CDM Tokenized Assets WG - March 26th, 2025

[eteridvalishvili]

CDM Tokenized Assets Working Group Minutes

Meeting Host: Ciarán McGonagle, Tokenovate

March 26th, 2025 - 10 am EST / 2 pm GMT

Untracked attendees

Meeting notices

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Agenda

• Convene & roll call (5mins)
• Display FINOS Antitrust Policy summary slide
• Review Meeting Notices (see above)
• Approve past meeting minutes
  • CDM Tokenized Assets WG - March 12th, 2025 #3486
• Recap
• Tokenised Settlement in CDM
• Current SettlementTerms Structure
• Proposed SettlementTerms Structure
• Discussion
• AOB, Q&A & Adjourn (5mins)

Materials

CDM Tokenized Assets Working Group (26th March 2025).pdf

Minutes

• Recap

  • Presented examples of security tokens and tokenized securities, referencing the UK Jurisdiction Task Force (UKJT) legal statement.
  • Structure of current settlement terms within CDM and how they might be extended.

• Current SettlementTerms Structure & Proposed SettlementTerms Structure

  • Discussed distinguishing between natively digital securities (security tokens) and traditional securities with tokenized settlement (tokenized securities).
  • Discussed wether tokenization attributes should be part of a separate "tokenized settlement terms" class or integrated into existing settlement terms (physical or cash).

• Discussion

  • Questions on the purpose of adding specific attributes to the CDM.
  • There is a need to address the relationship between tokenized assets and their underlying real-world assets to avoid conflicting lifecycles.
  • Discussed the mpact of platform environments on settlement processes and the potential for CDM adoption in these platforms.
  • Suggestion to focus on the trade and position representation of tokenized assets. This might be more impactful than focusing only on settlement terms.

Actions Items

• Ciarán McGonagle:

  • Create GitHub issues for key discussion points to get feedback.

• Eteri Dvalishvili:

  • Adjust the meeting cadence to monthly.

• ISDA:

  • Review the VM CSA documents for any parts that can be used for the tokenized security settlement.

Zoom info

Join Zoom Meeting
https://zoom.us/j/96655082800?pwd=NaKW93vozi2KXxGk10JblGcJpQMspL.1

Meeting ID: 966 5508 2800
Passcode: 340979

Find your local number: https://zoom.us/u/acYWsGi5Mj

[CiaranMcGonagleTokenovate]

Ciarán - Tokenovate

[MarkNew-ISDA]

Mark New - ISDA

[PhilippeRedaelli]

Philippe Redaelli - Kaiko

[valdensmith]

Vernon Alden-Smith - ISDA

[iansloyan]

Ian Sloyan FINOS

[tomhealey-icma]

Tom Healey/ICMA

[eacunaISDA]

Eleonora / ISDA

[Previn-Singh]

Previn Singh - Kaleidoscope Transformation

[adamulman]

Adam Ulman / SmartStream

[GerryDenham]

Gerry Denham / Eurex

[lolabeis]

Leo Labeis / REGnosys

[PJDiGi]

PJ Di Giammarino / RegRisk Legal Solutions

[lagarciath]

Laura Garcia / TradeHeader

[NicDecouttere]

Nicolas Decouttere / REGnosys

[chrisisla]

Chris / ISLA