The Common Domain Model is an open standard project hosted under FINOS, the Fintech Open Source Foundation. The CDM streamlines and automates lifecycle events and processes related to derivatives, fixed income and securities lending transactions, reducing costs and improving interoperability.
The CDM is available in FINOS under the FINOS Community Specification License 1.0
ICMA video explainer
ICMA Common Domain Model Steering Committee: ICMA’s CDM Steering Committee provides guidance and technical input in extending the Common Domain Model for bond and repo markets. The SteerCo brings together banks, investors, trading venues, CCPs ICSDs, law firms and vendor firms. The group includes front office, middle/back office, data modelling, IT and legal experts.
Please contact us if you would like to join.
CDM for repo and bonds
ICMA completed phase 2 of the Common Domain Model (CDM) for repo and bonds in January 2023. Phase 2 extended the CDM product model and event model to cover open term and floating rate repurchase agreements, and the associated lifecycle events. This built on phase 1 development completed in July 2021, which focused on trade execution, clearing and settlement of fixed-term repos. See Presentation of CDM phase 2 roadmap & Clearstream's CDM implementation at the ERCC AGM on 26 April 2022
ICMA fact sheets – CDM for repo and bonds at a glance
ICMA media resources
Webinar: How to implement the CDM and automate repo trading and related lifecycle events
6 July 2022 ICMA hosted a virtual workshop to address common CDM integration and implementation questions, including:
- Where does the CDM fit in the application stack?
- What model-to-model mapping is required?
- Which programming languages and messaging standards can be used?
ERCC AGM: Digital repo focus session
26 April 2022 Common Domain Model: supporting interoperability and automation in repo markets & Clearstream implementation for eligible collateral, with ICMA’s Gabriel Callsen and Crispin Searle, Product Manager Derivatives Collateral Management at Clearstream.
CDM for repo and bonds - Phase 1 showcase event
21 July 2021 This virtual event provides a round-up of phase 1 of ICMA’s CDM project for repo and bonds, including demonstrations of the CDM in action, as well as a panel discussion with members of ICMA’s CDM Steering Committee on key take-ways from the project, the path to implementation and next steps.
Download the presentations by ICMA’s Gabriel Callsen and REGnosys.
Shorter, individual CDM Demonstrations from the event are also available here:
An introduction to Rosetta by REGnosys (5 mins)
CDM in action – execution, clearing and settlement of a repo transaction by FINXIS LLC (8 mins)
What is the Common Domain Model?
30 March 2021 In this webinar presentation, ICMA’s Gabriel Callsen gives an update on the CDM project for repo and bonds, the scope of the project, milestones and deliverables and the role of the Steering Committee of members.
Download the presentation
The Common Domain Model – fundamentals & genesis
12 November 2020 In this podcast, Dr Lee Braine, Director of Research and Engineering in the Chief Technology Office, Barclays talks to ICMA Chief Executive, Martin Scheck about the Common Domain Model, how it digitises life cycle events to address the problems of inconsistent processes and data and its application to derivatives, bonds and repo. They also discuss the challenges for its adoption in capital markets.
News and updates
16 February 2023
FINOS Launches Common Domain Model Project in Partnership with ISDA, ISLA and ICMA for Standardizing Financial Products and Workflows
12 July 2022
Common Domain Model: Phase 2 by Gabriel Callsen, published in the ICMA Quarterly Report Q3-2022.
10 May 2022
ISDA, ICMA and ISLA Seek Third-Party Solution for CDM Repository
6 April 2022
Common Domain Model: Phase 2 by Gabriel Callsen, published in the ICMA Quarterly Report Q2-2022.
12 January 2022
Common Domain Model for repo and bonds: ERCC survey results and next steps by Gabriel Callsen, published in the ICMA Quarterly Report Q1-2022.
Previous news and updates
CDM links and resources:
Presentation of CDM phase 2 roadmap & Clearstream's CDM implementation at the ERCC AGM on 26 April 2022
AGM on 26 April 2022
ISDA CDM resources
ISLA CDM resources
The Field Effect: CDM FAQ
Barclays White Paper on Industry Adoption Scenarios for Authoritative Data Stores using the ISDA Common Domain Model (14072020)
Director, Fintech and Digitalisation; Secretary to the ICMA Fintech Advisory (FinAC)
Direct line: +44 20 7213 0334