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A UML Representation of U.S. Mutual Fund Servicing as an Iconic Model for Servicing the New EU Equivalent - UCITS

A UML Representation of U.S. Mutual Fund Servicing as an Iconic Model for Servicing the New EU Equivalent - UCITS
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Author(s): Patrick Leamy (Offshore Fund Consultant, USA), George Ballester (Mellon Trust, USA) and Thomas Wright (Data Modeling Consultant, USA)
Copyright: 2001
Pages: 4
Source title: Managing Information Technology in a Global Economy
Source Editor(s): Mehdi Khosrow-Pour (Information Resources Management Association, USA)
DOI: 10.4018/978-1-930708-07-5.ch090

Abstract

A Unified Modeling Language (UML) representation of United States mutual fund servicing is a practical, iconic model for designing the service model for the new European Union equivalent - Undertakings for Collective Investment in Transferable Securities or UCITS. As Rom Harre¢ has argued, iconic models and their subjects are both sub-types of the same super-type. Both inherit the properties of the same super-type. An iconic model is a model that substantively resembles its subject. Humans use iconic models as prototypes when they answer questions about classes and objects in the world. When humans test those answers as explanations of the world, they are not testing linguistic propositions against worldly states. They are testing things against things. They are testing iconic models against real classes and objects. Both the United States Mutual Fund and the European Union UCITS are sub-types of the same super-type – the Cross-Border, Open End Investment Fund. Whereas the “border” in the U.S. is state borders, the “border” in the EU is Member State borders. Since the U.S. mutual fund business is more than seventy-five years old and has grown into a $4 trillion dollar business with a well-established service model, it is a fruitful place to begin when attempting to develop a service model for EU UCITS. Unified Modeling Language (UML) is a good way to describe a service model.

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