ISDA has published a new paper in conjunction with Capgemini that gives industry perspectives on the ISDA Digital Regulatory Reporting initiative (DRR).
The paper, which is based on interviews with firms that have adopted the ISDA DRR, explores the approaches institutions are taking to implement the DRR and the benefits they have realized. Specifically, interviewees reported improved data quality, high trade repository acknowledgement rates, reduced costs and increased efficiency. Firms that had adopted the ISDA DRR for one set of regulatory reporting requirements also found it easier and quicker to implement other rules due to the reusability of the DRR code and reporting logic across jurisdictions, reducing duplication of effort and maintenance costs.
“This report confirms that firms using the ISDA DRR are realizing significant benefits, including operational and cost efficiencies. Importantly, the data being reported is more accurate, reducing the potential for regulatory penalties for misreported data and ensuring regulators receive better quality information,” said Scott O’Malia, ISDA’s Chief Executive.
“Capgemini is pleased to have collaborated with ISDA in producing this report. Our collaboration reflects our conviction that open standards, specifically the CDM and the ISDA DRR, are transformational for how the industry collaborates, reports and operates. When widely adopted, they will drive greater standardization, data consistency and operational efficiency across capital markets interactions. Capgemini is excited to help the industry design, build and scale these capabilities, supporting both development and adoption,” said Paul Grainger, Director, Banking & Capital Markets, at Capgemini.
The ISDA DRR uses the Common Domain Model – an open-source data standard for financial products, trades and lifecycle events – to transform an industry-agreed interpretation of each rule set into machine-executable code. The ISDA DRR currently covers reporting rules in eight jurisdictions, including the EU and UK under the EU/ UK European Market Infrastructure Regulation and the US under Commodity Futures Trading Commission requirements, and will ultimately extend to 12 rule sets in nine jurisdictions.
Read the paper here.
More information about the ISDA DRR is available here.
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
Michael Milner-Watt, ISDA London, +44 20 3808 9777, mmilner-watt@isda.org
Nikki Lu, ISDA Hong Kong, +852 2200 5901, nlu@isda.org
Documents (1) for ISDA and Capgemini Publish Paper Giving Industry Perspectives on the ISDA DRR
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