:Action, prov:Activity
When an Invoice Action is specified, it will likely be used as an activation condition for a compensation duty, i.e. payment need only be made on receipt of an invoice.
                []   a             odrl:Duty;  
                     odrl:action   [
                                       a                 md:Compensate ;
                                       odrl:unitOfCount  [ a md:Location ] ;
                                       odrl:payAmount    1150.00 ;
                                       odrl:unit         currency:USD ;  # USD
                                    ] ;                 
                     odrl:duty     :I1 .
                
:I1 a odrl:Duty; odrl:action [ a md:Invoice ; ] .

Attach

Definition: The subject attaches the rubric specified by the target relation.
Version: 0.9
Example: Where the target is an Attribution, the rubric describes the object's ownership of the asset. The precise phrasing may be specified by a wording property on the attribution.
Example: Where the target is a Disclaimer, the rubric clarifies the object's relation to the asset. The precise phrasing may be specified by a wording property on the disclaimer.
Example: Where the target is a Proscription, the rubric instructs the object not to do something as specified by a wording property on the proscription.
Label: Attach
Identifier: https://www.w3.org/community/md-odrl-profile#attach-0-9
Sub-class Of: odrl:Action, prov:Activity

In this example, a Duty requires and specifies an Attribution to be attached to the data whenever the recipient is an External Party.

                []   a             odrl:Duty ;
                     md:recipients [ a md:ExternalParty ] ;
                     odrl:action   [
                                        a               md:Attach ;
                                   ] ;
                     odrl:target   [
                                        a               md:Attribution ;
                                        md:wording      "The market data is the property of Chicago Mercantile Exchange Inc. or it’s licensors as applicable. All rights reserved, or otherwise licensed by Chicago Mercantile Exchange Inc."
                                   ] .
            

The follwing Duty, usually associated with Derivations, requires and specifies a Disclaimer to be attached to the data irrespective of whether the recipient is an Internal or External Party.

                []   a             odrl:Duty ;
                     md:recipients ( [ a md:InternalParty ] [ a md:ExternalParty ] ) ;
                     odrl:action   [
                                        a               md:Attach ;
                                   ] ;
                     odrl:target   [
                                        a               md:Disclaimer ;
                                        md:wording      "CME Group Market Data is used under license as a source of information for certain [LICENSEE/LICENSEE GROUP] products. CME Group has no other connection to [LICENSEE/LICENSEE GROUP] products and services and does not sponsor, endorse, recommend or promote any [LICENSEE/LICENSEE GROUP] products or services. CME Group has no obligation or liability in connection with the [LICENSEE/LICENSEE GROUP] products and services. CME Group does not guarantee the accuracy and/or the completeness of any Market Data licensed to [LICENSEE/LICENSEE GROUP] and shall not have any liability for any errors, omissions, or interruptions therein. there are no third-party beneficiaries of any agreements or arrangements between CME Group and [LICENSEE/LICENSEE GROUP]."
                                   ] .
            

Agree

Definition: The subject must come to a legally binding agreement with the object that enforces the rubric specified by the target relation.
Version: 0.9
Label: Agree
Identifier: https://www.w3.org/community/md-odrl-profile#agree-0-9
Sub-class Of: odrl:Action, prov:Activity

Constraints

Constraints on Assets

Assets are segmented primarily for commercial or technical reasons. These segmentations can be by the type of the content (e.g. access to just French equities or only the index values, not the constituents and weightings); by temporal reach (e.g. access to only three years of historical data); or by the mode of delivery. The first we call a content segmentation; the second, a temporal segmentation; and the last, a delivery segmentation.

Delivery Segmentations

timeliness of delivery

Definition: Specifies the timing of the permitted receipt or onwards delivery of an Asset.
Version: 0.9
Editorial Note: Usually specified as an interval (or intervals) relative to the data"s Origination Time, Publication Time, Issue Time, or Market Close (or some other specified moment).
Editorial Note: These intervals are frequently identified as Realtime, Delayed, or Embargoed.
Editorial Note: Unless explicitly prohibited, Permissions over shorter intervals carry across to longer intervals (e.g. Realtime data also covers Delayed, and Embargoed data)
Label: timeliness of delivery
Identifier: https://www.w3.org/community/md-odrl-profile#timeliness-of-delivery-0-9
Domain: Asset
Range: Proper Interval

