Investment Banking requires a diverse set of supporting systems in order to operate in a range of markets from corporate mergers to trading options on weather. The challenge to this community is the ability to adapt to new business requirements in an effective manner, utilizing their network of capabilities in a flexible and dynamic way. A semantic approach to capability discovery can combine many strategic perspectives in a pragmatic yet easily usable form. The use of richer explicit knowledge, that is system readable, provides the basis for discovering capabilities on this exemplar Business Grid -"the grid of services". Current research of semantic capability description in the Grid community has tended to focus on resource selection rather than service discovery. This research explores the practical usage of Grid services in the financial market sector. The approach demonstrates the need for distributed and phased semantic service discovery (with capabilities described and stored in a dynamic ontology).
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