On June 5th 2018, the International Swaps and Derivatives Association (ISDA) launched the first version
of their Common Domain Model (CDM). The CDM is intended to provide an industry standard for how
derivatives are represented, traded and managed across the lifecycle, potentially unlocking huge
efficiency savings. Eventual benefits of the ISDA CDM include:
Establish a common set of data and processing standards to facilitate interoperability between firms.
Provide a common foundation for new technologies like distributed ledger, cloud and smart contracts to facilitate consistency and interoperability.
Reduce the current need for continual reconciliations to address mismatches caused by variations in how each firm records trade lifecycle events.
Enable consistency in regulatory compliance and reporting.
In order to get feedback on the emerging standard, to explore the practical implementation of ideas, and to assess the feasibility of applying the CDM to emerging technologies, Barclays partnered with Deloitte, ISDA and Thomson to sponsor Barclays Deriv 2018. The event took place on September 20th and 21st in London and New York. The competing teams had to implement six use cases and present their solutions to a panel of independent judges drawn from the industry, academia, and public sector. Out of 15 teams competing in London, Btcgonline’s solution was judged to be the overall winner — successfully solving all six use cases with the Btcgonline Platform ,Btcgonline’s smart contract modeling language (the event in New York was judged independently and there the overall winner was Baton Systems).