Tosha presented an update on the meeting with ISDA; appeared to be good overlap of members

• CDM model development for past 18 mos.
• Referred to FINOS
• CDM definition- focus on derivatives rates.  
• Java reference representation.  
• Webinar on ISDA website
• Advanced but still in testing and want feedback from members
• Yesterday’s call was intro & discovering appetite for OS
• Are interested, hadn’t heard about FINOS
• Follow up in a few weeks
• Not sure how quickly it will move but over all meeting yesterday was positive
• ISDA likes the way FINOS is focused on FinServ.
• ISDA Concerns:
• How to do OS
• Make sure everyone uses same thing and doesn’t branch or make changes (Gab explained)

Ayaz: the other thing is that ISDA CDM was always meant to be an open model and they don't have a model for making it open; there could be mutual benefit from making aligned and retaining ISDA governance; within FINOS we should be looking to do this and also a technical gain.

Hammad: How could the engagement be structured?  Would they be another contributor?
Ayaz: Probably two tracks of contributors – we may need to brain storm here. I see ISDA as an active contributor here. Maybe modeling around orders and RFQ. They can give feedback and where their members are seeing pain points; FIX, by comparison, may be another form of contributor. 

Hammad: These are all valid points; regarding other standard groups. That ISDA is looking to participate is great and we will get lessons learned

Ayaz: Many of us have dealt with trade associations and challenges of being agile together; ISDA is very invested in this and aligning their strategic objectives. I would expect them (ISDA) to move forward as fast as reasonably possible.
Tosha: If you know the organizations – if you know who are engaged with ISDA (e.g., Neil Chennai in HSBC) ... it's useful to keep our name (FINOS) present such that they use

Ayaz: If FINOS was the mechanism to open soruce this it puts FINOS on the map; they are about a year ahead of FINOS on the modeling. Good potential joint benefits. 

Hammad: Members who are using these standards should be the ones promoting and advocating their contribution to FINOS (as opposed to the Standards group themselves) – we (FINOS) are very use case focused so if a FINOS member is actively using the standard it is in their interest to want the FINOS object to be a subset of this standard so that the object could easily evolve to be an ISDA object, SWIFT message, FIX protocal, etc. as it traverses the trade lifecycle

Ayaz: I can let people know in their firm who is their POC to ISDA

Hammad asked for feedback on the use cases.

Johan: Have not had a chance to synch up with David. 

Hammad: We can park and revisit next time 

• Agree to keep open longer for proposal review & feedback.
• Focus on RFQ & Trade Object - Asked group what else interested (use cases) in for having standards defined.
• What else would be helpful to start working on?
• Let Hammad know if interested in adding additional streams or share in WG or in email
• Looking for ideas on what to focus attention on and bring into the same construct
• Asked for open items from FINOS
• Asked group at large for any open items
• Brainstorming standards groups more engaged and what is that format
• Proposing what workflow items should be
• Continue to pick up existing objects feedback at next call

Ayaz: the term trade is a bit overloaded. A lot of people may get confused. Execution is a better descriptor

Rob:

• Showed how to access FINOS wiki.  
• For FDC3 use cases - they publish to a page in Confluence and people provide comments directly on use cases.
• FINOS recognizes not everyone can contribute to confluence
• So use mailing list for now and if any trouble let Rob know
• Roles & Responsibilities
• Hammad & Will - PMCs
• Tosha - Member Success @ FINOS
• Rob - Technology @ FINOS

Hammad Akbar