The International Securities Lending Association (ISLA), in partnership with the Fintech Open Source Foundation (FINOS), International Capital Market Association (ICMA), and the International Swaps and Derivatives Association (ISDA) has announced the launch of version 5.0 of the Common Domain Model (CDM), released in November. This major release, hosted on FINOS, features a multitude of technical, product, and event improvements.
The CDM aims to unify a series of actions, life cycle events, and product definitions through the development of a single language or code. CDM 5.0, a production release, is the culmination of development releases from the second and third quarters of 2023 since the CDM was made an open-source project at FINOS in February of this year. The open project hosted at FINOS offers a unique opportunity for members from ISLA, ICMA, ISDA, and the broader financial services community to collaborate and drive industry standards forward in a transparent and inclusive manner.
“With this release, all the work undertaken in 2023 by the ISLA CDM, CDM Trading and CDM Legal Working Groups has been put into production,” says Chris Rayner, Senior Associate – Market Infrastructure & Technology at ISLA.
“The ongoing consistency in releases provides compelling evidence of the CDM’s progress and its establishment of a steady cadence as an Open Standard project within FINOS. We are excited and proud to guide the seamless integration of the CDM community of contributors into the larger open-source FINOS community.” Jane Gavronsky, Chief Operating Officer at FINOS.
There are also several technical changes since version 4.0, which was released in the third quarter of 2023, related to bug fixes, dependencies, and synonym mappings.