The International Securities Lending Association (ISLA), in partnership with the Fintech Open Source Foundation (FINOS), has launched version 5.0 of the Common Domain Model (CDM).
Released in November, the update — also created in partnership with the International Capital Market Association (ICMA) and the International Swaps and Derivatives Association (ISDA) — will be hosted on FINOS and feature technical, product and event improvements.
A number of technical changes have been issued since the release of version 4.0, related to bug fixes, dependencies and synonym mappings.
The newest version allows master agreements to be modelled using a generic structure, allowing clauses, variants and additional criteria to be represented in a CDM object.
In addition, lenders can distribute lists of their available securities in a standardised format, according to ISLA. This update is designed to help support a general broadcast of a lender’s availability to the market, or specific quantities targeted at individual counterparties or agents.
The CDM aims to unify a series of actions, lifecycle events and product definitions through the development of a single code.
CDM 5.0, a production release, is the culmination of development releases since the CDM was made an open-source project at FINOS in February.
FINOS’ project offers an opportunity for members from ISLA, ICMA, ISDA and the broader financial services community to collaborate and drive industry standards forward.
Jane Gavronsky, chief operating officer at FINOS, says: "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."
