Resource/Product/Instrument

["Considine, Toby" <Toby.Considine@unc.edu>]

This is intended as a non-normative description of the language changes for CTS, touch briefly on subjects in Section 1

Or perhaps to update for normative descriptions in Table 2-1.

Comments welcomed, including on where to put this

Factoring Resources and Products this specification. 

 

In [EI], the fundamental resource definition was the [EMIX] item, that is a resource name, a unit of measure, a unit of measure, and a scale factor. Items were then bought in sold during specific intervals defined by a duration and a start time. The Quotes, Tenders, and Transactions that are the subject of [EI] added specific prices and quantities to the item and interval. EMIX optionally included a location, i.e., a point of delivery for each [EI] service. 

 

In CTS, we regroup and rename these elements into a resource, product, and instrument. A resource is the name as and the unit of measure, as in the item. The product, i.e., what is bought and sold in a market, adds elements to specify “how much” and “for how long” as well as optional elements such as location and warrants. The term instrument, as in financial markets, adds a specific start time to a product. 

 

Note that the informational elements in a fully defined tender or transaction are identical to those described in EMIX. The regrouping enables common market behaviors including discover and interoperation between actor built on different code bases.