ISDA has been named Industry Association of the Year for the second year running by Regulation Asia at its seventh annual Awards for Excellence. The association also won Best Regulatory Reporting Solution for its Digital Regulatory Reporting (DRR) initiative.
The Industry Association of the Year award recognizes trade groups that have shown outstanding leadership in supporting regulatory reform, addressing compliance challenges and promoting financial stability, including through the development of industry standards and best practices.
The panel of judges highlighted several ISDA initiatives to respond to market and regulatory developments and improve industry efficiency, including the launch of the ISDA Close-out Framework to help firms prepare for potential terminations of collateralized derivatives contracts and continued regulatory engagement in China and India, including the publication of a paper that makes a series of market and policy recommendations to encourage the further development of India’s derivatives market. The judges also pointed to efforts to support banks in their implementation of Basel III and development of climate scenario analysis for the trading book.
“ISDA’s continued leadership and regulatory advocacy, along with its commitment to creating innovative industry solutions to regulatory challenges, set a new benchmark for industry associations. Its focus on global regulatory alignment and standardization and its educational and professional development programs have been truly beneficial to the market,” said one judge on the Regulation Asia Awards panel.
ISDA also won the Best Regulatory Reporting Solution award for the DRR, which uses the Common Domain Model (CDM) – an open-source data standard for financial products, trades and lifecycle events – to transform industry-agreed interpretations of regulatory reporting rules into machine-executable code. ISDA has extended the DRR to five additional jurisdictions this year, including Australia, Japan and Singapore, bringing lower costs and greater accuracy to the reporting process. In total, ISDA has pledged to support 11 reporting rule sets in nine major jurisdictions and to maintain the DRR as those rules evolve in future.
“ISDA’s solution stands out for its forward-thinking design and ability to reduce the time, resources and cost needed to implement regulatory reporting requirements. Through automation and a commitment to high data standards, ISDA sets a new benchmark in regulatory compliance,” said a judge on the Regulation Asia Awards panel.
In addition to these two awards, ISDA was also named Industry Association of the Year for the second consecutive year in the GlobalCapital Global Derivatives Awards 2024.
“We’re really pleased that Regulation Asia has recognized ISDA’s work to make derivatives markets safer and more efficient with two awards. Over the past year, we’ve continued to focus on developing solutions to shared industry problems to increase efficiency and reduce risks and costs. ISDA’s DRR is one example, which will reduce implementation and maintenance costs and improve accuracy in reporting, so we’re very proud that this initiative has been recognized,” said Scott O’Malia, ISDA Chief Executive.
