CDM Tokenized Assets WG - March 12th, 2025

[eteridvalishvili]

CDM Tokenized Assets Working Group Minutes

Meeting Host: Ciarán McGonagle, Tokenovate

February 25th, 2025 - 10 am EST / 2 pm GMT

Untracked attendees

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Agenda

• Convene & roll call (5mins)
• Display FINOS Antitrust Policy summary slide
• Review Meeting Notices (see above)
• Introduction to the Group
• Overview of Tokenisation
• Proposed Modelling Approach
• AOB, Q&A & Adjourn (5mins)

Materials

CDM Tokenized Assets Working Group (12th March 2025).pdf

Minutes

• Introduction to the Group

  • WG's purpose: establish CDM as the foundational layer for defining and automating tokenized assets and workflows, initially within derivatives and securities financing transactions.
  • The goal is to create a cohesive model within CDM that accommodates tokenized assets without disrupting the existing framework.
  • Need for collaborative effort

• Overview of Tokenisation

  • The industry is seeing increased focus on tokenized assets, moving from theory to practical implementation.
  • Challenges include achieving interoperability and synchronizing digital twins with real-world assets.
  • CDM's asset model is rich and capable of representing various assets, but it lacks support for tokenized versions of traditional assets and specific settlement mechanics for tokenized assets.
  • Discussion of the CFTC taxonomy: crypto assets, security tokens, and tokenized securities.
  • The group discussed if the tokenized assets should be modeled at the asset level, or at the settlement level.

• Proposed Modeling Approach

  • Discussions around the relationship between tokenized settlement, cash settlement, and physical settlement.
  • There was discussion about the need to model asymmetrical settlements, where one leg of the transaction is on chain, and the other is off chain.
  • The group discussed the transfer event, and if extra information needed to be added to the CDM model.
  • The group discussed if the current CDM lifecycle events model would work for tokenized assets.
  • The group discussed if tokenization specific events, such as forks and airdrops, need to be added to the CDM model.

Actions Items

• Ciarán McGonagle:
  • Prepare examples of extended settlement mechanisms and asset representations for the next meeting.
  • Gather feedback from the group on the demarcation between amendments to the asset model and the settlement mechanics.

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

[eteridvalishvili]

Eteri / FINOS

[CiaranMcGonagleTokenovate]

Ciarán / Tokenovate

[eacunaISDA]

Eleonora / ISDA

[lolabeis]

Leo Labeis / REGnosys

[iansloyan]

Ian Sloyan / FINOS

[NicDecouttere]

Nicolas / REGnosys

[GerryDenham]

Gerard / Eurex

[PhilippeRedaelli]

Philippe Redaelli / Kaiko

[LionelSG-REGnosys]

Lionel Smith-Gordon / REGnosys

[jmattimore]

Johnny Mattimore / MKM Research Labs

[gabriel-ICMA]

Gabriel / ICMA

[naylore03]

Emily Naylor / Schroders

[dicksoncchin]

Dickson Chin / Jones Day

[Previn-Singh]

Previn Singh / Kaleidoscope Transformation

[chrisisla]

Chris / ISLA

[madeleineboys]

Madeleine Boys - Global Digital Finance

[valdensmith]

Vernon ISDA