ISDA has been awarded Outstanding Contribution to Regulatory Reform for the ISDA Digital Regulatory Reporting (ISDA DRR) initiative by Regulation Asia at its eighth annual Awards for Excellence.
The ISDA DRR helps market participants comply with regulatory reporting requirements by using 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. This code can be used as the basis of implementation or to validate that a firm’s own interpretation of the rules is aligned with the golden-source standard, increasing the accuracy and consistency of data reported to regulators and reducing the time, resources and costs associated with compliance. The ISDA DRR currently covers reporting rules in eight jurisdictions, including Australia, Hong Kong, Japan and Singapore, and will ultimately extend to 12 rule sets in nine jurisdictions.
“ISDA has again demonstrated its unique ability to act as a bridge between industry innovation and regulatory necessity. The Digital Regulatory Reporting initiative is a landmark achievement in mutualized compliance. By creating a golden-source interpretation of complex rules and translating it into machine-executable code, ISDA has solved a major problem for the industry, drastically reducing the risk of misreporting and freeing up critical resources,” said one judge on the Regulation Asia Awards panel
“We’re very proud to win this award recognizing the important role the ISDA DRR plays in helping firms to implement changes to regulatory reporting requirements cost-effectively and accurately. As policymakers continue to improve their reporting regimes, we will make sure the ISDA DRR evolves to keep pace with those developments,” said Scott O’Malia, ISDA’s Chief Executive.
ISDA also won Global Capital’s award for Digital Solution of the Year for the ISDA DRR earlier this year, as well as Industry Association of the Year.
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 Wins Regulation Asia’s Outstanding Contribution to Regulatory Reform Award
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