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ISDA to Get Assistance From Digital Asset in Standardizing Derivatives Data

The International Swaps and Derivatives Association (ISDA) and Digital Asset are collaborating on a project that will turn the blockchain industry on its head. The latter is reportedly writing code that will make it easier to implement the former’s cost effective data standards.

Common Domain Model

News recently came out of New York that this collection of reference codes is aimed at assisting developers adopt the trade group’s Common Domain Model (CDM) in solutions for managing and trading outgrowth. The software code is in DAML, a smart contract language developed by Digital Asset and which the company is currently open-sourcing.

Head of Digital Asset’s Enterprise Solution, Kelly Mathieson (right)

Digital Asset’s Enterprise Solution head, Kelly Mathieson, confirmed in a press statement that they are working with ISDA in “standardizing processes across the derivatives industry.” Mathieson also stated that they’re excited to make the references available to users and “enabling financial institutions to be in control of their own data.”

ISDA’s CDM project was initially proposed back in 2017. The initiative to standardize derivative trade moments and processes sought to allow the IT systems of different entities to converse with one another, thus enhancing efficiency and reducing costs.

ISDA CDM Derivative Life Cycles

Digital Asset’s code library will streamline and systematize the creation of derivative life cycles as determined in the ISDA CDM. These cycles encompasses everything that occurs during the trade, from terms agreements to contract negotiations and termination. Without this code, the whole process will involve numerous complicated steps.

The enterprise blockchain company also emphasized that the reference library will be open via an open-source license. Specifications will also be translated or compiled “to executable libraries in other languages.” ISDA’s CDM can be accessed in DAML on the group’s Rosetta portal. It will also include JSON and Java.

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