ISDA has announced it will extend the ISDA Digital Regulatory Reporting (ISDA DRR) solution to cover reporting requirements under the EU and UK Markets in Financial Instruments Directive (MIFID) and Markets in Financial Instruments Regulation (MIFIR), and is working with The Depository Trust & Clearing Corporation (DTCC) to integrate the ISDA DRR into DTCC’s Global Trade Repository (GTR) MIFID/MIFIR Approved Reporting Mechanism (ARM).
DTCC recently announced it would launch an ARM within its GTR service to support transaction reporting requirements under MIFID/MIFIR in the EU and UK, subject to regulatory approval. The collaboration between ISDA and DTCC aims to streamline transaction reporting processes, with a focus on improving accuracy and acceptance rates. Revised transaction reporting requirements under the MIFID/MIFIR Review are anticipated to be implemented in the EU and the UK over the course of 2027. DTCC plans to allow firms to submit transaction reports under current UK MIFID/MIFIR rules from the first quarter of 2026, subject to regulatory approvals.
The ISDA DRR uses the Common Domain Model (CDM) – an open-source data standard for financial products, trades and lifecycle events – to transform an industry-agreed interpretation of new or amended transaction reporting rules into unambiguous, machine-executable code, making implementation more efficient and cost-effective. Using the ISDA DRR enables firms to implement changes to regulatory reporting requirements cost-effectively and accurately and reduces the risk of regulatory penalties for misreported data.
“Extension of the ISDA DRR to cover revised transaction reporting requirements under MIFID/MIFIR will establish a golden source for firms to use for their implementation. The integration of the ISDA DRR into DTCC’s GTR MIFID/MIFIR ARM will further ease the burden of implementation, improving the accuracy and consistency of transaction reports,” said Scott O’Malia, ISDA’s Chief Executive.
“DTCC is pleased to continue its support of ISDA’s DRR to better streamline trade reporting processes for market participants in the UK and EU. Through this collaboration, firms can anticipate an increase in acceptance rates for submitted trade data, as well as a reduction in the complexities and costs they face in adapting to evolving regulatory requirements. We remain committed to providing the most comprehensive and innovative trade reporting solutions to our clients globally at the best value,” said Michele Hillery, Managing Director and Head of DTCC Repository and Derivatives Services.
As the trade reporting regulatory landscape continues to evolve, ISDA and DTCC are both committed to continuing to assist global market participants by driving efficiencies in their trade reporting obligations.
For more information on ISDA’s DRR, visit ISDA Solutions InfoHub.
For Press Queries, Please Contact:
Nick Sawyer, ISDA London, +44 20 3808 9740, nsawyer@isda.org
Joel Clark, ISDA London, +44 20 3808 9760, jclark@isda.org
Christopher Faimali, ISDA London, +44 20 3808 9736, CFaimali@isda.org
Nikki Lu, ISDA Hong Kong, +852 2200 5901, nlu@isda.org
Documents (1) for ISDA to Extend DRR to cover MIFID/MIFIR Reporting and Works with DTCC to Further Adoption
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