The International Securities Lending Association (ISLA) has become an associate member of the Fintech Open Source Foundation (FINOS).
During the past year, FINOS has worked alongside ISLA’s working groups and partnered with REGnosys to develop a minimum viable product (MVP) for securities lending. The foundation also contributed to the Common Domain Model (CDM) codebase in June.
ISLA says the collaboration and support of its membership, as well as its cross-industry partnerships, is one of many important components in the association's commitment to defining and promoting the development of a digital future for financial markets.
Joining FINOS is another step towards ISLA’s move to an open-source community contribution model for the CDM for securities lending markets, a goal set out in the Memorandum of Understanding signed by ISLA, the International Swaps and Derivatives Association and the International Capital Markets Association in August.
Speaking on the announcement, Andrew Dyson, CEO of ISLA says: “As we collaborate with fellow financial industry associations, ISDA and ICMA, on a cross-market standard for capital markets transactions, lifecycle events and processes, open-source communities represent a way of achieving faster development of, and convergence on, such standards, and are key to a wider adoption of the CDM. We look forward to working with all of FINOS’ members and consumers in the near future.”
