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From startups to legacy brands, you're making your mark. We're here to help.
Serving the world's largest corporate clients and institutional investors, we support the entire investment cycle with market-leading research, analytics, execution and investor services.
Your partner for commerce, receivables, cross-currency, working capital, blockchain, liquidity and more.
Prepare for future growth with customized loan services, succession planning and capital for business equipment.
Providing investment banking solutions, including mergers and acquisitions, capital raising and risk management, for a broad range of corporations, institutions and governments.
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Whether you want to invest on you own or work with an advisor to design a personalized investment strategy, we have opportunities for every investor.
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By Nick Moger, Regulatory Reporting Product Director
JPMorganChase’s derivatives business leverages the Fintech Open Source Foundation (FINOS) Common Domain Model (CDM) and ISDA Digital Regulatory Reporting (DRR).
As part of our commitment to leveraging open source technologies securely and compliantly, we’re proud to be the first major U.S. bank to implement CDM/DRR as a primary reporting mechanism. We were recognized for this achievement with the ‘Adoption Achiever’ award in this year’s Open-Source Finance Forum hosted by FINOS in New York.
The Common Domain Model is an open source standard – a type system for derivatives of sorts - which facilitates financial product/event representation via a machine-executable Domain Specific Language (Rune DSL). The CDM has been constantly evolving through industry collaboration since its first release in 2018, with version 5 now offering a rich set of business use cases. Developed with oversight and contributions from key market participants in the financial services landscape, including the International Swaps and Derivatives Association (ISDA), the International Capital Market Association (ICMA), and the International Securities Lending Association (ISLA), CDM has been distributed under an open source license, the Community Specification License 1.0 through FINOS since it was open sourced in early 2023.
Digital Regulatory Reporting (DRR) is a solution which leverages the Common Domain Model (CDM) at its core to provide Regulatory Reporting functionality across multiple jurisdictions. Developed by ISDA in conjunction with industry participants, it provides a codebase to create and validate regulatory reports via the CDM through human readable rules.
ISDA DRR has a mission statement to mutualize the cost of compliance within the regulatory reporting space. In the rapidly growing reg-tech sector, it was important to choose a solution which was backed by industry consensus and contribution. DRR being built to leverage the open-source Common Domain Model presented a unique opportunity to not only transform our regulatory reporting function but also lay the foundations for future CDM business use cases and integration.
Our goal was simplification within the regulatory reporting landscape, which has evolved constantly and rapidly over the last decade. DRR is already providing transformative efficiencies for both technology and operations, and we are excited to continue our roll-out across future jurisdictions.
Embracing CDM and DRR places JPMorganChase at the forefront of modernization and innovation in financial services, particularly in business-to-business communications. The possibilities afforded by this open-source solution can extend across our lines of business and our processes, positively impacting how we provide value to our clients.
To learn more, check out this webinar hosted by ISDA where we presented a detailed breakdown of the CDM/DRR implementation journey to prospective implementers across the industry.
FINOS CDM Documentation
Free CDM Training Course from FINOS
The CDM is developed through the Community Specification open governance process and is released under the Community Specification License 1.0 guided through a cross-industry collaboration between FINOS, ISDA, ICMA and ISLA, thereby ensuring that standard taxonomies, definitions, and best practices are adhered to by contributors. Its underlying code assets are open to consume and/or contribute to via the standard Apache 2.0 Open-Source license. The CDM is available in multiple distribution languages but is most commonly distributed and consumed as JSON and Python.
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