The Common Domain Model (CDM) is a standardized, machine-readable, and machine-executable data and process model for how financial products are traded and managed across the transaction lifecycle.
The CDM is based on cross-industry collaboration between ICMA, ISDA, and ISLA and facilitates trade processing of repo, securities lending, bond, and derivatives transactions. The CDM is available in FINOS under the FINOS Community Specification License 1.0
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A discussion of "The Future of the Securities Lending Market: An Agenda for Change"
ISLA published a paper entitled ‘The Future of the Securities Lending Market | An Agenda for Change’ in September 2019, looking at the conjunction of market complexity, technical architecture and regulatory impacts. The conclusion reached was that a transformation was overdue and the solution would be underpinned by common standards.
A recent contribution to the CDM project makes it available in the Python programming language for the first time, which will allow a new community of developers to use the CDM in their projects.
Common Domain Model into Open Source at FINOS
Read more about CDM's journey into open source, project contribution guidelines, principles, and frequently asked questions.
Barclay's demonstration of interest rate swap processing using the Common Domain Model (CDM)
In this recording, Barclays introduces a prototype for processing interest rate swaps using the common domain model. Starting with how the post-trade industry in capital markets has evolved over time, resulting in procedural inefficiencies that are complex, duplicative, and costly to maintain. The common domain model covers processes, events, and data, and Barclays' prototype aims to showcase the potential of this new standard in revolutionizing the post-trade industry.
On Thursday, September 8th, 2022, three leading organizations in the financial industry, International Securities Lending Association (ISLA), International Capital Market Association (ICMA), and International Swaps and Derivatives Association (ISDA), made a major announcement appointing FINOS to provide a repository for the Common Domain Model (CDM) with the aim of fostering growth in the open-source community.
2022 Open Source in Finance Forum New York Keynote Panel: Common Domain Model (CDM)
At the keynote session of the 2022 Open Source in Finance Forum New York, a panel of industry leaders including Adrian Dale of ISLA, Allan Milligan of ISDA, and Georgina Jarrett, joined moderator Ffion Acclan of Goldman Sachs to delve into the exciting topic of trade association collaboration, open sourcing, and the creation of a common domain for the market, built by the market.
Looking Backwards & Forwards at CDM: History of the Common Domain Model…
The first portion of the one-hour CDM presentation at the 2022 NYC Open Source in Finance Forum featured a panel of distinguished industry leaders, including Ian Sloyan of ISDA, David Shone of ISLA, Gabriel Callsen of ICMA, and Amy Caruso of ISDA. The panel came together to provide a comprehensive overview of the history of Common Domain Model (CDM) and its evolution. The experts shared their insights on where CDM has come from and where it's headed in the future, offering valuable perspectives on the role of CDM in shaping the future of finance.
Implementing CDM: How is it Done, Why is it Beneficial to Financial Markets Infrastructure?
The second half of the one-hour CDM presentation at the Open Source in Finance Forum (OSFF) in New York was dedicated to exploring the potential of Common Domain Model (CDM) in market infrastructure. A panel of experts, including Jon Nance of Axoni, Dianne Boyle of Symbiont, Sunil Challa of Credit Suisse, and Eleanor Acuna of ISDA, came together to delve into the possibilities of CDM in the real world. They discussed the practical applications and potential of CDM, offering valuable insights into the future of this exciting technology.
FINOS on what’s next for CDM and open source trends
On January 11th, 2023, FINADIUM sat down with Gabriel Columbro, the Executive Director at FINOS and General Manager of the Linux Foundation Europe, to discuss the exciting world of open source trends in financial services. During the conversation, Gabriel shared his insights on what to expect in the coming months and years and provided a broad overview of the overarching open source trends in the financial services industry.
ISDA's Digital Regulatory Reporting provides a comprehensive solution for translating amended rules into machine-executable open-source code. This allows financial firms to access a standardized interpretation of the requirements and integrate them directly into their systems, streamlining their regulatory reporting processes and reducing the risk of compliance errors. With ISDA's Digital Regulatory Reporting, financial institutions can stay ahead of the regulatory curve and easily implement the latest industry standards and requirements.
In this article, Crowdfund Insider discussed the appointment of FINOS as the host of CDM. Viewed as a milestone in promoting open and common standards in financial markets and praised FINOS for its potential to accelerate the adoption of CDM and bring greater consistency across the industry.
FINOS Launches Common Domain Model
In February 2023, FINOS announced the launch of the FINOS Common Domain Model, which aims to to become the industry standard for digital regulatory reporting. The CDM streamlines and automates various lifecycle events and processes related to open repos, evergreens, and floating rate repos - ultimately reducing costs and improving sustainability in regulatory compliance by mutualizing regulatory reporting. The journey towards implementing the CDM is a significant step towards real-world industry implementation of digital regulatory reporting and compliance. See the press coverage here securitiesfinancetimes and FINADIUM.
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