 Thank you very much everybody for joining. I usually say it sounds like young and old, but we really do have young today. We have a baby in the room, so thanks to Emerald for joining us. Hopefully we keep her asleep. Anyway. Yeah, exactly. Okay, so my name is Ian Sloyne. I'm here from the International Swaps and Derivatives Association. It's sort of a big day, a big week actually for the work we've been doing over the last few years. The common domain model being open sourced at Finos, which is really exciting. So we thought we'd do two sessions over the next hour. The first one's sort of a history of where we've come from and where we're hopefully going in the near future. And the second one we're going to hear from some implementers around how they use CDM and why it's important to them and their projects. So I'm just MC really for today. But first up, I'm going to ask my colleagues to my left here to introduce themselves. So maybe David, you go first. And I'm Amy Caruso. I'm the head of collateral initiatives at ISDA. And I am really fitting, sitting in for my colleague Vernon Aldensmith, who leads the CDM initiatives for collateral based out of London. So hopefully I'll do him proud. Okay. So I said I was going to be MC, but I'll do a little bit of talking at the start. I've been involved in the CDM project since the inception. So I'm probably the guy who needs to give the initial history lesson. So the letters or words CDM or common domain model appeared in ISDA's literature around 2016 in a paper called the future of derivatives processing and market infrastructure. And that is still on the ISDA website. If anyone would like to read it, it's a it's a riveting read. It's really, really has set the path we followed in the last few years. Now, in the conclusion of that paper, there were next steps listed. There were four next steps listed. The first one was identify and track solutions to current post trade inefficiencies. The second one was to facilitate industry collaboration and communication. The third one was, and here's the key bit, develop common domain models. And the fourth, which I had actually forgotten about until I checked the paper this week, was to promote open source. So by open sourcing the CDM at Finos, we are sort of completing the steps that were suggested in that conclusion. So it's a very, very exciting development. The key driver for us in that paper and something that our members repeatedly told us was the difficulties they had in implementing regulation. So regulations is hard. You have to do it. There's usually lots of budget for it, but you got to do it. And the implementation of regulation, particularly in derivatives market, had been quite a task since 2009 and the recommendations from the G20 meeting in Pittsburgh. So how can we do regulation easier? Having standard data model, common domain model to underpin everything, a common way of representing things was identified and that's what we took forward. Also this week, not just the announcement of Finos is digital regulatory reporting, which is a project built on the CDM using the data model, has effectively gone live in production with one of our members, BMP Paribas, using the DRR code to report to the CFTC. So it's, as I said, a really big week for us here. In that journey since 2016, we started working at ISDA in 2018 and actually codifying and building a CDM as code. And then over that period, we've been joined by ISLA and ICMA who are going to take us through some of their journey next. So yeah, I think I'll handle, I haven't gone too much into the detail, but I'll hand over to David who's going to take us through what CDM is and the journey ISLA have taken in this regard. So Ian asked me to give an overview of what is the problem that we're setting out to solve. This diagram here is a representation of the current state of, certainly the security learning industry, but I know across the panel, our funds for the industry, don't look too dissimilar to this tangled web of data representations, multi-channel communication. And the entangled isn't just in between different parties in the market, right? So the right hand side of that mess is all of the different parties. They all have their own representations. They all represent, they all have all got their own ways of representing life cycle events and transactions. But even internally, the global network picked the borrower there, literally could be any of those kind of parts, I guess. Even internally, systems for different departments often have different representations of the same data, right? I've seen nothing, and I appreciate it, probably. Okay, in some cases here. But this costs us a lot of money as an industry. So you have the administrative rework, and they attempt to determine what is real and what isn't, what the truth is that anyone is quite inside. And that's, you know, the reconciliation works, you have to deal with. But it has real-world consequences to right the risks associated with that as well. You have valuation differences and clappals, that results out of this. There's reporting as matches. There's a possibility that you will manage your reporting, your client reporting, and your regulatory reporting all coming from slightly different databases of slightly different representations of the same information. When really, it should all come from the same source, right? Big one on people's lists is that the limit of settlement there is. So data representation, agreement of life cycle events can solve those problems and resolve pure finds problem regimes such as CSPR. So the common domain model is really an attempt to standardize not just the data representation products and transactions, but where I sort of see the added value where it goes beyond some of the standards that already exist today in my