RegTech IntelligenceOn the 5th of December the Bank of England and FCA held a Transforming Data Collection town hall which revealed the Bank is turning to industry standards to address 455 million errors per day. That’s a lot of thankless standards work which could change the game. We know this from hard experience. JWG has been
The financial sector is facing increasing regulatory demands, and firms need new approaches to maintain compliance while driving operational efficiency. Industry experts shared their perspectives at FINOS’ October 2024 OSSF event in NYC and demonstrated how traditional methods of regulatory reporting, often disjointed and expensive, are being revolutionized by the use of open source technologies
In a landmark third SteerCo meeting, industry leaders from FINOS’ Open RegTech Council, supported by industry think-tank, JWG delved into the groundbreaking results from the open-source regulatory reporting (ORR) initiative last month. Digital Regulatory Reporting (DRR) and the Common Domain Model (CDM) are poised to revolutionize regulatory compliance and leaders are getting ahead of the
The EU’s Digital Operational Resilience Act (DORA) dragon is getting ready for flight in 150 days. Leave your castle walls in disrepair over the summer holidays at your peril. This regulation has taken a far deeper, broader and more prescriptive approach to derisking the ‘end to end’ Information Communication and Technology (ICT) risk than ever
Firms required to report under the European Market Infrastructure Regime’s (EMIR) Refit, face a looming deadline of April 29 to implement several vital changes. Those operating in the European Union and the UK will run a two-speed reporting regime until the UK’s EMIR revamp goes live on Sept. 30. “Many firms will have an obligation
Global systemically important banks (G-SIBs) have increasingly turned to the open-source Common Domain Model (CDM) to retool their reporting systems and advance digital regulatory reporting (DRR) while boosting interoperability. Goldman Sachs, JP Morgan, Barclays and BNP Paribas have all piloted various projects related to trade and transaction reporting and are examining further use cases, such
With the CFTC UPI heading into production for Interest Rate, Credit, Foreign Exchange, and Equity asset classes on 29 January, it’s a good opportunity to step back and look at opportunities to simplify derivatives regulatory reporting this year. We asked Chad Giussani for his perspectives in advance of our conference which he unplugged in 2020!
We are pleased to announce the first wave of confirmed firms, regulators and trade associations are participating in JWG’s 8th annual RegTech conference, ‘Getting real about RegTech 2024. Don’t miss this opportunity to join this premier global event which articulates the key challenges which RegTech can help overcome in 2024. Register here RegTech year 8 Regulators
The UK Financial Services Regulatory Initiatives Forum released its second major Regulatory Initiatives Grid update of the year and the 7th edition of the Grid overall. Over three dozen new initiatives have been added to last year’s plan (JWG Grid 6 analysis here) taking into account the summer update which flagged the significance of Financial
JWG’s eighth annual conference will be the premier, global event for setting the 2024 RegTech agenda on 7 February in London. Join us to help shape the debate today. Register for 7 February 2024 About the JWG RegTech agenda Long recognised as the first, biggest and most professional public/private sector agenda debate, JWG is continuing
New, exacting BCBS 239 data quality expectations are coming into force just as EMIR Refit and JFSA derivative reporting is put into production 200 days from now. Businesses will be under pressure to deliver lineage for their data or risk fines and reputational damage. JWG’s DRR RegDelta is a RegTech solution that helps companies maintain
As the deadlines for compliance with new, complex derivatives rules approach, many firms are at risk of facing hefty fines from regulators if they are found wanting. JWG is calling on all firms to join their next global virtual seminar on 29 June to discuss strategies for deploying proven DRR RegTech to manage their regulatory
JWG’s 22 March 2023 Trading Compliance Seminar brought together an all-star cast of over 20 experts who discussed plans for the latest MiFID Review, Market Data changes, CTP, MAR, ESG data demands, MiCA and UK digital asset efforts. These experts did an outstanding job in putting regulatory demands into context and provide delegates with valuable
UK Regulators have finally disclosed their plans for 2023 which are 29% bigger than last year with the FCA owning the lion’s share of the 143 initiatives. Practitioners should update their firm’s radars with this version but beware: further updates are expected over the course of 2023. JWG RegRadars are primed and ready. Join us
2023 RegTech Beacon – Guiding your way through regulatory storms We are delighted to publish the 29th issue of JWG’s RegTech Beacon which now serves as our yearbook and recaps 2022 accomplishments as well as providing an outlook of what lies ahead. Our RegTech outlook is one of collaboration between the front office and its supporting
Project planning, resourcing, EMIR Refit, CFTC and global operating model
Digital Regulatory Reporting Architecture Working Group meeting 18 for firms to discuss the path forward with ISDA and establish next steps.
