CDM Showcase Reflections

We recently caught up with our COO, Matthew Phillips, to discuss his experience at the CDM Showcase event, which was impressively organised by ISLA, ISDA, ICMA, and FINOS, and hosted by State Street. The event provided a valuable platform for exploring advancements in the securities finance sector, focusing on the application of new technologies for regulatory reporting and the digitisation of contracts.

Among the highlights of the showcase was the panel on “How to Build CDM-Based Applications for Repo Trading & Post-Trade.” This session, featuring insights from Gabriel Callsen, Lee Braine, and Nicholas Hamilton, delved into the potential of the Common Domain Model (CDM) to significantly transform the securities finance technology landscape. The discussion outlined how CDM could lead to a future where systems are more homogeneous, reducing duplication and promoting standardisation across the industry.

In his own words, Matthew explains:

“From the panel I participated in (Application of the CDM in Trading), the need for a standardised language in securities finance emerged as a clear consensus. For too long, the sector has grappled with inefficiencies—like the decades-old, poorly formatted availability file data—that have only served to introduce friction and unnecessary labour into pre-trade processes. The discussion underscored a pivotal shift: the focus on functionality and quality of service as the true differentiators in our field, rather than the mere use of a common language or data format.”

‘Application of the CDM in Trading’ Panel

“A highlight for me—and something I’m particularly excited to share—was the opportunity to spotlight our own TA.Link. As a bi-lateral messaging platform that’s swiftly adapting to validate CDM format messages, starting with availability posts. TA.Link is set to become an indispensable tool in this evolving dialogue. If CDM is the language of the future for securities finance, TA.Link aspires to be the phone that everyone will use to communicate in that language, seamlessly connecting counterparties!”

“This showcase was a reminder of the innovation and collaboration happening in the securities finance industry. As we continue to explore and embrace these advancements, I’m convinced that our collective efforts will lead to a more efficient, transparent, and standardised future.

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