Bringing ICMA's Bond Data Taxonomy into the CDM ecosystem

The capital markets industry has made significant progress in developing common standards for representing financial products and transactions. As those standards mature, an increasingly important question emerges, how can they work together. 

Different standards have been developed to address specific market needs. As their adoption grows, so does the need to connect them without requiring firms to build and maintain their own bespoke mappings.

At REGnosys we have been exploring exactly that question through the creation of BDT-as-Rune.

BDT-as-Rune brings the ICMA Bond Data Taxonomy (BDT) into Rosetta, modelling the taxonomy as Rune data types and building functional mappings that transform that BDT data into the Common Domain Model (CDM).

What is BDT-as-Rune?

ICMA’s BDT Version 2.0 provides a standardised framework for representing key data associated with bond issuance, from instrument and issuer details through to economic terms.

BDT-as-Rune takes that standard one step further by representing the taxonomy as a Rune model.

The structure of the BDT is captured as Rune data types, creating a typed, machine-readable representation of the taxonomy that can be directly ingested and processed within Rosetta or integrated into your own applications using Rune’s code generators for Java, Python and other common programming languages.

This allows for transformation and mapping logic to be built around the BDT, using the same modelling language that underpins the CDM.

Connecting BDT to the CDM

Using the Rosetta Design platform, REGnosys has created Rune functions that map BDT concepts into their corresponding CDM representations, creating a bridge between standardised bond issuance data and the CDM ecosystem.

The mappings cover the core components of a bond issuance, including the instrument and its identifiers, issuer and party information, currency, maturity and economic terms.

Together, the BDT-as-Rune model and these functional mappings create an end-to-end transformation:

BDT XML → BDT as Rune → CDM

Why does this matter?

BDT and CDM both address different but complementary parts of the standardisation challenge.

The BDT provides a common way to represent and exchange pre-trade bond issuance data at source. The CDM provides a common representation of financial products, transactions and post-trade events that can be used across a wide range of downstream processes.

BDT-as-Rune connects the two.

For firms adopting these standards, this provides a practical path from standardised primary market data to a common CDM representation, reducing the need for each organisation to independently interpret the BDT and build its own transformation into downstream data models.

It also demonstrates a broader opportunity as the use of common standards grows across financial markets. Rather than every organisation building its own mappings between standards, those mappings can themselves be defined, tested and reused.

Explore BDT-as-Rune

To see BDT-as-Rune in action and learn how Rosetta can help connect existing industry standards to the CDM explore the BDT-as-Rune project in Rosetta at http://ui.rosetta-technology.io or contact the REGnosys Client Services team at clients@regnosys.com to find out more.