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CDM Collateral Working Group Minutes

Meeting Host: Vernon Alden Smith, ISDA

April 30th, 2023 - 10 am EST / 3 pm BST

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Agenda

[x] Convene & roll call (5mins)
[x] Display FINOS Antitrust Policy summary slide
[x] Review Meeting Notices (see above)
[x] Approve Past Meeting Minutes
- [x] https://github.com/finos/common-domain-model/issues/2668
[x] Meeting Material 30th April 2024
ISDA Common Domain Model - Collateral WG 30th April 2024.pdf
[x] AGENDA 1 - CDM Collateral - Get started guide Update
[x] AGENDA 2 - CDM Eligible Collateral Extensions Update
[x] AGENDA 3 - CDM contribution of the CSA Legacy structure in ‘ISDA Foundations’
[x] AOB, Q&A & Adjourn (5mins)

Minutes- @eteridvalishvili

Collateral Get Started Guide for CDM

@Oblongs provided an overview of the development progress of the Get Started Guide for CDM.
- Need for a comprehensive guide to address feedback on the complexity of the CDM and the challenges in getting started with it.
- Discussed the structure and content of the guide, including modules A to E, with a focus on making it accessible and engaging for both non-technologists and technologists.
- Screenshots of the prototype were shared, and key features such as navigation, tooling, and knowledge checks were highlighted.
- Will be available on the ISDA website and linked through the CDM Website

Proposed Additions to the CDM

@valdensmith presented proposed additions to the CDM, including margin type and rating priority resolution, based on previous discussions and member feedback.
- Reviewed and provided feedback on the proposed additions, including their relevance and potential impact on the CDM structure.
- Proceeding with the contributions of margin type and rating priority resolution to the CDM.

Update on Contributions

@valdensmith provided an update on recent contributions to ISDA Foundations. Related to the extension of the CDM for legacy VM CSAs.
- Completion and contribution of various clauses to ISDA and outlined the ongoing work to cover additional clauses by June or July.
- Attendees are encouraged to join the ISDA CDM Legal Agreement working group and contribute to the completion of the agreement.

Decisions Made

Action Items

[ ] ACTION 1 With reference to agenda item No1 ‘Get Started with CDM for Collateral’, detailed in the meeting material slides (ISDA Common Domain Model- Collateral WG) paged 3- 13. We would encourage members provide any feedback, please please contact [email protected]. ISDA will continue to finalize development and launch of the Get Started Guide for Collateral Data Model.
[ ] ACTION 2 In relation to agenda 2 ‘Margin Type’ detailed in the meeting material slides (ISDA Common Domain Model- Collateral WG) page 15. As agreed during this working group meeting, ISDA will proceed with this contribution, and share with members once completed.
[ ] ACTION 3 In relation to agenda 2 ‘Rating Model’ detailed in the meeting material slides (ISDA Common Domain Model- Collateral WG) page 16. Members were not against the proposal to extend the CDM to enable the user to prioritize between Asset and Issuer ratings. ISDA will proceed with a CDM model extension and advise the working group once completed.
[ ] ACTION 4 Continue working on extension of VM CSA contributions in ISDA Foundations and aim for completion by June or July.
[ ] ACTION 5 Eligible Collateral - Other items for further discussion in future working groups The following items have been listed for future working group discussion: • Exclusions within criteria • ConcentrationLimit is part of Treatment, how they can be combined to address specific use cases • A means for specifying ‘contract/ transaction type’ such as (Repo, Loans, UMR) to apply to eligible terms as well as margin type