method of update

Definition: Specifies the method by which updates to the Asset are delivered.
Version: 0.9
Note: If the method is snapshot, then the number of snaps permitted can be specified using the count property and a time interval. (See Example 10.)
Label: method of update
Identifier: https://www.w3.org/community/md-odrl-profile#method-of-update-0-9
Domain: Asset
Range: Update Method

period of update

Definition: The period during which the Asset has been, or continues to be, updated.
Version: 0.9
Note: If the Asset continues to be updated while a subsciption holds, use the Service Period interval.
Label: period of update
Identifier: https://www.w3.org/community/md-odrl-profile#period-of-update-0-9
Domain: Asset
Range: Proper Interval

frequency of update

Definition: Specifies how frequently updates to the Asset are delivered.
Version: 0.9
Label: frequency of update
Identifier: https://www.w3.org/community/md-odrl-profile#frequency-of-update-0-9
Domain: Asset
Range: Update Frequency

Content Segmentations

asset classes

Definition: Categorises a Asset by the financial asset class(es) it describes.
Version: 0.9
Label: asset classes
Identifier: https://www.w3.org/community/md-odrl-profile#asset-classes-0-9
Domain: Asset
Range: Asset Class

In the following example the Asset :A1 describes Commodity Futures:

                        :A1   a                md:Asset;
                              md:assetClasses  cfi:FCEPSX .  # Commodity Futures for Extraction Resources with Physical Delivery
                    

depth of market

Definition: Measures the book depth offered by an Asset.
Version: 0.9
Label: depth of market
Identifier: https://www.w3.org/community/md-odrl-profile#depth-of-market-0-9
Domain: Asset
Range: Market Depth

geography

Definition: The geographic subject matter and focus of an Asset.
Version: 0.9
Scope Note: A characteristic of the Asset rather than its source/origin or any limitations on its distribution.
Label: geographic coverage
Identifier: https://www.w3.org/community/md-odrl-profile#geography-0-9
Domain: Asset
Range: UN M49 Codes

amount

Definition: The amount of an Asset.
Version: 0.9
Scope Note: If a qualititive measure is needed use the values Insubstantial or Substantial. Else specify a numeric value (as rdf:value) and a unit of count.
Label: amount
Identifier: https://www.w3.org/community/md-odrl-profile#amount-0-9
Domain: Asset
Range: Quantity

TemporalSegmentations

temporal

Definition: The temporal coverage offered by an Asset.
Version: 0.9
Scope Note: Usually used to specify the date range of Historical data.
Label: temporal coverage
Identifier: https://www.w3.org/community/md-odrl-profile#temporal-0-9
Domain: Asset
Range: time:ProperInterval

Temporal constaints specify access to historical data using the temporal property. The interval allowing access to the latest three years of historical data would look so:

                        []   md:temporal  [
                                                       a                    time:ProperInterval ;
                                                       time:hasXSDDuration  "P3Y"^^xsd:duration
                                                   ] .     
                    

Constraints on Asset Classes

content types

Definition: Given the Asset Class, further specifies the type of content provided by the Asset
Version: 0.9
Editorial Note: The valid values for content type depend on the Asset Class of the Asset
Label: content types
Identifier: https://www.w3.org/community/md-odrl-profile#content-types-0-9
Domain: Asset Class
Range: Content Type

The Asset :A3 describes the Values and Constituents (content type) of an Index of Equities (asset class):

                :A3   a               md:Asset;
                      md:assetClasses [
                                           a                       cfi:TIEXX ;   # Index of equities
                                           md:contentType          ( [ a md:Value ] [ a md:Constituents ] ) ;
                                      ]    .
            

Constraints on Rules

controls

Definition: Identifies the Control activities that protect the Asset from unauthorised access.
Version: 0.9
Label: controls
Identifier: https://www.w3.org/community/md-odrl-profile#controls-0-9
Domain: odrl:Rule
Range: Control

In the example below the Permission is only valid if the controls Constraint is satisfied by use of a closed user group to manage access to the Asset.

