The Common Domain Model (CDM) is a standardised, 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 hosted at FINOS under the FINOS Community Specification License 1.0
ICMA video explainer
CDM for repo and bonds
ICMA completed phase 2 of its CDM project for repo and bonds in February 2023. The CDM now enables firms to automate trade execution, clearing, settlement and associated lifecycle events and processes of a wide array of repo transactions and features:
- Fixed-rate and floating-rate repos
- Fixed-term and open repos, repos with an extended notice period (known as “evergreens”), extendibles
- Lifecycle events and processes, including re-rate, repricing, interest payments, opening and closing of positions, collateral substitution, partial delivery, shaping, pair-offs and termination
ICMA’s CDM Steering Committee provides guidance and technical input as and when required. The SteerCo brings together banks, investors, trading venues, CCPs, ICSDs, law firms and vendor firms. The group includes front office, middle/back office, data modelling, IT and legal experts.
ICMA’s CDM Implementation Working Group is designed to assist IT teams and developers in designing and implementing CDM-based applications for repo trading and post-trade. On 23 August, the working group convened a meeting with the objective of advancing the adoption of the CDM across the repo industry.
If you are interested in joining the ICMA CDM Steering Committee or Implementation Working Group, please contact us.
ICMA’s CDM demo “Automating repo transactions”
26 April 2023 Following completion of phase 2 of the CDM project for repo and bonds, ICMA has published a recording. The recording aims to bring the concept of the CDM to life and is designed for a broad audience who have an interest in repo trading & post-trade, data modelling, technology & software development, and innovation.
ICMA fact sheet – CDM for repo and bonds at a glance
News and CDM resources
4 December 2023
ICMA, ISDA, ISLA and FINOS launch version 5.0 of the Common Domain Model
26 April 2023
Common Domain Model (CDM) for Repo and Bonds - ICMA demonstration for automating repo transactions
Following completion of phase 2 of the CDM project for repo and bonds, ICMA has published a recording. The recording aims to bring the concept of the CDM to life and is designed for a broad audience who have an interest in repo trading & post-trade, data modelling, technology & software development, and innovation.
13 April 2023
ICMA Quarterly Report article - CDM for repo and bonds
16 February 2023
FINOS Launches Common Domain Model Project in Partnership with ISDA, ISLA and ICMA for Standardizing Financial Products and Workflows
8 September 2022
ICMA, ISLA & ISDA Appoint FINOS for CDM Repository
12 July 2022
Common Domain Model: Phase 2 by Gabriel Callsen, published in the ICMA Quarterly Report Q3-2022.
6 July 2022
How to implement the CDM and automate repo trading and related lifecycle events
ICMA hosted a virtual workshop to address common CDM integration and implementation questions, including:
- Where does the CDM fit in the application stack?
- What model-to-model mapping is required?
- Which programming languages and messaging standards can be used?
10 May 2022
ISDA, ICMA and ISLA Seek Third-Party Solution for CDM Repository
26 April 2022
ERCC AGM: Digital repo focus session
Common Domain Model: supporting interoperability and automation in repo markets & Clearstream implementation for eligible collateral, with ICMA’s Gabriel Callsen and Crispin Searle, Product Manager Derivatives Collateral Management at Clearstream.
21 July 2021
CDM for repo and bonds - Phase 1 showcase event
This virtual event provides a round-up of phase 1 of ICMA’s CDM project for repo and bonds, including demonstrations of the CDM in action, as well as a panel discussion with members of ICMA’s CDM Steering Committee on key take-ways from the project, the path to implementation and next steps.
Download the presentations by ICMA’s Gabriel Callsen and REGnosys.
Shorter, individual CDM Demonstrations from the event are also available here:
An introduction to Rosetta by REGnosys (5 mins)
CDM in action – execution, clearing and settlement of a repo transaction by FINXIS LLC (8 mins)
Previous news and updates
CDM links and resources:
Presentation of CDM phase 2 roadmap & Clearstream's CDM implementation at the ERCC AGM on 26 April 2022
AGM on 26 April 2022
ISDA CDM resources
ISLA CDM resources
The Field Effect: CDM FAQ
Barclays White Paper on Industry Adoption Scenarios for Authoritative Data Stores using the ISDA Common Domain Model (14072020)
Contacts:
Gabriel Callsen
Senior Director, FinTech and Digitalisation; Secretary to the ICMA FinTech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334
