Project Contribution for CDM

[iansloyan]

Business Problem

Over time, each firm has established its own systems and its own unique set of representations for events and processes that occur during the life of a trade in financial products.

There is no commercial advantage to organizations maintaining their own representations. It results in firms having to continually reconcile their trades to make sure they have the same information – a big drain on resources. It also curtails the potential for greater automation, and results in increased operational risk.

New technologies offer the potential for greater automation and efficiency, reducing complexity and costs. But effective automation can only be built on standardization.

Proposed Solution

The Common Domain Model (CDM™) is a machine-readable and machine-executable data model for financial products, processes and calculations.

The Common Domain Model (CDM™) aims to be the blueprint for how financial products are traded and managed across the trade lifecycle.

Having a single, common digital representation of financial products’ trade events and actions will enhance consistency and facilitate interoperability across firms and platforms, providing a bedrock upon which new technologies can be applied. Providing this representation of a financial product’s lifecycle in a functional data model that links the necessary counterparty, trading, legal documentation, and regulatory, data points while also integrating with relevant market standards for messaging or data required by specific domains or use cases, is the power of Common Domain Model (CDM™).

Tentative Roadmap

It is proposed to take the core code of ISDA’s CDM and move this Core CDM to be a FINOS project with a specific FINOS code repository. Once there, Core CDM’s ongoing development and maintenance can continue with the incumbent cohort of contributors and their present deployment of resources to realize the CDM vision outlined above, but also with an expansion to a wider community of contributors, trade associations and standards setters giving the project an even more robust foundation of support.

Roadmap for immediate development of CDM in 2023:

• Any product and event model features required to maintain a data model coverage that can support regulatory reporting of derivative products for US CFTC Dodd Frank Reporting and EMIR reporting in Europe, and subsequent selection of G20 reporting regimes which amend their derivative reporting rules subsequently. (CFTC go live is in December 2022 so this scope is well set and achieved before Core CDM contribution to FINOS)
• Changes to reflect the output of the FINOS Structured Products Project which is within the domain of Financial Objects already at FINOS.
• Amendments to the product and event model including economic terms model to cater for new priority products such as digital asset derivatives
• Securities lending products: further lifecycle events & trading workflows including standardised availability feeds
• Integration of the Global Securities Lending Master Agreement (GMSLA)

Scope (optional)

The ISDA CDM standard can be found at on the CDM portal at this address: https://portal.cdm.rosetta-technology.io/#/

The current scope of that model will be reduced to remove any components which closely resemble or represent ISDA’s IP. A paper analysis of the impact of this and the resulting scope of the contribution to FINOS can be found in the CDM Namespace dependencies analysis document.

The CDM standard can be found at the following address: https://portal.cdm.rosetta-technology.io/#/

Commercial Components (Paywall) The current scope of that model will be adjusted by removing any components which closely resemble or represent ISDA’s Intellectual properties. These components are not mandatory, and their removal will not hamper the CDM community from collaborating.

The contribution will be a self-standing data model. As such, it will have all the necessary foundational elements identified to date as core for a single, common digital representation of trade events and across the lifecycle of financial transactions for derivative, securities lending, repo, and bond products.

References to data elements that pertain to the trade associations’ IP may be present, however detailed structural definitions, reference data and other modelling descriptions associated to the said elements will remain supplementary. These aspects will be available via a paywall configuration managed by the trade associations per their respective domain.

An example of data element removed from the model is the representation and description of a master Agreement Schedule that links directly to ISDA legal definitions. The representation of the transaction with the reduced CDM will point to the existence of such feature in the product definition. A user will have sufficient information to represent a transaction. Access to the CDM extension hosted by ISDA behind the paywall configuration will offer more details on the representation of such feature and how it may influence a transaction according to the ISDA legal definitions.

A paper analysis of the impact of this and the resulting scope of the contribution to FINOS can be found in the CDM Namespace dependencies analysis document.

Current State

ISDA CDM has now reached version 3.0, it has been implemented in key production infrastructure by at least one financial institution with many others committed to do so. Furthermore, CDM has been developed to cover securities financing products by ICMA and ISLA, after an initial focus on derivatives markets and products by ISDA, who have developed and invested in CDM since 2018. At this juncture CDM requires a neutral third-party organization to provide an open-source repository for the Common Domain Model (CDM) - FINOS was chosen to be that organization.

For further information about CDM please consult: https://cdm.docs.rosetta-technology.io/source/cdm-overview.html

Existing Materials

• ISDA CDM can be found here: https://portal.cdm.rosetta-technology.io/#/

• Documentation on CDM is here: https://cdm.docs.rosetta-technology.io/index.html

• Information on the current standard governance and development guidelines can be found here: https://cdm.docs.rosetta-technology.io/source/contribution.html#governance

• The new proposed governance structure is here [insert new Governance.md file, when ready] The CDM community at FINOS is expected to inform how this proposal can best evolve to support future work.