                []   a            odrl:Permission ;
                     md:controls  [ a md::ClosedUserGroup ] .
            

recipients

Definition: Specifies the Parties who can access the Asset which is the target of the parent Permission following the exercise of its Action.
Version: 0.9
Note: Can be used either to constrain a Distribute action to a specified set of parties or to trigger linked Duties that control distribution.
Label: recipients
Identifier: https://www.w3.org/community/md-odrl-profile#recipients-0-9
Sub-Property Of: odrl:function
Domain: Distribute , odrl:Duty
Range: Party

users

Definition: Specifies the Parties who can exercise the Rule.
Version: 0.9
Label: users
Identifier: https://www.w3.org/community/md-odrl-profile#users-0-9
Sub-Property Of: odrl:function
Super-Property Of: odrl:assignee
Domain: odrl:Rule
Range: Party

data host

Definition: Specifies the Party that physically stores the Asset.
Version: 0.9
Note: A vendor-hosted feed (i.e. a hosted request/response API) can be modelled by setting the value to an External Party with the role of Provider.
Note: Web hosting can similarly be modelled as a display permission in which the data host is set to an External Party with the role of Provider.
Note: A deployed feed can be modelled by setting the value to an Internal Party with the role of Consumer.
Label: data host
Identifier: https://www.w3.org/community/md-odrl-profile#data-host-0-9
Sub-Property Of: odrl:function
Domain: odrl:Permission
Range: odrl:Party

distribution services

Definition: Enumerates the Distribution Services in the delivery of which the Permissions can be exercised.
Version: 0.9
Label: distribution services
Identifier: https://www.w3.org/community/md-odrl-profile#distribution-services-0-9
Domain: odrl:Rule
Range: Distribution Service

commingle

Definition: Specifies the Quantity of the Asset than can be combined with other assets in executing the rule.
Version: 0.9
Label: commingle
Identifier: https://www.w3.org/community/md-odrl-profile#commingle-0-9
Domain: odrl:Rule
Range: odrl:Quantity

Constraints on Actions

Beyond the recipients constraint that can be used to constrain a Distribute actions, there are additional ways to constrain Actions:

purposes

Definition: The Activities in persuit of which the Action is taken.
Version: 0.9
Label: purposes
Identifier: https://www.w3.org/community/md-odrl-profile#purposes-0-9
Domain: odrl:Action
Range: prov:Activity

Users who want to use this (traditionally fee-waivered) display Permission can do so only for the purposes of technical support, quality assurance, or product development. They must belong to a closed user group and be directly employed by the Assignee or its affiliated or enumerated organisations.

                []   a             odrl:Permission ;
                     md:controls    [ a md::ClosedUserGroup ] ;
                     md:recipients  [ a md::InternalParty ] ;
                     md:purposes    ( [ a md:TechnicalSupport ] [ a md:QualityAssurance ] [ a md:ProductDevelopment ] ) ;
                     odrl:action    [ a md::Display ] .
            

derivation types

Definition: Specifies the types of derivation activity undertaken in exercising the Derive action
Version: 0.9
Label: for derivation types
Identifier: https://www.w3.org/community/md-odrl-profile#derivation-types-0-9
Domain: Derive
Range: Derivation

display types

Definition: Classifies the display application as being either for individual use (i.e., a device) or public display (i.e., a wallboard).
Version: 0.9
Label: for display types
Identifier: https://www.w3.org/community/md-odrl-profile#display-types-0-9
Domain: Display
Range: Display Type

Constraints on Parties

locations

Definition: Specifies the locations where the users of the Rule must be based.
Version: 0.9
Label: locations
Note: Locations can range from regions, countries, cities down to individual offices with addresses.
Identifier: https://www.w3.org/community/md-odrl-profile#locations-0-9
Sub-Property Of: odrl:function
Domain: odrl:Rule

lines of business

Definition: Specifies the lines of business belonging to an assignee that can exercise the Rule.
Version: 0.9
Label: lines of business
Note: Lines of business can range from activities (like buy-side vs. sell-side), departments, down to individual desks.
Identifier: https://www.w3.org/community/md-odrl-profile#lines-of-business-0-9
Sub-Property Of: odrl:function
Domain: odrl:Rule

Constraint Values

Asset Class

The financial instruments that an Asset describe may belong to an Asset Class (e.g. equities or bonds).

