Operationalising CDM to drive post-trade automation for collateralised transactions

A Future of Finance interview with Ciarán McGonagle, Chief Legal & Product Officer at Tokenovate.

Tokenovate delivers post-trade automation for derivatives and securities finance trades. Chief Legal and Product Officer Ciarán McGonagle speaks to Future of Finance’s Bob Currie about how the company is applying blockchain and smart contract technology to build a financial ecosystem that is automated, resilient and efficient.

Representing a financial product as a bundle of rights and obligations governed by conditional logic, McGonagle reflects on the flexibility offered by smart contracts in managing the cash flows, transfers of ownership and other lifecycle events associated with these contracts. He explains how Tokenovate’s unused transaction output (UTXO)-based model shapes the legal remedies available to asset owners in case of legal dispute or misappropriation – and how this may differ from other flavours of blockchain.

Drawing on his previous experience working at ISDA, McGonagle discusses how Tokenovate is applying the common domain model (CDM) to translate standard representation of key trade terms into real-world systems and workflows. In closing, he reflects on how the company is contributing to public policy formation and potential outcomes from its representations in Washington and Brussels, its work with financial regulators and its participation at New York Climate Week.

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