In February the International Swaps and Derivatives Association (ISDA) released version two of its Common Domain Model (CDM) which aims to standardize the coding of derivatives trade events and processes. Today Digital Asset
announced that it’s working with ISDA on an
open source code library that implements the CDM in Digital Asset’s smart contracting language DAML.
The aim of implementing the CDM across the derivatives sector is to save money, and the savings could be as much as $2.5 billion. Last year Ledger Insights spoke to Lee Braine from the Chief Technology Office at Barclays about ISDA’s new standard. “Across the post-trade derivatives industry, there is infrastructure deployed that is too complex for its current purpose. And the proposal is analogous to pressing a technology ‘reset button’ allowing you to go back and radically simplify the nature of that infrastructure.”
Braine was talking after a
Barclays-hosted hackathon for the first version of the CDM, where the best overall solution prizes went to Digital Asset in London and Baton Systems in New York.
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