ICMA, ISDA, ISLA and FINOS launch version 5.0 of the Common Domain Model


4 December 2023 ICMA, in partnership with the International Swaps and Derivatives Association (ISDA), the International Securities Lending Association (ISLA) and the Fintech Open Source Foundation (FINOS) announce the launch of version 5.0 of the Common Domain Model (CDM), released in November. This major release, hosted on FINOS, features a multitude of technical, product, and event improvements.
The CDM aims to unify a series of actions, life cycle events, and product definitions through the development of a single language or code. CDM 5.0, a production release, is the culmination of development releases from the second and third quarters of 2023 since the CDM was made an open-source project at FINOS in February of this year. The open project hosted at FINOS offers a unique opportunity for members from ICMA, ISLA, ISDA, and the broader financial services community to collaborate and drive industry standards forward in a transparent and inclusive manner.
"The ongoing consistency in releases provides compelling evidence of the CDM's progress and its establishment of a steady cadence as an Open Standard project within FINOS. We are excited and proud to guide the seamless integration of the CDM community of contributors into the larger open-source FINOS community." Jane Gavronsky, Chief Operating Officer at FINOS.
“Repo market participants can now use the production version of the CDM to help automate a broad range of repo trading and post-trade processes, reducing the operational burden and freeing up resources to automate manual tasks and prepare for potential industry innovations such as the shortening of the settlement cycles and the emergence of digital bonds” says Gabriel Callsen, Director, FinTech and Digitalisation, at ICMA.
“With this release, all the work undertaken in 2023 by the ISLA CDM, CDM Trading and CDM Legal Working Groups has been put into production,” says Chris Rayner, Senior Associate – Market Infrastructure & Technology at ISLA.
“We’re delighted that version 5.0 of the CDM is now available, which extends coverage of the model in some key areas. We look forward to working with FINOS, ICMA, ISLA and the broader financial community to further develop the CDM,” says David Shone, Director of Product - Data and Digital, at ISDA.
There are also several technical changes since version 4.0, which was released in the third quarter of 2023, related to bug fixes, dependencies, and synonym mappings.
Key Contributions for ICMA:

  • Addition of repo lifecycle events for partial delivery, repricing, adjustment and substitution. Repo rolls, re-rate, interest payment, pair-off and shaping were released previously.
  • Additional functions to simplify access to repo data elements for the collateral price, collateral quantity and purchase price.
  • Ability to define GC baskets with collateral eligibility criteria.

Key Contributions for ISLA:

  • Master agreements can now be modelled using a generic structure, allowing clauses, variants, and additional criteria to be represented in a CDM object.
  • Lenders can distribute lists of their available securities in a standardised format, supporting a general broadcast of their availability to the market or specific quantities targeted at individual counterparties or agents.
  • Borrowers can use the new Borrower Locate structure to request securities from lenders.

Key Contributions for ISDA:

  • The CDM has been extended to cover exchange-traded derivatives and commodity derivatives.
  • Coverage of collateral management has been enhanced with the addition of a functional model for assessing collateral eligibility. The model also now allows users to select from a group of triparty agents used to manage collateral on a trade.
  • Multiple enhancements have been made to support ISDA’s Digital Regulatory Reporting initiative, including amendments to trade date and time and trade valuations.
  • The CDM is now available via Excel code generation.

To learn more about the Common Domain Model click here
Further details about the content of the CDM 5.0 and contribution release notes can be found here.
To get involved with the CDM project, please contact us or join any of the upcoming FINOS working groups: https://www.finos.org/calendar

ICMA Zurich
T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich

ICMA London
T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris
T: +33 1 8375 6613
25 rue du Quatre Septembre
75002 Paris

ICMA Brussels
T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong
T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
info@icmagroup.org (general enquiries)
education@icmagroup.org (education enquiries)
sustainabilitybonds@icmagroup.org (sustainable finance)
Copyright © 2024 International Capital Market Association.