REGnosys and the International Swaps and Derivatives Association, Inc. (ISDA) have extended their partnership by publishing the full version of the ISDA Common Domain Model (CDM) for interest rate and credit derivatives and opening access through the Rosetta Portal to all market participants, including non-ISDA members.
The ISDA CDM is the first industry solution to tackle the lack of standard conventions in how derivatives trade events and processes are represented. Developed in response to regulatory changes, high costs associated with current manual processes and a demand for greater automation across the industry, the ISDA CDM for the first time creates a common blueprint for events that occur throughout the derivatives lifecycle, paving the way for greater automation and efficiency at scale.
The ISDA CDM has been implemented using Rosetta, a language and tooling developed by REGnosys using open source technology, with the design of making it openly available to all industry participants.
“The CDM is in effect the first industry-wide, enterprise-grade use for Rosetta as a technology platform. The Rosetta Portal is an open web resource featuring many tools such as visualisation and navigation that are designed to facilitate usage and adoption of the CDM,” said Leo Labeis, co-founder and CEO at REGnosys.
By opening access to the entire market, REGnosys and ISDA expect to develop a broader user community for the CDM and further develop opportunities for deployment. Current projects involving the ISDA CDM include rates clearing and collateral management solutions.
“There is a strong case for extending the CDM to cover processes beyond derivatives, for instance elements of collateral management that you can reuse in other asset classes such as securities financing. Opening up the CDM and the Rosetta Portal is an important step to foster further industry collaboration”, added Mr. Labeis.