Journal · Primer

The CDM Primer

Short, hands-on lessons that build the ISDA Common Domain Model up from first principles: how the model reads, how payouts compose into products, how events carry trades through their lifecycle, and how reporting consumes the result.

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4 modules · 31 lessons · ~169 min

Module 1

CDM Foundations

What the CDM is, how to read it, and the ideas everything else builds on: products as compositions of payouts, trade lots as the link between economics and size, trades that bind roles to real parties, and events as the engine of the lifecycle. No prior CDM knowledge assumed.

7 lessons · ~37 min

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Module 2

Payouts

Foundations introduced payouts as the building blocks and met one of them up close. This module covers the rest: rates, FX, options, credit, equity, and commodities, each leg built on the same base type and every product named by the same qualification logic. By the end you can pick up any product in the model and read it cold.

7 lessons · ~38 min

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Module 3

The Trade Lifecycle

Payouts described what a trade is; this module covers what happens to it. A trade is born, fixes its rates, shrinks, spawns new trades, changes hands, and ends, and each of those moments is a BusinessEvent: old state in, new state out, with the event's name derived from what changed. By the end you can read a trade's full history from its events and derive what the book holds today.

7 lessons · ~38 min

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Module 4

Trade Reporting

Every trade in this course carries a reporting obligation. This module covers where that obligation came from, how firms turned legal text into code one private reading at a time, what that cost, and what changes when the rules themselves ship as shared executable code: the Digital Regulatory Reporting programme, built on the CDM.

10 lessons · ~56 min

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