Definition: The type of financial instrument(s) described by a Asset.
Version: 0.9
Note: It is recommended that the values are selected from ISO 10962:2021: Classification of Financial Instruments (CFI) codes [[ISO10962]]. See also the Wikipedia entry.
Label: Asset Class
Identifier: https://www.w3.org/community/md-odrl-profile#asset-class-0-9

Update Method

Definition: The methods by which an Asset is updated over time.
Version: 0.9
Label: Update Method
Identifier: https://www.w3.org/community/md-odrl-profile#update-method-0-9
Sub-class Of: prov:Entity

Snapshot

Definition: An update is provided only in response to a request (like an API call).
Version: 0.9
Editorial Note: Also known as “one-shot”.
Note: The number of requests (or snaps) permitted can be specified using the count property and a time interval.
Label: Snapshot
Identifier: https://www.w3.org/community/md-odrl-profile#snapshot-0-9
Sub-class Of: Update Method

In the following example, an Asset permits only three requests per day:

                    []   a                   md:Asset ;
                         md:methodOfUpdate   [
                                                 a                  md:Snapshot ;
                                                 odrl:count         3
                                                 odrl:timeInterval  [
                                                                        a                    time:ProperInterval ;
                                                                        time:hasXSDDuration  "P1D"^^xsd:duration
                                                                     ] ;
                                              ] .     
                

Streaming

Definition: All changes are captured and continuously transmitted either individually or in batches.
Version: 0.9
Label: Streaming
Identifier: https://www.w3.org/community/md-odrl-profile#streaming-0-9
Sub-class Of: Update Method

Time Series

Definition: Multiple updates are delivered together in bulk.
Version: 0.9
Label: Time Series
Identifier: https://www.w3.org/community/md-odrl-profile#time-series-0-9
Sub-class Of: Update Method

Update Frequency

Definition: The frequency by which an Asset is updated over time.
Version: 0.9
Label: Update Frequency
Identifier: https://www.w3.org/community/md-odrl-profile#update-frequency-0-9

Tick-by-Tick

Definition: Any and every change in value is provided in an update.
Version: 0.9
Label: Tick-by-Tick
Identifier: https://www.w3.org/community/md-odrl-profile#tick-by-tick-0-9
Sub-class Of: Update Frequency

Sampled

Definition: Updates are sampled and/or conflated.
Version: 0.9
Note: Only selected updates are delivered from the whole tick-by-tick dataset at specified intervals (e.g. every one minute throughout every day, at the end of every day, week, month, quarter or year) or on specific events (e.g. on daily market open and/or close, end of session, quarterly results etc).
Label: Sampled
Identifier: https://www.w3.org/community/md-odrl-profile#sampled-0-9
Sub-class Of: Update Frequency

Market Depth

Definition: Represents the depth of the order book offered by an asset.
Version: 0.9
Note: Market depth can be qualified to specify the exact depth of market offered by using the position from and position to properties. (See Example 11).
Label: Market Depth
Identifier: https://www.w3.org/community/md-odrl-profile#market-depth-0-9

Market Price

Definition: Market Price includes the content relating to at least the best bid and best ask/offer in the market.
Version: 0.9
Editorial Note: Also known as “Level 1” data.
Note: If more prices beyond the best bid are offered, the book depth can be specified by using the positionTo and positionFrom properties.
Label: Market Price
Identifier: https://www.w3.org/community/md-odrl-profile#market-price-0-9
Sub-class Of: Market Depth

Full Order Book

Definition: The Full Order Book includes content relating to the bids and asks/offers at all price points and from all participants in the market.
Version: 0.9
Editorial Note: Also known as "market by order", the "detailed order book", or "Level 2"/"Level 3" data.
Label: Full Order Book
Identifier: https://www.w3.org/community/md-odrl-profile#full-order-book-0-9
Sub-class Of: Market Depth

Market Depth Constraints

position from

Definition: Denotes the bid depth from which the Asset offers prices.
Version: 0.9
Label: position from
Identifier: https://www.w3.org/community/md-odrl-profile#position-from-0-9
Domain: Market Depth
Range: xsd:integer

position to

Definition: Denotes the bid depth up to which the Asset offers prices (inclusive).
Version: 0.9
Label: position to
Identifier: https://www.w3.org/community/md-odrl-profile#position-to-0-9
Domain: Market Depth
Range: xsd:integer

In this example, the Market Price Asset provides a book depth of ten:

                []    a                md:Asset;
                      md:depthOfMarket [
                                           a                        md:MarketPrice ;
                                           md:positionFrom          1 ;
                                           md:positionTo            10 ;
                                       ]    .
            

