The International Capital Markets Association (ICMA), International Securities Lending Association (ISLA) and the International Swaps and Derivatives Association (ISDA) have invited third-party organisations to submit proposals to provide an open-source repository for the Common Domain Model (CDM).
The CDM provides a common data representation of transaction events, offering a common template or set of fields that the industry will use to share trade information and other key data. This is a standardised, machine-readable blueprint for how financial products can be managed across the trade lifecycle.
A firm intending to submit a proposal to deliver the open-source repository must meet four specified requirements.
It must provide a repository for the open-source CDM which enables maintenance of the CDM code and open access for the CDM community.
It must support the growth and maintenance of the CDM community, enabling members to contribute to further development of the CDM project.
It must enable ICMA, ISLA and ISDA to validate governance of contributions to the CDM.
It must promote and maintain awareness of the CDM within the financial services industry.
The deadline for firms to submit their proposals is 22:00 BST on 17 June 2022.
Last August, the three associations signed a memorandum of understanding to guide their collaborative work in developing the CDM.
This MoU laid down a framework for collaboration between the industry associations, defining a model for joint governance, the use and development of open-source elements of the CDM, and related intellectual property considerations.
