The International Swaps and Derivatives Association (ISDA) published a new paper that gives industry perspectives on the ISDA Digital Regulatory Reporting initiative (DRR) based on interviews with adopting firms. It explores the approaches institutions are taking to implement the DRR and the benefits they have realized. Specifically, interviewees reported improved data quality, high trade repository acknowledgement rates, reduced costs and increased efficiency.
Firms that had adopted the ISDA DRR for one set of regulatory reporting requirements also found it easier and quicker to implement other rules due to the reusability of the DRR code and reporting logic across jurisdictions, reducing duplication of effort and maintenance costs.
“This report confirms that firms using the ISDA DRR are realizing significant benefits, including operational and cost efficiencies. Importantly, the data being reported is more accurate, reducing the potential for regulatory penalties for misreported data and ensuring regulators receive better quality information,” said Scott O’Malia, ISDA’s chief executive, in a statement.
Interviewees reported improved data quality and high trade repository acknowledgement (ACK) rates, with reported figures of 100% under Monetary Authority of Singapore (MAS) rules and 98.2% for the European Securities and Markets Authority’s (ESMA) European Market Infrastructure Regulation (EMIR) Refit. Additionally, streamlined operations and reduced ongoing costs of up to 50% were highlighted.
The collaborative, open-access nature of the ISDA DRR was frequently cited as a key enabler of code reusability and faster adaptation to regulatory changes. This agility has positioned ISDA DRR adopters to meet evolving compliance demands more efficiently and at scale. As regulatory obligations continue to evolve, the ISDA DRR, powered by the CDM, is emerging not just as a technical upgrade, but as a strategic foundation for resilient and futureproof regulatory reporting.
