[oops forgot to reply to the list last time] (01)
Or the process of making the contract, which creates the rights and
obligations?
This has nice spatial and temporal extent. (02)
> -----Original Message-----
> From: Mike Bennett [mailto:mbennett@xxxxxxxxxxxxxxx]
> Sent: 07 July 2011 18:13
> To: mail@xxxxxxxxxxxxxxxxxx; [ontolog-forum]
> Subject: Re: [ontolog-forum] Why most classifications are fuzzy
>
> Very good point. What's in the vault (or on a record at the
> custodian) is just a record of the contract. In fact it would be more
correct to
> say that what's real is the rights and obligations defined in the
contract, with
> the contract itself merely an instrument for these. And of course there
are
> contracts implicit in transactions, which may or may not be formalised
later
> by a written contract in some form.
>
> Mike
>
> On 07/07/2011 18:01, Chris Partridge wrote:
> > Mike,
> >
> > Is the paper in the vault the contract - or the record of the contract?
> > So, for example, if you destroy the paper, does the law say you have
> > destroyed the contract?
> >
> > Chris
> >
> >> -----Original Message-----
> >> From: ontolog-forum-bounces@xxxxxxxxxxxxxxxx [mailto:ontolog-forum-
> >> bounces@xxxxxxxxxxxxxxxx] On Behalf Of Mike Bennett
> >> Sent: 07 July 2011 17:37
> >> To: [ontolog-forum]
> >> Subject: Re: [ontolog-forum] Why most classifications are fuzzy
> >>
> >> David,
> >>
> >> There is no problem describing financial products ontologically.
> >> Calipers are not a requirement. All financial products are contracts,
> >> and contracts are a real thing regardless of whether they consist of
> >> paper in
> > a
> >> vault (as a few still do) or are maintained electronically.
> >>
> >> If you don't think contracts are real, try breaking one :)
> >>
> >> The dimensions along which they are defined are, as you rightly
> >> suggest, where it gets interesting. One look at the ISO 10962
> >> Classification of
> > Financial
> >> Instruments standard will show what a challenge it is to try and
> > articificially
> >> shoe-horn the whole lot into one dimension - you simply can't.
> >>
> >> Mike
> >>
> >> On 07/07/2011 16:21, David Eddy wrote:
> >>> John -
> >>>
> >>> On 2011-07-06, at 12:45 PM, John F. Sowa wrote:
> >>>
> >>>> And a warning: Unless you can find an immutable law of nature that
> >>>> creates a classification, don't expect it to be a solid foundation
> >>>> for a "standard ontology".
> >>> Agreed.
> >>>
> >>> My view of (imagined) reality has been largely financial services
> >>> (e.g. mutual funds, brokerage, banking,& various forms of
insurance).
> >>> In my career, I have only worked directly for a single firm that
> >>> actually made a physical product (junk jewelry)...
> >>> otherwise everything has been paper pushing, describing various
> >>> facets of non-dimensional products.
> >>>
> >>> Quite naturally, since these industries are all conjured out of thin
> >>> air, there are no natural laws to impose organizational discipline.
> >>>
> >>> From what I've seen, "organization" is largely the last minute
> >>> panic to make the next deadline. Does tend to leave a chaotic
> >>> residue which only gets worse over time.
> >>>
> >>>
> >>> Since this ontology interest has arisen, it has been rattling around
> >>> in the back of my mind if ontologies can be applied to things like
> >>> financial "products."
> >>>
> >>>
> >>> Personally I vacillate between describing financial "products" as
> >>> either "non-dimensional" or "N-dimensional." In any case these
> >>> products are stuff that cannot be put on a scale& weighted or have a
> >>> caliper applied to them. It's just information which as far as I
> >>> know we have no idea how to measure other than silly things like
> >>> "lines of code."
> >>>
> >>> ___________________
> >>> David Eddy
> >>> deddy@xxxxxxxxxxxxx
> >>>
> >>>
> >>>
> >>
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> >>
> >> --
> >> Mike Bennett
> >> Director
> >> Hypercube Ltd.
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> --
> Mike Bennett
> Director
> Hypercube Ltd.
> 89 Worship Street
> London EC2A 2BF
> Tel: +44 (0) 20 7917 9522
> Mob: +44 (0) 7721 420 730
> www.hypercube.co.uk
> Registered in England and Wales No. 2461068 (03)
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