April 09, 2019

Digital Asset, a provider of distributed ledger technology (DLT) solutions, announced that it is working with ISDA to develop an open-source reference code library that will help derivatives market participants adopt the ISDA Common Domain Model (CDM). This new tool will assist developers in implementing the ISDA CDM in solutions for trading and managing derivatives via DAML, which is the smart contract language created by Digital Asset. The ISDA CDM promotes transparency and alignment between regulators and market participants, thus ensuring that regulatory goals can be met more efficiently.

The ISDA CDM is the first industry solution to tackle the lack of standard conventions in how derivatives trade events and processes are represented. Developed in response to regulatory changes, high costs associated with current manual processes, and a demand for greater automation across the industry, the ISDA CDM establishes a common blueprint for events that occur throughout the derivatives lifecycle, paving the way for greater automation. The new reference code library will support implementation of the ISDA CDM by simplifying and standardizing the process of generating lifecycle events defined in the ISDA CDM. This may otherwise involve a number of complex steps. The reference code library of Digital Asset complements the ISDA CDM by allowing developers to unambiguously construct lifecycle events with a machine-executable specification. Furthermore, this reference code library specification allows the ISDA CDM to fully integrate with DAML. 

DAML, the smart contract language of Digital Asset, was open sourced on April 04. It is used by software developers to describe multi-party workflows and to automate transactions between participants. DAML enables derivatives contracts to be described in terms of the rights, obligations, and market conditions that govern these contracts. To help drive adoption of the ISDA CDM, Digital Asset has also made the reference code library public under an open-source license. Consistent with the ISDA principles to encourage the widest possible deployment of the ISDA CDM, the specification will be compiled to executable libraries in other languages.

 

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Keywords: International, Banking, Securities, Fintech, Distributed Ledger Technology, Blockchain, DAML, Common Domain Model, ISDA

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