The financial industry got a significant upgrade in data standardization with the release of CDM 6.0, the latest production version of the Common Domain Model. This release, the second major update since the model found its home at FINOS, represents a collaborative effort with ISDA, ISLA, and ICMA and brings over 100 functional and technical enhancements. If you're involved in financial data management and building systems for post-trade services, this is a release you need to know about.
Major components of this release include:
- Asset Refactoring: This is a major overhaul of how financial products are represented in the CDM, bringing greater consistency and clarity across a wider range of asset classes. This refactoring is crucial for supporting complex securities financing transactions and enabling future expansion of the model.
- Option Payout Refactoring: Simplifies the definition of option contracts, making them easier to understand and manage.
- Standardized IM Schedule: Introduces a standardized approach to calculating initial margin.
... as well as several additional model changes, bug fixes and synonym mappings since the last production release (CDM 5.20).
