Digital Asset and ISDA introduce new tool
10 April 2019 Hong Kong
Image: Shutterstock
Digital Asset and the International Swaps and Derivatives Association (ISDA) have introduced a new tool to help derivatives market participants adopt the ISDA Common Domain Model (CDM).
The new tool will assist developers in implementing the ISDA CDM in solutions for trading and derivatives via DAML, the smart contract language created by Digital Asset.
According to Digital Asset, the ISDA CDM is the first industry solution to tackle the lack of standard conventions in how derivatives trade events and processes are represented.
The ISDA CDM establishes a common blueprint for events that occur throughout the derivatives lifecycle, paving the way for greater automation across the industry.
In addition, the new reference code library will support the implementation of the ISDA CDM by simplifying and standardising the process of generating lifecycle events defined in the ISDA CDM.
Digital Asset explained that its reference code library complements the ISDA CDM by allowing developers to unambiguously construct lifecycle events with a machine-executable specification.
Digital Asset noted that the ISDA CDM was developed in response to regulatory changes, high costs associated with current manual processes and a demand for greater automation across the industry.
Kelly Mathieson, head of enterprise solutions at Digital Asset, said: “Following our success at the Barclays DerivHack in London last year, we have been working closely with ISDA with the joint goal of standardizing processes across the derivatives industry. We are very excited to now make this reference implementation available to users via our DAML Software Developer Kit and the Rosetta Portal, enabling financial institutions to be in control of their own data.”
Ian Sloyan, director, market infrastructure and technology, at ISDA, added: “The ISDA CDM establishes a common set of representations for events and processes that can be used by everyone, improving efficiency and facilitating greater automation. We’re pleased to work with Digital Asset to help implementation of this important standard.”
The new tool will assist developers in implementing the ISDA CDM in solutions for trading and derivatives via DAML, the smart contract language created by Digital Asset.
According to Digital Asset, the ISDA CDM is the first industry solution to tackle the lack of standard conventions in how derivatives trade events and processes are represented.
The ISDA CDM establishes a common blueprint for events that occur throughout the derivatives lifecycle, paving the way for greater automation across the industry.
In addition, the new reference code library will support the implementation of the ISDA CDM by simplifying and standardising the process of generating lifecycle events defined in the ISDA CDM.
Digital Asset explained that its reference code library complements the ISDA CDM by allowing developers to unambiguously construct lifecycle events with a machine-executable specification.
Digital Asset noted that the ISDA CDM was developed in response to regulatory changes, high costs associated with current manual processes and a demand for greater automation across the industry.
Kelly Mathieson, head of enterprise solutions at Digital Asset, said: “Following our success at the Barclays DerivHack in London last year, we have been working closely with ISDA with the joint goal of standardizing processes across the derivatives industry. We are very excited to now make this reference implementation available to users via our DAML Software Developer Kit and the Rosetta Portal, enabling financial institutions to be in control of their own data.”
Ian Sloyan, director, market infrastructure and technology, at ISDA, added: “The ISDA CDM establishes a common set of representations for events and processes that can be used by everyone, improving efficiency and facilitating greater automation. We’re pleased to work with Digital Asset to help implementation of this important standard.”
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