Fragmos Chain, the OTC derivative workflow platform built on R3’s Corda Enterprise technology, has developed in conjunction with industry body ISDA and REGnosys, a Kotlin-native version of ISDA’s Common Domain Model (CDM).
Originally designed by ISDA in collaboration with REGnosys, the CDM establishes a blueprint for the derivatives trade lifecycle, intended to streamline post-trade processes by creating a single, common digital representation of trade events and actions.
Fragmos Chain’s OTC Derivative post-trade platform was built using the CDM at its core. The platform enables full automation of the post-trade workflow in a next generation technology that delivers on the CDM’s aims to lower operational costs by reducing reconciliation errors, and enabling agreement by market participants on a golden record of the transaction that carries through the entire settlement cycle.
Developing a code generator on Kotlin language removes dependencies on low level technics, enabling simpler and quicker implementation of new applications. The language is used for many layers of development, across front-end user interfaces, back-end APIs and databases. By delivering Kotlin-native capabilities, Fragmos Chain’s development on the CDM creates a bridge between the growing universe of CDM applications and R3’s leading enterprise blockchain infrastructure.
Vincent Juge, CTO at Fragmos Chain said, “We’re delighted to collaborate with ISDA and REGnosys in this exciting new part of the CDM’s journey. The ability to streamline deliverables between Corda and the CDM is very valuable, and will also encourage other Kotlin-native use cases to adopt these technologies.”
Ian Sloyan, Director of Market Infrastructure and Technology at ISDA, added: “The CDM was devised to bring greater automation and interoperability to financial market processes. Fragmos Chain’s work to deliver a new derivatives workflow platform is very welcome and will hopefully help drive adoption of the CDM across a growing number of use cases.”
Leo Labeis, co-founder and CEO at Regnosys, commented, “Fragmos Chain’s contribution to the open source versions of the CDM is significant. We welcome distribution in different languages, and their efforts will simplify development, giving access to more technology platforms and use cases via the CDM.”
Available as open source, the code has been reviewed and tested by ISDA, and will be included in subsequent versions of CDM releases.
