CDM for repo and bonds
ICMA has launched phase 2 of the Common Domain Model (CDM) for repo and bonds in Q2 2022. Repo and collateral markets play a vital role in supporting market functioning. The overall objective of phase 2 is to promote market efficiency and innovation, with a focus on open repos, floating rate repos and repos with an extended notice period, known as “evergreens”. Phase 2 builds on the CDM 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. Please contact us if you would like to join.
The CDM for repo and bonds is available to ICMA member firms via the Rosetta portal. New users are required to register first, and contact ICMA to be granted access.
ICMA video explainer
ICMA fact sheets – CDM for repo and bonds at a glance
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ICMA media resources
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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:
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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. |
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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) |
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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 |
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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
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.
12 October 2021
Digital representation of transactions: CDM for repo and bonds by Gabriel Callsen, published in the ICMA Quarterly Report Q4-2021.
2 August 2021
ICMA, ISDA and ISLA sign MoU on the Common Domain Model to strengthen collaboration between them on the future development of the CDM
7 October 2020
Presentation on the CDM for repo and bonds by Gabriel Callsen at the ERCC AGM
8 April 2020
The ERCC launched webinars to bring members and the wider market up-to-date on key topics that have impacted the repo market. The webinars include a discussion on ICMA’s ongoing collaboration with ISDA to extend the Common Domain Model (CDM) to SFTs, building a standardised digital representation of repos.
View the webinar | Download the presentation
6 April 2020
Summary of CDM Repo Workshops by Gabriel Callsen, published in the ICMA Quarterly Report Q2-2020.
16 March 2020
3rd ICMA/ISDA CDM Repo Workshop. Modelling and running a live demo of fundamental features of a repo transaction ie the execution comprising transfer of collateral and cash of both legs in the CDM. See supporting materials.
14 February 2020
2nd ICMA/ISDA CDM Repo Workshop. Advanced modelling and live implementation of open repo and lifecycle components in the CDM. See supporting materials.
27 January 2020
ICMA/ISDA CDM Repo Workshop. The workshop focused on modelling open repos, and, as an initial use case for corporate actions, collateral coupon payments. The aim was to demonstrate the benefits of a consistent data model in machine-readable format, using a hands-on format which showed a real-time implementation. The workshop is the first of a series. See presentation of the first part of the workshop.
16-17 October 2019
ICMA partnered with ISDA, Regnosys and others to support the Barclays DerivHack 2019. The objective was to build on the successful ‘CDM hackathon’ from 2018 to extend the simulation to post-trade processing of securities. There were seven use cases that aimed to model the typical steps of a front-to-back trade flow covering trade execution, allocation, affirmation, confirmation, settlement, position reports, and collateral events. See report published by EY.
10 October 2019
Common Domain Model: the path to efficiency By Ian Sloyan (from the ICMA Quarterly Report Fourth Quarter 2019).
CDM links and resources:
Presentation of CDM phase 2 roadmap & Clearstream's CDM implementation at the ERCC 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)
Contacts:
Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335
Alexander Westphal
Director, Market Practice and Regulatory Policy, secretary to the ICMA European Repo and Collateral Council and Committee (ERCC) and ERCC Operations Group.
Direct line: +44 20 7213 0333
Gabriel Callsen
Director, Market Practice and Regulatory Policy, secretary to ICMA’s FinTech Advisory Committee.
Direct line: +44 20 7213 0334