New Project announcement: Common Domain Model (the “CDM”) now Open Source in FINOS

[Ian Sloyan]

Dear FINOS Community,

Now that the final technical pieces have been put in place after the Valentine’s Day code transfer – it is my great pleasure to announce that the Common Domain Model (the “CDM”) was successfully contributed to FINOS!!!

 

The repository is now hosted at https://github.com/finos/common-domain-model.

The CDM is a model for financial products, trades in those products, and the lifecycle events of those trades. It is a free-to-use standard that aligns data, systems and processes and is available as code in multiple languages for easy implementation across technologies. Developed by industry leaders, the CDM is live. With the CDM, firms can implement requirements consistently, reducing the need for reconciliations and providing the foundation for automation.

 

The CDM has applications across finance but in primarily concerned with providing foundations for automation of the post trade lifecycle, connecting trade data to legal data to operational data. Importantly also integrating connections with existing standards and formats that are used at various points in the market infrastructure. It already represents years of work and contributions from ISDA, ISLA, and ICMA and their members.

The most current release, 4.0.0-dev, and others are available for cloning or download at https://github.com/finos/common-domain-model/tags.

Documentation is available here.

 

Your feedback, issues, and contributions are more than welcome.

 

You can get in touch with the project team by raising an issue on the Common Domain Model GitHub page.

 

For information on contributing to the project click here, and here's a few areas where we could use your help already!

 

For more information on discussions and announcements - subscribe to our mailing list using the following link.

 

Thanks to the FINOS Community for a very warm welcome and to all who turned out for the inaugural meeting yesterday!

 

We look forward to a vibrant and productive journey forward with you all.

 

Now Let’s Go!

 

Cheers

Ian Sloyan

https://github.com/iansloyan

 

 

 

 

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[Gabriele Columbro]

Ian and the whole team of CDM maintainers,

I want to personally share my excitement and send kudos for this MAJOR contribution, years in the making.

Not only it's absolutely valuable from a technical and business standpoint (we had over 60 people in the inaugural project meeting yesterday) but it provides a very concrete of the power of open collaboration in a very conservative industry - the very fact ISDA, ISLA and ICMA came together and chose an open path moving forward is going to set the stage for many more of these collaborations. 

I exhort our community to start actively engaging with this project. Whether you are a data modeler / business analyst, developer, a regulator, there's a role to play here. Not only do I see the regulatory potential of this standard, but we can pair the standard with open source to accelerate developer adoption and build value-add connection with other projects (think about industry standardized models in FDC3 context data, standard compliant synthetic data generated from DataHelix / DataHub, etc).

Allow me to also send my personal thank you to the FINOS team, particularly +Jane Gavronsky +Eteri Dvalishvili and +Maurizio Pillitu who lead this complex year-long effort, starting with the RFP we won last year.

Upward and openward, exciting times ahead!

Gab

--

Gabriele Columbro | Executive Director | FINOS

📱 +1 (404) 432-7652 | 🕊 @mindthegabz

   

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Github commits from Financial institutions are up 43% YoY: read more insight on how open source is taking over financial services in the FINOS 2022 State of Open Source in FSI report!