As announced in the press release dated January 15, 2025, titled "Global Standardization of Regulatory Reporting Leveraging DRR & CDM," JSCC has been exploring a framework for regulatory reporting leveraging DRR and CDM as part of adapting to a new global standardized framework. We are pleased to announce that we commenced parallel production operations as planned on June 27, 2025.
"We are honored to be the first clearing organization globally and the first financial institution in Japan to announce the implementation of DRR and CDM in a production environment. We extend our respect and gratitude to all parties involved, including ISDA and FINOS, who supported this achievement," said Konuma Yasuyuki, President and CEO of JSCC.
"The ISDA DRR establishes a best practice for derivatives trade reporting in multiple jurisdictions. Using the CDM, a golden source interpretation of each ruleset is transformed into free, machine-executable code, enabling institutions to implement the requirements cost-effectively, consistently and accurately. JSCC’s implementation is a big step towards automated reporting in Japan," said Scott O’Malia, CEO of ISDA.
Looking ahead, JSCC will conduct comparative analysis with the current system using live data and continue to leverage the potential of DRR and CDM through medium- to long-term pilot projects and other initiatives.
Reference
- DRR (Digital Regulatory Reporting): A solution that brings greater consistency and automation to regulatory reporting of derivatives trades, developed by the International Swaps and Derivatives Association (ISDA), a global association for the derivatives industry
- CDM (Common Domain Model): A framework managed by the Fintech Open Source Foundation (FINOS), an organization promoting open source in financial services, that standardizes data and processes across the entire transaction lifecycle and enhances interoperability.
