ISDA’s Digital Regulatory Reporting (DRR) solution uses the open-source Common Domain Model (CDM) to transform an industry-agreed interpretation of new or amended regulatory reporting rules into unambiguous, machine-executable code, making implementation more efficient and cost effective.
Key Benefits
The ISDA DRR significantly reduces the time, resources and cost needed to implement reporting regulations in multiple jurisdictions. Rather than interpreting and implementing each set of rules individually, and then repeating that work in future if changes are necessary, firms can implement code that has been validated and tested by industry participants and will be updated as new rules emerge or are amended, enabling resources to be reassigned to other projects.
As the DRR is based on a mutualized industry interpretation of rules in multiple jurisdictions and will be fully accessible to regulators, the potential for regulatory penalties due to incomplete or misreported data is substantially reduced.
ISDA is committed to supporting 11 core regulatory reporting regimes across nine jurisdictions: the US (under Commodity Futures Trading Commission (CFTC) rules), the EU (under the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Regulation (MIFIR)), the UK (under UK EMIR and UK MIFIR), Japan, Australia, Singapore, Hong Kong, Canada and Switzerland.
The ISDA DRR is freely available to all firms.
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