  In this paper we explore opportunities for the post-trade industry to
standardize and simplify in order to significantly increase efficiency and
reduce costs. We start by summarizing relevant industry problems (inconsistent
processes, inconsistent data and duplicated data) and then present the
corresponding potential industry solutions (process standardization, data
standardization and authoritative data stores). This includes transitioning to
the International Swaps and Derivatives Association Common Domain Model (CDM)
as a standard set of digital representations for the business events and
processes throughout the life cycle of a trade. We then explore how financial
market infrastructures could operate authoritative data stores that make CDM
business events available to broker-dealers, considering both traditional
centralized models and potential decentralized models. For both types of model,
there are many possible adoption scenarios (depending on each broker-dealer's
degree of integration with the authoritative data store and usage of the CDM),
and we identify some of the key scenarios.
