The International Capital Markets Association (ICMA), International Securities Lending Association (ISLA), and International Swaps and Derivatives Association (ISDA) have invited third-party organizations to submit proposals to provide an open source repository for the domain model common (CDM) .
the CDM provides a common representation of transaction event data, providing a common template or set of fields that the industry will use to share business information and other key data. It is a standardized machine-readable model of how financial products can be managed throughout the transaction lifecycle.
A company intending to submit a proposal to provide the open source repository must meet four specified requirements.
It should provide a repository for open source CDM that allows maintenance of CDM code and open access for the CDM community.
It should support the growth and maintenance of the CDM community, allowing members to contribute to the further development of the CDM project.
It must allow ICMA, ISLA and ICMA to validate the governance of contributions to the CDM.
It must promote and maintain awareness of the CDM within the financial services industry.
The deadline for companies to submit their proposals is 17 June 2022 at 22:00 BST.
Last August, the three associations signed a protocol of agreement to guide their collaborative work in developing the CDM.
This MoU established a framework for collaboration among industry associations, defining a model for joint governance, the use and development of open source elements of the CDM, and related intellectual property considerations.