• The current license terms can be found here: https://portal.cdm.rosetta-technology.io/#/terms-isda

• The new license enabling this initiative can be found here FINOS to provide the link

Development Team

TBC

Maintainers, Governance, Tech

The maintainers of the CDM specifications will be representatives from the 3 trade associations, which may include contractors or employees that they may elect for the role. Names will be finalized throughout the contribution process, but below is an indicative list:

• Ian Sloyan ISDA iansloyan
• Ruddy Vincent ISDA rvincentISDA
• Eleonora Acuna ISDA eacunaISDA
• Chris Rayner ISLA chrisisla
• David Shone ISLA davidshone
• Tom Healey ICMA TBD
• Gabriel Callsen ICMA TBD
• Minesh Patel REGnosys minesh-s-patel
• Leo Labeis REGnosys lolabeis
• Nigel Cobb REGnosys nigelcobb

Confirmed Initial Contributors Tech

• Brian Lynn ISDA brianlynn2
• Vernon AldenSmith ISDA valdensmith
• Jan Baserba Trade Header JanBaserba
• David Al-Kanani REGnosys davidalk
• Hugo Hills REGnosys hugohills-regnosys
• Simon Cockx REGnosys SimonCockx
• Jason Krohn REGnosys JasonKrohn-regnosys
• James Annesley REGnosys ja6a-regnosys
• Nicolas Decouttere REGnosys NicDecouttere
• Payal Khanna REGnosys PayalKhanna

Target Contributors

Developers, product experts and business analysts from banks, vendors, market infrastructure providers and other financial institutions who are interested to consume CDM, adopt it within their organizations and (potentially) contribute back.

Infrastructure needs

• [x] Recurring meetings for 3 new working groups initially
• [x] Mailing list for working groups
• [x] Updated versioning of CDM project on the Legend Studio shared instance - already available on https://gitlab.com/finosfoundation/legend/financial-objects/cdm and legend.finos.org/studio

What's next?

Identify project meta (Lead: FINOS Contrib POC, Support: FINOS Marketing)

• [x] Project main coordinates
  • [x] Project Name - Common Domain Model
  • [x] Project Slug - common-domain-model
  • [x] Does the name have a registered trademark? yes
    • [x] Work with Ian and Alan
    • [x] Transfer trademark to FINOS/LF
  • [x] Request logo design (if needed) - requested
    • [x] Logo is accepted by stakeholders - https://github.com/finos/finos-landscape/blob/staging/hosted_logos/cdm.svg
• [x] Category and sub-category (for FINOS Landscape) - Data & Business Logic > Models
• [x] Is there existing code? If so, is it public? - yes and no
  • [x] If not, can you grant read access to user github.com/finos-admin ?
• [x] Was the project ever released? If so, are releases public? - yes
  • [x] And what's the latest released version? 2.179.4
• [x] Team composition: lead maintainer and other maintainers
  • [x] Minesh identifies all existing contributors to CDM
• [x] Are public meetings currently held for the project? - yes
  • Every Tuesday, hosted by ISDA
  • More meetings for other tracks
• [x] Are meeting minutes, agenda and attendance tracked? - yes
• [x] Is Continuous Integration used? If so, which system is used? - yes
• [x] Is there an existing Documentation website? If not, would you like to have one? - yes - https://www.isda.org/2019/10/14/isda-common-domain-model/

Maintainers, contributors and CLAs (Lead: FINOS Contrib POC, Support: FINOS infra)

• [x] For each maintainer identified in the previous step, collect: the following info:
  • Fullname
  • GitHub username
  • Corporate email address
• [x] Identify other existing contributors (assuming there's a contribution history (eg Git history)
• [x] Check if trade associations (and its members) are all onboarded on EasyCLA
• [x] EasyCLA supports CSL license (on FINOS)
• [x] Engage with FINOS Legal team to figure out what’s needed to cover all maintainers and contributors with FINOS CLA
• [x] Reach out to contributors and employers to coordinate CLA signatures

Project Communication Channel(s)

• [x] Ask maintainers which communications channels they'd like to use
• Asynchronous
  • [x] GitHub Issues (public)
  • [x] Mailing-list
• Synchronous
  • FINOS Slack Channel (general public Slack / leadership private Slack) - not for now, as key CDM participants are not allowed to use Slack within their corporate firewall
• [x] Link communication channels linked front and center in the project README.md

Code validation (only if code is contributed) (Lead: FINOS Infra)

• The code bindings build process runs successfully. Code bindings have no direct/transitive dependencies
• [x] The codebase doesn’t include any patent or copyright that conflicts with FINOS Governance and bylaws (to be validated with FINOS Legal team)
• Apply project blueprint contents - see docs - will be tackled after transfer, see below