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital regulatory reporting (DRR) music has upped tempo in 2022: Internationally, the Financial Stability Board (FSB)has become the new home for reporting requirements and is poised to launch its 2023 workplan In the US, the derivatives sector is enjoying the benefits for CFTC rewrite reporting which start next month before deploying DRR code across the
A top-tier European bank has successfully implemented digital regulatory reporting (DRR) technology to comply with the U.S. Commodity Futures Trading Commission’s (CFTC) amended swap data reporting rules, a key milestone in a years-long industry effort to streamline often complex obligations. BNP Paribas yesterday announced it used DRR in a real-world, production-level environment, with a successful
An all-star cast of 40+ speakers will gather virtually on 9th & 10th November 2022 to set the 2023 RegTech agenda at JWG’s 7th annual premier RegTech conference. Markets have been rocked by turbulence unseen in over a decade and the regulatory agenda has shifted quickly. JWG research has defined 10 panels and worked with the industry to
The European Commission has pushed ahead with digital regulatory reporting — which it views as a central workstream in its overall agenda to make financial services fit for the digital age — while UK regulators have sidelined similar initiatives. The Commission is taking a deliberate approach to testing technology and frameworks for delivering machine-readable and executable
Project planning, resourcing, EMIR Refit, CFTC and global operating model
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital Regulatory Reporting Architecture Working Group meeting 17 for firms to review results of ‘house view’ discussions on path forward and best practices as well as service model and next steps.
Digital Regulatory Reporting Architecture Working Group meeting 16 for firms to review results of ‘house view’ discussions on path forward and best practices.
Project planning, resourcing, EMIR Refit, CFTC and global operating model
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital Regulatory Reporting Architecture Working Group meeting 15 for firms to review proposed solution architectures and resourcing options.
Digital Regulatory Reporting Architecture Working Group meeting 14 for firms to review legal structure and roles and responsibilities.
Digital Regulatory Reporting Architecture Working Group meeting 13 for firms to review detailed DRR operating model needs
In our sixth Digital Reporting Taskforce meeting last week a global group of regulators, firms and suppliers discussed: An IIF Digital Economic Cooperation framework Problem statements for Identification and standards Messaging needs for senior management. The minutes can be found along with the meeting materials here. The next meeting, DRTF7 in October we will focus
Digital Regulatory Reporting Architecture Working Group meeting 12 for firms to review target operating model strawman discussed in in DRR architecture WG meeting on 26 May 2022
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital Regulatory Reporting Architecture Working Group meeting 11 for firms to review target operating model options and key issues discussed in oversight committee 11 on 12 May 2022
Digital Regulatory Reporting Architecture Working Group meeting 10 for firms to review target operating model options and key issues identified in WG9
Digital Regulatory Reporting Architecture Working Group meeting 9 for firms to review target operating model options and key issues identified in WG8
Digital Regulatory Reporting Architecture Working Group meeting 8 to review follow-up actions from oversight committee meeting (DOC10)
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery
With newly minted FS reporting strategies, the EU and UK are focused on enabling the fasteners of digital finance. This article summarizes the 2022 transformation drivers for public and private sectors, and how you can get involved in DRR. 2022 transparency drivers As we discussed in our 2022 Outlook, digital assets are coming into the
In our fifth meeting, a global group of regulators, firms and suppliers discussed two key regulatory reporting problem statements and identified options to solve them, the considerations, potential paths and barriers. The minutes can be found along with the meeting materials here. The next meeting, DRTF6 on 14 June will review additional problem statements. JWG
New digital rails are being laid next to traditional finance (TradFi) which puts RegTech in the critical role of integrating markets and defining safety standards. In our inaugural episode of RegCast here we lay out the key themes which peek over the horizon as JWG enters its second decade of RegTech. RegTech meets Digital Finance
RegTech Beacon – Guiding your way through global regulatory storms. We are delighted to publish the 28th issue of JWG’s RegTech Beacon which now serves as our yearbook that recaps 2021 accomplishments and provides an outlook of what lies ahead. Our focus this year is defining the next steps required for a truly digital financial infrastructure.
RegTech Beacon – Guiding your way through global regulatory storms. We are delighted to publish the 28th issue of JWG’s RegTech Beacon which now serves as our yearbook that recaps 2021 accomplishments and provides an outlook of what lies ahead. Our focus this year is defining the next steps required for a truly digital financial infrastructure.