space. It's around standardizing the life cycle events, the bookie models for the life cycle events, right? Standardizing the operational processes. In our industry, there's a lot of agency lending occurs and the big agent lenders will allocate their transactions and reallocate their transactions all very slightly differently, right? We have a green market practice of how that should be done. So on our journey, which I'll talk about in a minute, we have only codified what we have set up in our green market practice. There is only one way to do that application within the model. Other, the other angles are also incorporating standardized legal documentation. You can get your legal documents and objects within the model. Then you can automate your life cycle events across camp parties. Imagine a corporate action where you find something slightly different that each camp party is basically, you should be able to push upon that process of that corporate action on all your positions on that security. And it doesn't matter what you sign with each camp party. The application should know by looking at what you sign with those camp parties what the app should be. To be very clear, the CDM is the model. It is the application. Just to find the relationships between these things and the kind of people standing up for all the life cycle processes that are right in terms of what it is. And then, so if I talk a little bit about this for the journey, so I was employed to pilot in August 2020, which seems like a lot of it, because in some respects, and five minutes of others. And we did that pilot at the end of 2020, really, was to take what is for the start in a derivative space and leverage that work to build out skewed landings. So part of the principle behind this is that our associations are not looking to recreate ways of processing transactions where an analog exists already We don't want five different ways to do something just because our history says, well, we did it like this and secured landings. But for derivatives, we did this and for reports, we did that. If the same function, if it's the same functional concept, do it once, further want to reuse it. And Amy will talk about that, will encourage which is a good cross product in this case. We completed a minimum valuable product, which is the bottom part of this house metaphor. So that was enough to express a little and the life cycle of entry to termination, as well as in billing. And it was enough to get us foundation started to merge that MVP with this as well at that time. So first time in 2021, two product classes were in there. I won't dwell on the metaphor too much because I think some people will argue that minimum viable house should have a roof. In August, we, yes, sorry, we're not loud enough. So the, can we sign the memorandum of understanding between us in August 2021? Which is essentially culminating today, right? This is where we're heading to make the model open source. This year we, it is the recruited full time developer before we were using contractors. You can meet my full time developer, Chris, at our stand downstairs if you want to. Very nice guy, very approachable. And he has built out the rest of our product suite. So the legal agreements that we have cover evergreens and extendable products. Next year, so following finance migration, we will continue to do development work in this space. We will continue to look at life cycle events. We are looking at some of the trade negotiation workflows, multiple RFQ availability feeds and so on. But the bit I'm really excited about is we are actually going to integrate our standard legal documentation, the GMSLA, and we are going to codify that and actually incorporate that and mesh it with the transaction and product piece so that we have the formation of automated life cycle events. So quite excited about that. That is a very swift overview and I realize I've probably taken too much time, so I apologize. Gabrielle, do you want to cover your journey from the ICMA? ICMA's focus has been on the international debt capital markets. The CDM work we've done is focused on REAP and collateral markets. I don't know if that's better. REAP and markets play a fundamental role for the economy. They are huge. They are considered to be the plumbing of financial markets. They are a source of funding for dealers who provide liquidity. But it's also an important market to manage cash. So just to give you, to set the context and give you figures, the total value of REAP contracts outstanding in June, according to ICMA's latest survey, was more than 9.7 trillion euros. That's more than 10 trillion dollars. In the U.S., the figures around four and a half trillion dollars. And in Asia, Pacific, excluding Japan, according to ICMA's latest findings, it is in excess of 300 billion dollars. That's a huge market on the one hand, but it's also a very complex market. REAPOs can be overnight. They can run for a few days, a few weeks or a year. It can involve single securities or baskets of securities that can be traded. OTC on trading venues. Interest can be made on a fixed basis or floating rate. So there's many moving parts. At the same time, automation is on the rise. So we've been tracking very closely the number of different platforms and vendor solutions that are out there. And in 2017, there were around 80. Now looking at it in 2022, there's over 240 and that's the number here has tripled within just a few years. So there's many different vendor firms and interoperability or the risk of fragmentation is one that is a serious concern. So ICMA has embarked on the CDM journey about two years ago now. And we initially focused our objective, I think David has already covered the key drivers of this, is this approach has been more on the regulatory side, but our approach is to support