REGnosys has announced the “FIX as Rune” Rosetta project, adding support for FIXML as an input format for the FINOS Common Domain Model (CDM).  

The CDM is fast becoming shared infrastructure across capital markets with major financial institutions including JPMorgan Chase and Goldman Sachs already publicly adopting or aligning with CDM and DRR as part of their strategic reporting infrastructure. 

REGnosys has deployed its Rosetta platform to help firms work with CDM in practice, including mapping existing industry formats into CDM and exploring downstream use cases such as Digital Regulatory Reporting. 

However, a large part of the market, particularly securities financing transactions (SFTs) such as repos, securities lending, and margin lending, operates primarily in a FIX-native world. Until now, these institutions have lacked a seamless path into CDM. 

“FIX as Rune” in Rosetta unlocks this capability. With this release, custodian banks, asset managers, and prime brokers can now take the FIXML they already produce and consume, and connect it directly to CDM without wholesale data transformation initiatives.

Why this matters now  

Traditional mechanisms for regulatory reporting and post-trade processing are increasingly outdated. Point-to-point integrations, proprietary data models and firm-by-firm rule interpretation were not designed for today’s pace of regulatory change, data volumes or demand for transparency. 

The CDM offers a more modern alternative by creating a canonical, machine-readable representation of trade lifecycle events and processes that is shaped by leading industry participants. Firms can build on this shared foundation rather than repeatedly translating and reconciling the same information across fragmented systems.

By standardising how firms describe, process, and exchange trade data, it reduces historically costly fragmentation.  

The CDM enables firms to:  

• Reduce reconciliation breaks through shared definitions of events and states 

• Make regulatory reporting interpretable and transparent through ISDA’s Digital Regulatory Reporting (DRR)  

• Evolve their technical estates more quickly by decoupling systems and aligning them to a common data and process model  

Critically, it is an open, industry-governed model, built by the same institutions that face the operational challenges it aims to solve.

That brings key advantages:  

• Fit-for-purpose design: shaped by real market workflows  

• Future-proofing: avoiding lock-in to proprietary data models  

• Ecosystem growth: new tools, integrations, and use cases are continuously emerging  

We are seeing increasing alignment across trade processing, reporting, and analytics around CDM. Each new participant, whether- buy-side, sell-side, vendor, or regulator, adds momentum.  

For firms sitting outside this ecosystem today, the risk is not missed efficiencies, it is isolation.  

Bringing FIX into CDM helps address this gap. It gives firms a more consistent, machine-readable way to represent securities financing trade events and lifecycle processes, supporting the industry’s move from duplicated interpretation towards shared reporting logic. 

For SFTR, this creates a practical path to support future DRR adoption across securities financing markets, reduce reconciliation issues and improve data quality. 

The role of REGnosys  

At REGnosys, we have the privilege of contributing to the development and adoption of CDM from its early stages and now we are excited to see how firms use FIX as Rune to connect into the CDM ecosystem. 

Our focus has always been on making complex regulatory and operational transformations practical by bridging the gap between industry standards and real-world implementation.  

We care deeply about meeting firms where they are today and making it as easy as possible to step into a better, more interoperable future.  

We are proud of this milestone, because it strengthens the broader industry effort to standardise and simplify financial markets infrastructure. 

Getting started: Try it yourself!  

If you are working with FIX today, taking advantage of this is straightforward.  

You can get started today and experiment freely, without commitment or cost:  

1 - Login or sign up to Rosetta here.

2 - Request access to the “FIXML as Rune” project

3 - Create a workspace 

4 - Bring your own FIXML data into Rosetta and see how it maps into CDM 

5 - Explore downstream outputs, including regulatory reports powered by DRR