Project planning, resourcing, EMIR Refit, CFTC technical architecture
In our fourth meeting, a global group of regulators, firms and suppliers discussed two key regulatory reporting problem statements and identified options to solve them, the considerations, potential paths and barriers. The minutes can be found along with the meeting materials here. The next meeting, DRTF5 on 8 February will review additional problem statements. JWG
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery
1,000 visits to the JWG Annual Conference site are keeping the conversation alive. There is still time to listen to the all-star debate, participate in the debates and help set the 2022 RegTech agenda. 2021 Annual conference On the 16th & 17th November, JWG held its 6th annual and its 1st virtual global conference, where
Post 30 Nov FX sprint digitizer meeting to discuss conclusions and forward plans
Digital Regulatory Reporting sprint follow-up meeting to review conclusions from 30 November Fx Sprint and agree next steps in advance of 15 December DOC9
In our third meeting, a global group of regulators, firms and suppliers discussed the new risk system design criteria and specifications, objectives, and migration paths. The minutes can be found along with the meeting materials here. The next meeting, DRTF4 on 14 December will review feedback received at DRTF3 and the JWG Annual Conference JWG
Digital Regulatory Reporting Architecture Working Group meeting 7 to review follow-up actions from oversight committee meeting8 (DOC8)
Project planning, resourcing, EMIR Refit, technical architecture
Derivatives programme status focused on EMIR Refit reporting delivery
100+ Organizations have registered for RegTech 2021 JWG has finalized an all-star cast of 37 speakers from the best and the brightest in our space which will be gather virtually on 16th & 17th November 2021. Don’t miss this opportunity to join international firms, the Bank of England, FCA, global regulators and trade associations and top banks,
Digital Regulatory Reporting Architecture Working Group meeting 6 to review follow-up actions from oversight committee meeting7 (DOC7)
CFTC project planning, resourcing, EMIR Refit, semantic tooling
In our second meeting, a global group of regulators, firms and suppliers discussed the changes in the regulatory building blocks required and quickly identified components which could be assembled to define a new paradigm for risk information collection. The next meeting will focus on a new paradigm for collecting risk information from a digital system
Regulatory reporting is moving out of the backwater and into the limelight. New RegTech tooling is here and leaders are deploying it now and regulators are defining their SupTech approaches. The regulators and regulated have all made progress and the sector is building momentum in Q4. Register Here Regulatory demands picking up pace Last quarter
Derivatives programme status for CFTC rewrite and EMIR Refit reporting delivery
In our first meeting, a global group of regulators, firms and suppliers discussed the changes in the regulatory reporting story, the building blocks required, stakeholders to engage and the collaborative mode of working we would like to establish. At this next meeting we will start with 4 building blocks, identify targets and highlight gaps to
We are delighted to reveal more details for our annual conference. With so much happening in this space – make sure that you know what risks are coming and how to tackle them! See details below and sign up now to hear a great cast of regulators, academia, firms and suppliers discussing the next generation
Financial services are digitizing fast but there is much more public and private sectors can do to deliver reporting controls which fulfil supervisory mandates in a digital age. With support from top regulators, financial institutions, and vendors JWG is launching a task force to 1) define a future target operating model for the regulatory reporting
A decade ago, JWG worked with Banking Technology to produce the world’s first RegTech magazine for our sector. We are now delighted to be hosting the 6th annual RegTech / SupTech Conference on 16 & 17 November 2021 which promises to be one of the most exciting, digital events of the season. Register Here Today Agenda
It might be summertime but the work hasn’t stopped for those working in compliance. The constant barrage of tweaks to existing reporting regimes and wholesale refreshes such as the incoming derivatives reporting changes by the Commodity Futures and Trading Commission (CFTC) have kept teams busy. In Europe, Brexit has also impacted how firms must deal
CFTC project planning, resourcing, EMIR Refit, semantic tooling, data sourcing, eligibility modelling,
Presentation used to discuss DRR programme status 1.Global DRR programme status 2.Architecture WG conclusions and plans 3.Next steps 4.AOB
21 July meeting materials for review of semantic tooling in advance of programme oversight committee meeting 6.
To discuss CFTC reporting rewrite timelines, objectives, critical path, milestones, and delivery options. Potential risks were reviewed, and secretariat recommendations to accelerate CFTC plans were discussed.