market functioning, to support automation of repo markets, to reduce fragmentation and to also provide a foundation for innovation. We heard of the keynote panel earlier use cases using DLT, which rely on a standardized representation of data, for example. So last year, we initially focused on the most commonly transacted repos, repurchase agreements, which are fixed term with a single security. So from the point of when a transaction is executed, cleared and then settled. This year, our focus has been on the more complex spectrum of repos. So those that have, that are open, for example, they're linked to floating interest rates that have extended notice periods to terminate a transaction. So all those transactions that have more moving parts, more variables, that's been our key focus. And we are right now finalizing the project in the process of merging it together with the ISDA version, so that it's a common domain model that covers all the different asset classes and processes. And what's also important to heart is that if you are looking to build a solution to, say, match repo transactions, or to reconcile transaction, to execute repos, or there's many different use cases for it, you would have to think about how to translate what actually makes up a repo, the sale of a security, the repurchase, things like price, which is a bit more complex than, let's say, a simple bond transaction where you have margin that's applied, interest that plays a factor as well. And of course, what you can and what is frequently done, they would also allude it to this. There's industry guidelines, you could, for example, take ISMA's best practice guides to repos to understand that, and then translate this into code. But inevitably, every developer or each institution would come to a slightly different conclusion. And this is what's creating fragmentation and that hampers automation in that space. The other option is you take the CDM. The CDM provides essentially a blueprint of repo transactions, not only repo, but also derivatives and securities lending. So if you want to build a solution for it, or whether it's a trading application or a post rate solution, you can use a CDM that defines all those parameters. So it's a model, as I explained, that defines the domain, the relationships between different entities and the processes. So it goes very much into the detail and it removes any ambiguity in the process. And that's a real value of the CDM that you can provide different solutions depending on what your technology focus is or depending on your type of repo that you're transacting in. But you're starting from a common denominator. And that's the value of the CDM. It's a big thing, as you mentioned, for it to be open source available here, coming to finners. Our journey is reflected here on the slide, I think, Ian, you've brought it up. So right now we are at the end of what we call phase two, which is focused on the on the more complex side of repos. But importantly, collaboration is a key aspect here. And just to echo what was mentioned at the keynote panel, the model is now, has been created by three associations that represent different market segments that naturally are interconnected and interact with each other. So when you use a CDM, there's less discrepancy. It's all one common model, one common interpretation of lifecycle events. More importantly, looking ahead, I guess, let's know the real focus and something we're very excited about to be here and finners, to be able to work with the community going forward, the open source community, but also members. One key focus for ICMA and the associations now is to drive adoption. We've already heard about, and there's different sessions and we're going to hear about, about use cases, but driving adoption of the CDM, facilitating the integration of the model with messaging protocols that are used in particular in fixed income like fix and swift, that's a key area, but also how to deploy the CDM, whether it's via cloud solutions, make it more easily implementable, speed up the whole process. Then looking ahead as well, embedding some of the legal clauses from ICMA's Gold Mastery Purchase Agreement, which underpin cross-border reper transactions into the model, some of the clauses, some of the conditions to streamline on the one hand the digitalization of legal documentation, which is still very much in the, I guess, the analog world, but which is slowly progressing and bring this into the CDM, so it is actually a consistent, much more streamlined experience and operation. And then an important focus, and I know Amy is going to touch on this, I'm not going to talk too much about, is collateral. It's a key, it's a very important topic for our industry and there's a lot of, I think, potential to work together and make it work even, even better. That's, I think, you know, these are the, the elements on our roadmap. Another one that's very important to ICMA as a bond market association is automation and market functioning in bond markets. One of our key initiatives here is a common data dictionary to support the automation in the bond issues process. And on our roadmap for next year is to explore the synergies to bring together the common data dictionary and the CDM. And this is in particular looking ahead at digital assets, so digital securities to help, to promote this segment, help it take off from an operational perspective, make it easier to create a standard that defines how a digital bond can be issued, traded and cleared. So we have a shared desk downstairs, so please do feel free to, to stop by if you'd like to learn more about the CDM or to, to get involved. Thanks, thanks for your attention. Okay. I, I think we'll pass over to Amy because she can take us through one area which is the needed standardization, which