May 21, 2019

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives. The deployment of the ISDA CDM as part of the Digital Regulatory Reporting is intended to help understand the feasibility of firms meeting both position-based and transaction-based reporting requirements from the same trade data and to harmonize reporting triggers to enable firms to report the same information at the same time.

ISDA had, in March 2019, published the full version of CDM for interest rate credit derivatives, opened the CDM access to all market participants, and published the frequently asked questions (FAQs) on CDM 2.0. The ISDA CDM is the first industry solution to tackle the lack of standard conventions in how derivatives trade events and processes are represented. Developed in response to regulatory changes, high costs associated with current manual processes and a demand for greater automation across the industry, the ISDA CDM for the first time creates a common blueprint for events that occur throughout the derivatives life-cycle, paving the way for greater automation and efficiency at scale.

The Digital Regulatory Reporting is a UK initiative to explore the use of technology to help firms meet their regulatory reporting requirements and to improve the quality of information reported. The aim is to explore the feasibility of a model-driven and machine-readable regulatory environment that could transform how the financial services industry understands, interprets, and reports regulatory information. Phase two of the DRR pilot began earlier this year, and follows the first phase in 2018. Two regulator-hosted "tech sprints" in 2016 and 2017 on regulatory reporting preceded this work. The collaboration will contribute to the objective of understanding how the  Digital Regulatory Reporting approach scales across multiple regulatory domains. 

 

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Keywords: International, Europe, UK, Banking, Insurance, Securities, Digital Regulatory Reporting, Regtech, Suptech, Reporting, Common Domain Model, OTC Derivatives, FCA, BoE, ISDA

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