Display Type

Definition: The type of application on which the asset is displayed
Version: 0.9
Scope Note: Used to constrain a display action to allow either individual or public presentation.
Label: Display Type
Identifier: https://www.w3.org/community/md-odrl-profile#display-type-0-9

Quantity

Definition: The amount of an Asset.
Version: 0.9
Label: Quantity
Identifier: https://www.w3.org/community/md-odrl-profile#quantity-0-9

Insubstantial

Definition: A small part of an Asset.
Version: 0.9
Scope Note: By virue of its very smallness, an insubstantial part of an Asset may have more permitted uses than the whole.
Scope Note: Indicates dissaggregation is permitted when used in a Commingle constraint.
Note: This is a qualitative measure. If a quantative measure is needed, constrain the amount by a unit of count.
Label: Insubstantial
Identifier: https://www.w3.org/community/md-odrl-profile#insubstantial-0-9
Sub-class Of: Quantity

Substantial

Definition: A large part of an Asset, up to and including the whole.
Version: 0.9
Scope Note: By virue of its very largeness, an substantial part of an Asset may not have more permitted uses than the whole.
Scope Note: Indicates aggregation is permitted when used in a Commingle constraint.
Note: This is a qualitative measure. If a quantative measure is needed, constrain the amount by a unit of count.
Label: Substantial
Identifier: https://www.w3.org/community/md-odrl-profile#substantial-0-9
Sub-class Of: Quantity

Lines of Business

Enterprise

Definition: Covers all the lines-of-business managed by a Party including the buy-side, sell-side, treasury, and custody functions.
Version: 0.9
Label: Enterprise
Identifier: https://www.w3.org/community/md-odrl-profile#enterprise-0-9

Buy-Side

Definition: A sub-division of a Party that focusses on buying financial instruments for money-management purposes.
Version: 0.9
Scope Note: Common buy-side activities include asset management.
Scope Note: Common buy-side institutions include hedge funds, pension funds, and mutual funds.
Label: Buy-Side
Identifier: https://www.w3.org/community/md-odrl-profile#buy-side-0-9
Sub-class Of: Enterprise

Sell-Side

Definition: A sub-division of a Party that focusses on supporting the sale of financial instruments to buy-side clients.
Version: 0.9
Scope Note: Common sell-side activities include underwriting, market making, providing clearing services, and generating research material and analysis.
Scope Note: Investment banks are sell-side institutions.
Label: Sell-Side
Identifier: https://www.w3.org/community/md-odrl-profile#sell-side-0-9
Sub-class Of: Enterprise

Treasury

Definition: The treasury function is responsible for ensuring that a financial organisations's assets match its liabilities.
Version: 0.9
Note: The treasury function maintains the capital adequacy ratios and reserve ratios required by regulation.
Label: Treasury
Identifier: https://www.w3.org/community/md-odrl-profile#treasury-0-9
Sub-class Of: Enterprise

Custody

Definition: The custody funtion in a financial institution holds securities for safekeeping on behalf of their customers.
Version: 0.9
Note: Most custodians offer related services such as account administration, transaction settlements, collection of dividends and interest payments, tax support, and foreign exchange management.
Label: Custody
Identifier: https://www.w3.org/community/md-odrl-profile#custody-0-9
Sub-class Of: Enterprise

Time

Time Instants

There are some moments in time which are of particulat interest and demand definition. The following are especially useful in calculating the timeliness of data.

