ISDA and Digital Asset Launch CDM Clearing Pilot Using DAML
Posted by Digital Asset on Oct 6, 2020 9:01:05 AM

ISDA expands the capabilities of its Common Domain Model (CDM) for the clearing of over-the-counter derivatives using DAML

October 6, 2020

Clearing is an essential part of the derivatives landscape and it is extremely important the operational processes are consistent to ensure seamless automation. As a result, ISDA and Digital Asset announced today a pilot implementation of the Common Domain Model (CDM) for the clearing of interest rate derivatives using DAML. 

The pilot takes the CDM model for clearing and adds new features for the signing of state transitions, data ownership and privacy elements, which are necessary to put the CDM clearing model into production. Those elements are inherent within DAML as features with native support. The resulting new models will initially exist as complementary artefacts on the CDM portal and may eventually be integrated into the core CDM with those new features included.

ASX and UBS have been providing input to validate additional functionality of the CDM alongside ISDA and Digital Asset.

“ASX has been working with ISDA and Digital Asset to explore a number of derivatives central clearing use cases and good progress has been made illustrating how complex, multi-party workflows could be standardized and automated leveraging the CDM in DAML, with the potential to achieve benefits and cost savings for users” said Allan McGregor, Senior Manager, Rates at ASX.

Learn More about DAML for Enterprises

 

"I am confident that the initiative will provide clarity on to what extent the CDM in DAML can be leveraged for cleared derivatives,” said Vinay Srinivas, Managing Director, APAC Head of Quant Analytics and Digital Transformation, Global Markets, at UBS.

"Use of the CDM for clearing using DAML will increase standardization and operational efficiency across the entire clearing lifecycle,” said Ian Sloyan, Director in Market Infrastructure and Technology at ISDA.

ISDA has been working with Digital Asset since early 2018, when the two firms jointly developed an open-source reference code library in DAML to help with the adoption of the CDM. The event specification module was built to simplify and standardize the process of generating lifecycle events defined in the CDM. The concepts found in the event specification module have since been built into the core CDM as native functions.

Click here to download a copy of the press release. 

ISDA expands the capabilities of its Common Domain Model (CDM) for the clearing of over-the-counter derivatives using DAML

October 6, 2020

Clearing is an essential part of the derivatives landscape and it is extremely important the operational processes are consistent to ensure seamless automation. As a result, ISDA and Digital Asset announced today a pilot implementation of the Common Domain Model (CDM) for the clearing of interest rate derivatives using DAML. 

The pilot takes the CDM model for clearing and adds new features for the signing of state transitions, data ownership and privacy elements, which are necessary to put the CDM clearing model into production. Those elements are inherent within DAML as features with native support. The resulting new models will initially exist as complementary artefacts on the CDM portal and may eventually be integrated into the core CDM with those new features included.

ASX and UBS have been providing input to validate additional functionality of the CDM alongside ISDA and Digital Asset.

“ASX has been working with ISDA and Digital Asset to explore a number of derivatives central clearing use cases and good progress has been made illustrating how complex, multi-party workflows could be standardized and automated leveraging the CDM in DAML, with the potential to achieve benefits and cost savings for users” said Allan McGregor, Senior Manager, Rates at ASX.

Learn More about DAML for Enterprises

 

"I am confident that the initiative will provide clarity on to what extent the CDM in DAML can be leveraged for cleared derivatives,” said Vinay Srinivas, Managing Director, APAC Head of Quant Analytics and Digital Transformation, Global Markets, at UBS.

"Use of the CDM for clearing using DAML will increase standardization and operational efficiency across the entire clearing lifecycle,” said Ian Sloyan, Director in Market Infrastructure and Technology at ISDA.

ISDA has been working with Digital Asset since early 2018, when the two firms jointly developed an open-source reference code library in DAML to help with the adoption of the CDM. The event specification module was built to simplify and standardize the process of generating lifecycle events defined in the CDM. The concepts found in the event specification module have since been built into the core CDM as native functions.

Click here to download a copy of the press release. 

Topics:

Smart Contracts, DAML, blockchain, digital transformation, derivatives

Recent Posts
NEWS
Asia Pacific’s DLT Initiatives Offer Valuable Lessons for Global Capital Markets
10/14/2020
PRESS RELEASE
ISDA and Digital Asset Launch CDM Clearing Pilot Using DAML
10/6/2020
NEWS
Standardizing Carbon Credits: How to make sustainable markets a reality
09/30/2020
NEWS
Block, Stock, and Barrel: Let's Talk About DAML
09/25/2020
BLOG
Interconnected / September
09/24/2020
NEWS
Digital Asset Expands DAML for Corda Integration Support with Chainstack
09/24/2020
NEWS
Entrepreneurship in Heavy-Duty Technology: Digital Asset CEO Yuval Rooz
09/23/2020
BLOG
How to Monetize your Data at Scale
09/15/2020
PRESS RELEASE
BNP Paribas and Digital Asset Join Forces to Develop DLT Trade and Settlement Apps
09/15/2020
PRESS RELEASE
DAML Named the Exclusive Smart Contract Language for China’s Blockchain Services Network
09/14/2020
NEWS
Digital Asset Joins Leading Companies and Law Firms in  Lawyers for Racial Justice Initiative
09/10/2020
BLOG
GBBC Davos 2020 - Blockchain, smart contracts, and sustainability
09/10/2020
NEWS
DAML Smart Contract Language is Now Used for Digital Bonds
09/4/2020
PRESS RELEASE
SGX Uses DAML to Complete its First Digital Bond Issuance
09/1/2020
BLOG
Smart Contracts and Data Privacy in the Wake of COVID-19
08/27/2020
NEWS
Women in Tech with Kelly Mathieson
08/26/2020
BLOG
Unlocking New Investment Opportunities with Digital Assets
08/20/2020
NEWS
The Tech Talks Daily: Meet the Creators of DAML
08/4/2020
BLOG
Enhancing Corda with DAML Smart Contracts
07/28/2020
NEWS
Smart contract language DAML now on Corda blockchain
07/27/2020
PRESS RELEASE
Digital Asset, Creators of DAML, Adds VMware As Investor in Series C Round
07/14/2020
PRESS RELEASE
WeBank to Integrate DAML with China’s Leading Blockchain Platform
04/15/2020
PRESS RELEASE
Digital Asset is First Blockchain Startup to Successfully Complete AICPA Type 2 SOC 2 Examination
03/5/2020
PRESS RELEASE
Hyperledger Besu now has DAML Smart Contracts
03/3/2020
PRESS RELEASE
BTP brings smart contracts to Amazon QLDB with Sextant for DAML
02/25/2020
PRESS RELEASE
Leading Tech Companies Join Series C Financing & Former Microsoft Exec Joins Board
02/4/2020
BLOG
Outcompeting Destructive Systems with Smart Contracts
02/3/2020
BLOG
Smart Contracts for Social Good: Unlocking Blockchain's Potential Beyond Finance
12/19/2019
BLOG
Low-code Smart Contracts for the Enterprise with Unibright and DAML
12/9/2019
BLOG
Committed Settlement: Adoption under UK Law, an analysis by Linklaters
09/26/2019