The group convened Programme Oversight Committee 3 (POC 3) on 29 June to discuss CFTC reporting rewrite timelines, objectives, critical path, milestones and delivery options. Potential risks were reviewed and secretariat recommendations discussed.
Digital Regulatory Reporting Architecture Working Group meeting 5 to review progress vs. plans and follow-up actions from oversight committee meeting 5 (DOC5) and Programme Oversight Committee 2 (POC2) and POC3
Training materials for Cohort 3
By Priya Kundamal, DTCC The fragmentation of trade reporting rules and the lack of a common data set across jurisdictions hinders transparency and global risk monitoring, writes DTCC’s Priya Kundamal. Market disruptions often spur change. In response to the 2008 Global Financial Crisis, one of the G20 reforms was to mandate the reporting of
Target outcome: to complete a targeted Fx scope of 15-20 fields by end January and set the stage for a repeatable approach in Q121 Please note: The sprint relies on a set of DRR training videos produced from a previous DRR course which are attached to this meeting notice (see ‘supporting documents’ below on the
It was agreed that the programme was on target to delivering an EMIR Refit-ready Common Domain Model (CDM) for all asset classes in scope of the regime in Q1 22. This will give firms ample time for integration and testing in advance of the anticipated go-live date which is anticipated to be Q4 22. Members also expressed their support for launching a US-focused project on CFTC implementation as part of the Global DRR programme.
As will be noted in the forthcoming minutes of the second Global Derivatives DRR Programme oversight Committee (POC2) meeting, some members expressed their support for a US-focused project on CFTC implementation. We have agreed to work with US ISDA colleagues to convene a meeting to review potential CFTC project objectives, risks and targets with
Global Derivatives digital regulatory reporting EMIR Refit and CFTC programme plan, milestones, priorities and next steps.
Digitization ramp-up and continued focus on CDE and EMIR Refit field modelling to deliver output that can meet ESMA obligations and help with the delivery of CFTC reporting requirements in 2022.
Digital Regulatory Reporting Architecture Working Group meeting 4 to review progress vs. semantic plans and follow-up actions from oversight committee meeting 5 (DOC5) and Programme Oversight Committee 2 (PoC2). DRR CDM semantic & disambiguation requirements review Semantic architecture options and resourcing Test data approach (AB/EH) Eligibility approach
Inputs: ─Firm expectations of key milestones and dependencies for EMIR Refit and CFTC ─Draft planning assumptions to be challenged in POC2 (see objectives below) ─1 representative per organisation DRR programme planning session objectives: ─Targets. Set DRR MVP for the year: deliverables by quarter by regulation ─Modelling rates. Review Digitizer progress to date ─Interdependencies. Key dependencies
4 half day training sessions in the US ET am to orient Digital Regulatory Reporting Digitizers By the end of the course participants will be able to transpose regulatory text into a CDM functional expression in Rosetta for the purposes of generating regulatory reporting. The course relies on a set of DRR training videos produced
Presentation used to discuss DRR programme status 1.Digitizer Cohort 2 update 2.Programme planning update 3.Architecture WG conclusions and plans 4.Next steps 5.AOB
Some suggest that, had data on over-the-counter (OTC) derivatives transactions been available before the financial crisis in 2008, the build-up of risk could have been foreseen and managed very differently. This is what led to G20 demands that all derivatives products be reported to trade repositories and made available to regulators. But as early as
4 half day training sessions in the US ET am to orient Digital Regulatory Reporting Digitizers By the end of the course participants will be able to take a regulatory text and transpose it into a CDM functional expression in Rosetta for the purposes of generating regulatory reporting. The course relies on a set of
Digital Regulatory Reporting Architecture Working Group meeting 3 to review progress on follow-up actions from oversight committee meeting 4 (DOC4) and next steps in advance of Digitizer Cohort 2 launch in May and oversight committee meeting 5 (DOC 5).
The group discussed recent papers from the Bank of England, BIS and JWG’s Global Derivatives Digital Regulatory Reporting (DRR) programme and the business case for getting involved in these efforts. The group also reviewed JWG’s proposed Regulatory Reporting & Data SIG (RRDS) 2021 plans to explore the feasibility of ‘top down’ aggregated reporting (e.g., Risk,
Many U.S. and European globally systemically important banks (G-SIBs) have seconded staff to a digital regulatory reporting project that mutualises derivatives reporting rules interpretation, expresses those rules as computer code in alignment with trade association- agreed best practices. The project is training 25 G-SIB-supplied specialists to study the data fields required for the European Market