Origination Time

Definition: The moment information condensces into data.
Version: 0.9
Example: The instant a price is struck and recorded.
Label: Origination Time
Identifier: https://www.w3.org/community/md-odrl-profile#origination-time-0-9
Sub-class Of: time:Instant

Publication Time

Definition: The instant data is released by the Originator for distribution.
Version: 0.9
Label: Publication Time
Identifier: https://www.w3.org/community/md-odrl-profile#publication-time-0-9
Sub-class Of: time:Instant

Issue Time

Definition: The instant data is distributed from the Originator
Version: 0.9
Label: Issue Time
Identifier: https://www.w3.org/community/md-odrl-profile#issue-time-0-9
Sub-class Of: time:Instant

Market Close

Definition: The time published by the venue specifying when a market closes.
Version: 0.9
Label: Market Close
Identifier: https://www.w3.org/community/md-odrl-profile#market-close-0-9
Sub-class Of: time:Instant

Receipt of Invoice

Definition: The moment an invoice is received by the payee.
Version: 0.9
Label: Receipt of Invoice
Identifier: https://www.w3.org/community/md-odrl-profile#receipt-of-invoice-0-9
Sub-class Of: time:Instant

Termination

Definition: The moment a license is terminated.
Version: 0.9
Label: Termination
Identifier: https://www.w3.org/community/md-odrl-profile#termination-0-9
Sub-class Of: time:Instant

Proper Intervals

Equally there are some time intervals which are of particulat interest and demand definition. Again, these are especially useful in describing the timeliness of data.

Realtime

Definition: Data received, used, or delivered with minimum latency after its time of origination, publication, or issue.
Version: 0.9
Label: Realtime
Identifier: https://www.w3.org/community/md-odrl-profile#realtime-0-9
Sub-class Of: time:ProperInterval

We can specify the precise meaning of Realtime defined in a license. Here Realtime is data delivered within 10 minutes of Issue Time:

                []   a                       md:Asset;
                     md:timelinessOfDelivery [
                                                a                   time:ProperInterval , md:Realtime ;
                                                time:intervalBefore [
                                                                         a                   time:ProperInterval ;
                                                                         md:timeReference    [ a time:TimeInstant , md:TimeOfIssue ] ;                                                           md:timeReference     [   a   time:Instant , md:TimeOfIssue ] ;
                                                                         time:hasXSDDuration "PT10M"^^xsd:duration
                                                                    ] ;
                                             ] .    
            

Delayed

Definition: Data received, used, or delivered at or after a specified time interval following its time of origination, publication, or issue.
Version: 0.9
Label: Delayed
Identifier: https://www.w3.org/community/md-odrl-profile#delayed-0-9
Sub-class Of: time:ProperInterval

In this example, Delayed data is specified as running from ten minutes through to eight hours following Issue Time.

                []   a                       md:Asset;
                     md:timelinessOfDelivery [
                                                a                   time:ProperInterval , md:Delayed ;
                                                time:intervalAfter [
                                                                         a                   time:ProperInterval ;
                                                                         md:timeReference    [ a time:TimeInstant , md:TimeOfIssue ] ;                                                           md:timeReference     [   a   time:Instant , md:TimeOfIssue ] ;
                                                                         time:hasXSDDuration "PT10M"^^xsd:duration
                                                                    ] ;
                                                time:intervalBefore [
                                                                         a                   time:ProperInterval ;
                                                                         md:timeReference    [ a time:TimeInstant , md:TimeOfIssue ] ;                                                           md:timeReference     [   a   time:Instant , md:TimeOfIssue ] ;
                                                                         time:hasXSDDuration "PT8h"^^xsd:duration
                                                                    ] ;
                                             ] .    
            

Historical

Definition: Stored data that relates to events in the past.
Version: 0.9
Editorial Note: Usually the events described occured at least a calendar day in the past (or 24 hours in 24-hour markets).
Note: Usually held in the form of a time series
Label: Historical
Identifier: https://www.w3.org/community/md-odrl-profile#historical-0-9
Sub-class Of: time:ProperInterval

In this example, Historic data is specified as being between eight hours of Issue Time and three years.

                []   a                       md:Asset;
                     md:temporal [
                                                a                   time:ProperInterval , md:Historical ;
                                                time:intervalAfter [
                                                                         a                   time:ProperInterval ;
                                                                         md:timeReference    [ a time:TimeInstant , md:TimeOfIssue ] ;                                                           md:timeReference     [   a   time:Instant , md:TimeOfIssue ] ;
                                                                         time:hasXSDDuration "PT8H"^^xsd:duration
                                                                    ] ;
                                                time:intervalBefore [
                                                                         a                   time:ProperInterval ;
                                                                         md:timeReference    [ a time:TimeInstant , md:TimeOfIssue ] ;                                                           md:timeReference     [   a   time:Instant , md:TimeOfIssue ] ;
                                                                         time:hasXSDDuration "PT3Y"^^xsd:duration
                                                                    ] ;
                                             ] .    
            