actually covers the collateral. Well, I've never worked in collateral, so I'm quite, it's all the same to me. So, so I probably offend the people. But the collateral across derivatives, securities landing and repo markets, they're bonds moving from box to box, right? That's how I see it. And my, my apologies, but Amy's going to explain a project which we're going to kick off at FinNOS and there'll be a working group in the new year looking at collateral in CDM, which is building on a lot of the work we've already done, but, but it's going to be the first sort of big collaborative effort at FinNOS, I think through a working group. Okay. Well, thank you. Thank you for having me. So the, the, the picture that David showed of the, it's a messy situation. Really is between data and data transfer is not unique to securities lending. It's not unique to repo transactions. And then if you really, our, our members need to be more collaborative themselves within these three areas. We're not preaching to them. They tell us that, that they realize that. And so data interoperability and fast data, faster data transfers is definitely needed. So the work that we're doing around collateral is one example and not to take away anything away from the digital regulatory reporting initiative, which is really is this flagship at this point, but I'll let Alan and Ian and Rosetta folks in the project expo really highlight those, those topics. So in the, in the collateral space, we have two prominent use cases. One is around digital documentation. And both of you mentioned how your documents, you're looking at clause libraries and, and where these elements can be digitized. And Adrian and, and Georgina had mentioned a little bit about collaboration and also things that we do separately. And our documents are probably things that we can be somewhat synergistic, but there are proprietary elements as well. So we're excited though that we are working on data digitization in the digital documentation space. And I bet Diana Boyle from symbiote will mention that a little bit in the next session of how it can be put into use. But around collateral representation, can you imagine that a five-year treasury is not digitally represented any one particular way within all the systems of the financial services firms that are represented here today? And that's really challenging because not only when you're setting up a new firm to exchange collateral for any one of these three products that we represent, but also on an ongoing basis. And this really, we can, we can look at some examples of where interoperability could have helped in say March 2020, the energy crisis or the recent guilt liquidity crisis, that operational inefficiencies really widen the gap of challenges during those times. It's not to say that the operational inefficiencies were the root cause, but certainly there could be improvements. And not because of those predicaments, but other value propositions. We do have a number of firms who first started off maybe with ISDA. And then when the memorandum of understanding was signed, we started expanding the CDM collateral working group to not only include ISDA members. It's been very collaborative ever since. And it has expanded not only with additional member firms, but individuals say from a bank or a vendor who may have been focusing specifically on securities lending. They got to know their OTC derivatives counterparts through our working groups that really happens. We bring people together within their own firms. And as a result, there are more implementation projects. And there's a number that are public that they have said, please share like Clearstream and Bank of New York that are really looking at how they can implement collateral representation with the CDM across their collateralized products. And I'm not a derivatives person and not a collateral person by trade. I'm a marketing and PR person. So please join us. I'm going to just put it out there for the call to action of we'd love for you to join our working groups. And also, we have a pipeline slide that we're happy to share. We'd like more firms on those. So again, the collaborative efforts that we work on together the three trade associations, it only really works if the member firms contribute as well. Okay. Thank you, Amy. I do have some questions, but I think we're up nearly up to time. I think I'd reiterate what Amy just said about getting involved. There's going to be a number of working groups for the CDM at Finnost to drive forward the development of that core CDM. It only works if there's a big community of people behind it and contributing. And then the first use case, we think that's going to be quite helpful for the marketers around the development of components for collateral. As Amy said, I will pass to my colleagues to see if they have any final words. Only just to repeat, do come and see us. We have an expense card to justify having flown out. I would just like to understand, I think it's a real opportunity to continue to shape the CDM and make the most of it, even though it's going to be open source. I'm going to hop on David's expense card before I go home. But I'm based here in sort of in New York or on the East Coast. And we do have representation in London. So we do have opportunities to get involved. In person, in virtual. Just before the next session, I want to, because I said in my introduction that I've been involved since the start and inception of the CDM. But that man over there, Sunil Chaw, I haven't seen in a long time, was also there at the first meetings and arguing about all sorts of things we used to when we first came up with the idea. So I'm looking forward and I think you should stick around and hear his views too. But thank you all. Thank you to the panelists today. Thank you to Finals.