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CDM Contribution Roadmap from ICMA, ISDA, & ISLA

[Expectations as at 12th July 2023 CDM Steering WG meeting]

International Capital Markets Association (ICMA)

  • Enhancements to CDM for Repo and Bonds that are focused on adoption:
    • Repo trading and lifecycle examples and demo
    • Clearing and settlement workflows in collaboration with ICMA European Repo and Collateral Council (ERCC)
    • External Standard/Protocol mapping to CDM (e.g., FIX/SWIFT/ISO)
    • SCoRE Tri-party workflows
    • SFTR and US OFR Repo reporting workflows
    • CDM Legal Agreement Model to support Global Master Repurchase Agreement (GMRA)
    • Incorporate the ICMA Bond Data Taxonomy into the CDM ​

International Securities Lending Association (ISLA)

  • Focus on continued documentation of what has already been contributed - both technical and business cases to aid further adoption
    • ISLA will continue to chair Technology Architecture WG and support whatever is raised on that forum
    • Contribution of structure of the GMSLA in form of a digitised Clause Library
      • Awaiting approval through CDM Contribution Review WG - Contributed at end of H1
  • Expected contributions in Q3
    • Locate process (closely related to Availability process contributed earlier in H1)
    • Evergreen and Extendible events (an enhancement of work contributed earlier this year)
    • Interest from one member to explore the collateral schedules and how they can be implemented with their tri-party counterparts. Workshops likely to follow related to CDM Collateral WG output ​

International Swaps and Derivatives Association (ISDA)

  • Enhancements to CDM to support Digital Regulatory Reporting (DRR):
    • Exchange traded derivatives (ETD)
      • ETD transactions (new type of product for CDM)
        • Target for initial contribution c. late July/early Aug 2023
      • ETD positions
        • Target for initial contribution c. late Aug 2023
    • Commodity derivatives
    • Support for financially settled and physically settled commodity derivatives
    • Mostly implemented as enhancements to CommodityPayout - Target for initial contribution c. Sept 2023
    • Valuation and Collateral
      • Enhancements to existing models and new types
      • Target for initial contribution c. Sept 2023
    • Additional new features may also needed:
      • dynamic code list validation
      • min/max on quantity schedules
  • On-going support and maintenance of CDM to support ISDA needs
    • Minor enhancements to collateral model
    • Possible minor enhancements to the Legal Agreement model to support additions to internal ISDA models for Credit Support Annex (CSA) versions and elections which are built on CDM
    • Timing on these minor enhancements above is TBD