Embargoed

Definition: Data received, used, or delivered on or after a specified instant or future event.
Version: 0.9
Editorial Note: Used to describe end-of-day data.
Label: Embargoed
Identifier: https://www.w3.org/community/md-odrl-profile#embargoed-0-9
Sub-class Of: time:ProperInterval

In this example, end-of-day data is defined as data embargoed until market close at 4pm CST.

                []   a                       md:Asset;
                     md:timelinessOfDelivery [
                                                a          time:ProperInterval , md:Embargoed ;
                                                time:after [
                                                               a                  time:Instant , md:MarketClose ;
                                                               time:inDateTime    [
                                                                                       a          time:DateTimeDescription ;
                                                                                       time:hour      "16"^^xsd:int ;                                                              
                                                                                       time:timeZone  <https://www.wikidata.org/wiki/Q2086913>  # CET
                                                                                  ] ;
                                                             ] ;
                                             ] .    
            

Service Period

Definition: The period across which a subsciption holds.
Version: 0.9
Label: Service Period
Identifier: https://www.w3.org/community/md-odrl-profile#service-period-0-9
Sub-class Of: time:ProperInterval

External References

Namespaces

The Market Data Profile for ODRL refers to the following namespaces:

Prefix Namespace Description
odrl http://www.w3.org/ns/odrl/2/ [[odrl-model]], [[odrl-vocab]]
prov http://www.w3.org/ns/prov# [[PROV-O]]
xsd http://www.w3.org/2001/XMLSchema# [[xmlschema11-2]]
dct http://purl.org/dc/terms/ [[dc-terms]]
time http://www.w3.org/2006/time# [[owl-time]]
lei urn:lei: [[LEI]]
mic urn:iso:std:iso:10383:-1:tech:# [[ISO10383]]
cfi urn:iso:std:iso:10962:-1:tech:# [[ISO10962]]
currency urn:iso:std:iso:4217:-1:tech:# [[ISO4217]]

Policy writers should use the latest version of any external standards. Implementors should determine the identity of versioned external terms based on the effective date of the policy in which they are used.

External Terms

The Market Data Profile for ODRL refers to the following external terms:

Term Namespace Description Note
Entity prov A physical, digital, conceptual, or other kind of thing with some fixed aspects; entities may be real or imaginary.
Activity prov Something that occurs over a period of time and acts upon or with entities; it may include consuming, processing, transforming, modifying, relocating, using, or generating entities.
Party odrl An entity or a collection of entities that undertake Roles in a Rule. The use of Global Legal Entity Identifiers to identify parties is recommended. [[ISO4217]]
Rule odrl An abstract concept that represents the common characteristics of Permissions, Prohibitions, and Duties.
Permission odrl The ability to perform an Action over an Asset.
Duty odrl The obligation to perform an Action.
Constraint odrl A boolean expression that refines the semantics of an Action and Party/Asset or declare the conditions applicable to a Rule.
Action odrl An operation on an Asset.
Next Policy odrl To grant the specified Policy to a third party for their use of the Asset.
Assigner odrl The Party is the issuer of the Rule. The use of Global Legal Entity Identifiers to identify assigners is recommended. [[ISO4217]]
Assignee odrl The Party is the recipient of the Rule. The use of Global Legal Entity Identifiers to identify assignees is recommended. [[ISO4217]]
unit of count odrl The unit of measure used for counting the executions of the Action of the Rule.
payment amount odrl The amount of a financial payment. The amount must be specified as an xsd:decimal.
unit odrl The unit of measurement of the specified value. Where the unit is specfying a currency, the ISO standard should be used. [[ISO4217]]
count odrl Numeric count of executions of the Action of the Rule.
output odrl The output property specifies the Asset which is created from the output of the Action.
time interval time A temporal entity with an extent or duration.

Synonyms

Market data licenses can say the same things in many different ways. The following table is intended to help map common license terms to the terms specified in this standard.

License Term Standard Term Note
View Display