For my next instalment on the Common Domain Model (CDM) myth-busting series, I wanted to respond to one of the most frequent criticisms being levelled at it. The one that I hear most often can be summarised as this: “The CDM is a solution looking for a problem.”
They say a week is a long time in politics, well twelve months is certainly a long time in the life of the Common Domain Model.
As we enter 2022 it is a good time to reflect on how the Common Domain Model has developed over the last 12 months and the opportunities ahead in what will be a busy year for its development.
This post is the first in a series where we’re going to discuss the Common Domain Model (CDM). We want to try and uncover some fundamental truths by dispelling some myths about the CDM.
Many U.S. and European globally systemically important banks (G-SIBs) have seconded staff to a digital regulatory reporting (DRR) project that mutualises derivatives reporting rules interpretation, expresses those rules as computer code in alignment with trade association-agreed best practices. The project is training 25 G-SIB-supplied specialists to study the data fields required for the European Market Infrastructure Regulation (EMIR) Refit implementation and to produce and test code to populate those fields correctly using REGnosys’ Rosetta platform.
The Fintech Open Source Foundation (“FINOS”), together with platinum member Goldman Sachs (NYSE: GS), today announced the launch of Legend, Goldman’s flagship data management and data governance platform. Developed internally and used by both engineers and non-engineers alike across all divisions of the bank, the source code for five of the platforms’ modules have today been made available as open source within FINOS.