ISLA’s Andy Dyson on CDM progress

Reflections of the ISLA, ICMA & ISDA CDM Showcase

When speaking to delegates, I was struck by the diversity of business interests and groups represented, suggesting that the reach of this collaboration is resonating with an ever-increasing community. As we heard from panellists on a range of topics, including regulatory reporting, pre-trade negotiations, automating bond issuance, as well as our core businesses, it became increasingly clear that the CDM’s resonance varied across the room. I have spoken previously about how associations like ISLA are ideally placed to develop common solutions for mutual or market-wide challenges. Our joint work on the CDM takes that idea further, as when applied to three markets in this way, the incremental benefits in terms of a standardised approach are compelling, and attract the interest of market participants outside of our immediate spheres of influence as well as the regulatory community. With regulators increasingly mindful of the cost burden associated with reporting regimes such as Securities Financing Transactions Regulation (SFTR), as well as the time to market of a new piece of reporting legislation which can often take years from inception to implementation, a different approach is required. The standards the CDM set out, would allow regulators to pull the requisite information they need using these defined digital standards.

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