BIS demonstrates CDM extension to Mortgages for Project Ellipse

Singapore — October 5, 2021 — In Phase 1 of Project Ellipse the BIS Innovation Hub partnered with the Monetary Authority of Singapore (MAS), the Bank of England (BoE) and the International Swaps and Derivatives Association (ISDA) to explore the concept of cross-border digital regulatory reporting, using a machine executable data model.

Project Ellipse is a proof of concept (POC) launched by the Bank for International Settlements Innovation Hub (BISIH) to explore how supervision could become insights-based and data-driven using an integrated regulatory data and analytics platform.

The project reviewed reporting requirements for retail mortgages in the UK and Singapore and modelled them using ISDA’s Common Domain Model (CDM), which is an open-source, standardised, machine-readable and machine-executable model used for over-the-counter (OTC) derivatives, cash securities, securities financing and commodities. By using the CDM, the POC demonstrated the feasibility of extending an existing globally applicable derivatives data model to retail mortgages. Executable code generated from the model’s definitions enabled the automation of regulatory mortgage data for Singapore and the UK, referencing the same common model.

Project Ellipse overview here.

Demonstration of the Mortgage CDM POC (using Rosetta): here.