Generated code

• [x] The codebase doesn’t have HIGH or CRITICAL CVEs across direct and transitive libraries
• [x] The codebase doesn’t have any unfriendly licenses across direct and transitive libraries

Approval (Lead: FINOS Infra)

• [x] Assign issue to Executive Director (@mindthegab) to trigger voting
• [x] (optional) if additional socialization is required, the Executive Director may bring projects to the FINOS Governing Board
• [x] FINOS accepts the contribution (and the contribution process can move forward)

Code transfer (Lead: FINOS Infra)

• [x] Minesh to understand how this process will work for members.
• [x] Backup (even with screenshot) GitHub permissions of the repository to transfer
• [x] We need a new name for the project under FINOS (not rosetta-cdm) Ian Suggestion: common-domain-model ACCEPTED
• [x] Check GitHub repository transfer requirements:
  • [x] finos-admin has Admin to all repositories to transfer
  • [x] finos-admin ia allowed to transfer repositories out of the org
  • [x] if the repository is owned by a user (and not an org), the user must be able to transfer the repository to finos-admin
• [x] Review FINOS project blueprint contents
  • [x] Project title/description in README
  • [x] Project badge in README
  • [x] Contributing in README
  • [x] Rob & Mao: Add section about contributing via Legend (add limitations)
  • [x] CONTRIBUTING.md - For Legal Track - Merge contents from https://cdm.docs.rosetta-technology.io/source/contribution.html#how-to-contribute , https://github.com/finos/rosetta-cdm#contribution-via-rosetta and https://github.com/finos/standards-project-blueprint
  • [x] License in README - For Legal Track
  • [x] LICENSE (look for {} placeholders) For Legal Track
• [x] Check protection settings and disable after transfer if necessary
• [x] Transfer all code assets as GitHub repositories under github.com/finos
• [x] Invite GitHub usernames to GitHub FINOS Org
• [x] Create <project-name>-maintainers GitHub team and invite users
• [x] Configure finos-admins (Maintain role) and finos-staff (Triage role) team permissions
• cdm.finos.org redirects to cdm.docs.rosetta-technology.io - https://github.com/finos/common-domain-model/issues/1967

Infra setup (Lead: FINOS Infra)

• [x] Enable security vulnerabilities scanning
• [x] Enable EasyCLA. https://docs.linuxfoundation.org/lfx/easycla
• [x] Add project to metadata
• [x] Add identities, orgs and affiliations to metadata (deprecated by EasyCLA)
• [x] Add logo to FINOS landscape
  • [x] Create staging branch on finos/finos-landscape
  • [x] Merge finos/metadata changes on master (will udpdate landscape.yml in finos/finos-landscape)
  • [x] Create PR from staging branch on finos/finos-landscape
  • [x] Review Netlify preview
  • [x] Merge PR
• [x] Add project maintainers emails to finos-project-maintainers@finos.org list
• [x] Add project maintainers GitHub usernames to the project-maintainers Team
• [x] Onboard project on LF systems (SFDC, Insights, EasyCLA, Groups.io)
• [x] Mailing-list
  • [x] Create new list in groups.io - cdm@lists.finos.org - https://lists.finos.org/g/cdm
  • Migrate users from existing lists to the new one - work in progress
• [x] Meetings setup
  • [x] Setup recurrent Zoom meeting - assign host permissions
  • [x] Create Google Calendar event, connected to meeting
  • [x] Share meeting information and instructions with working groups
• Set groupId to org.finos.cdm - https://github.com/finos/common-domain-model/issues/2023
• Set Java artifact deployment to use Maven Central, Python artifact deployment to use Pypi (with finos-admin credentials) and manage all other code binding releases - https://github.com/finos/common-domain-model/issues/2024
• [x] Create Sonatype account. - Details in 1Password under "Sonatype (FINOS CDM)"
• [x] Create Slack channel with Hugo, Minesh, Ian + FINOS staff. - Slack channel created in Finos Slack with name "cdm-prm-validation"

Announcement (Lead: FINOS Contrib POC)

• [x] Lead maintainer works with FINOS marketing to send out announcement to announce@finos.org , checkout announcement template at the Contribution page
• [x] Notify FINOS Contrib POC and FINOS marketing (@grizzwolf + finos-marketing internal Slack channel)

[chrisisla]

Chris Rayner github id is "chrisisla"

[Julia-Ritter]

Chris Rayner github id is "chrisisla"

Hi @chrisisla, your GH ID has been added to the list.

[mcleo-d]

Added to the Regulation Innovation SIG kanban

[maoo]

Announcement sent out to https://groups.google.com/a/finos.org/g/announce/c/0gyg2L5P-gs/m/spRkzFtZAAAJ

CDM Onboarding is complete, congratulations!

[iansloyan]

Thank you all!!!