TORONTO, Sept. 15, 2020 /CNW/ – Fairom, ISDA, and REGnosys have announced an open-source implementation of the Common Domain Model (CDM) in Go, a programming language used for smart contracts development. This announcement advances the efforts to broaden the distribution of a de facto industry standard within the capital markets.
ISDA developed the CDM to establish standards for digital data representation of processes and events in the derivatives market. The implementation of CDM standards can drastically reduce costs, remove workflow discrepancies, and remarkably speed up processing. According to Ian Sloyan, director of market infrastructure, and technology, at ISDA, “The Go distribution of the CDM is a valuable addition to the existing set of languages in which the CDM is available. Fairom’s valuable work further expands the audience for the CDM, and means users can apply ISDA’s standards in their preferred programming language in order to develop applications for traditional as well as blockchain environments.”
REGnosys has been working with ISDA to create the core logic of the CDM, in the Rosetta DSL (domain-specific language), which is converted via custom code generators into various widely-used programming languages. Fairom’s open-source implementation of a code generator to convert the CDM to Go has been approved by REGnosys, and is now available to the community for application development. The implementation of the code generator ensures that each future release of the CDM will immediately be available in Go.
“The CDM was designed as an open-source project from the start,” said Leo Labeis, CEO of REGnosys. “Our objective is to provide a solid infrastructure that can support a vibrant ecosystem. We are once again excited to have successfully collaborated with another industry member to bring a new CDM distribution to all, demonstrating how the financial industry can and must work as a community.”
“Fairom is eager to work with the capital markets community in enhancing uniform and open-source standards, like the CDM, that enable automation of multi-party processes,” said Ajay Singh, CEO of Fairom. “The Go distribution of the CDM, delivered in partnership with ISDA and REGnosys, can now be leveraged by the industry to improve derivatives processing.”
SOURCE Fairom Inc.