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


The Financial Conduct Authority (FCA) has asked firms to provide granular information to identify investment and execution decision makers more accurately in Markets in Financial Instruments Regulation (MiFIR) transaction reports. The MiFIR reporting regime went live in 2018. The FCA uses MiFIR transaction reports, in part, to conduct market surveillance for market abuse and insider


The European Securities and Markets Authority (ESMA) set out its five-year data strategy aimed at reducing financial services firms’ compliance burden and establishing itself as an enhanced data hub. “We want to contribute to reducing the compliance burden for companies and facilitate data reporting by means of increased standardisation and the use of modern IT


The next five years are shaping up to be the most strategic period of regulatory engagement on industry data since the financial crisis. ESMA’s new 5 year data strategy illuminates a well thought through path to achieving real transparency though technology-enabled data hubs that cover the full scope of current and new capital markets activity.


Senior managers have 163 days left to get ready for new rules in Ireland which will become effective on the 31st December 2023. In the wake of the pandemic, FinTech and digital assets have become real, the next big round of post-crisis derivatives reforms is in here, trading rules are being rewritten and the regulatory framework


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


Compliance and chatGPT

RegTech promises to turn policy documents to rule sets that describe what good looks like in the operational language of the systems used by the business. AI can play a role in applying controls, but it needs to be carefully supervised so that the humans are in the loop and overseeing the code. Experts at


Winning the ESG data Marathon in 2023

Winning the ESG data Marathon in 2023 With the ever-increasing focus on ESG transparency from regulators and clients, firms are racing to meet the requirements needed to make their mark in the global marketplace. This race requires tens of thousands of market participants to produce data according to different standards. However, with a proper plan


Trading desks face unprecedented levels of regulatory change from the mechanics of the markets and how they monitor them, to how they interact with customers, the way they de-risk their technology suppliers and provide information to regulators. This article summarises the critical changes and lays out the context for our 22 March virtual trading seminar.


Pumping up the DRR volume in 2023

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


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


Are EU ready for accountability RegTech?

Accountability regimes will force board members and senior management on the Continent to rethink compliance for the Senior Executive Accountability Regime (SEAR) in 2024. The new regime will ‘gold plate’ current EU law and present international firms with major new hurdles. Irish bankers will be individually accountable for their responsibilities, with fines and even jail


I listened into a very interesting webinar presented by the UK’s Financial Conduct Authority (FCA) earlier this year about their usage of and experimentation with what all regulators seem to be calling ‘suptech’ these days. Now there was variance on the webinar among FCA speakers around the pronunciation of said moniker—’soup-tech’ was one variant, ‘supp-tech’


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


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


JWG summarized regulatory 2021 reporting efforts and explained how there are both prudential/statistical ‘top down’ or more aggregated reporting (e.g., Risk, ESG) with the ‘bottom up’ more transactional data collection (e.g., EMIR, MiFID, CSDR). The RRDS agenda will seek to share lessons learnt across both types of regulatory reporting innovations this year. Though concepts have been proven and studies generally align, without a more concrete description of the future risk information system which extends today’s notion of ‘data’ to include ‘language’ regulatory data efforts will continue to cost tens of billions while failing to achieve their policy objectives.


  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


JWG summarized regulatory 2021 reporting efforts and explained how there are both prudential/statistical ‘top down’ or more aggregated reporting (e.g., Risk, ESG) with the ‘bottom up’ more transactional data collection (e.g., EMIR, MiFID, CSDR). The RRDS agenda will seek to share lessons learnt across both types of regulatory reporting innovations this year


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


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


We are pleased to have had over 100 participants in a fantastic launch to JWG’s 5th year of hosting a safe, independent space for regulatory reporting collaboration. The minutes and materials from our meeting covering recent papers from the Bank of England Transformation programme for data collection, BIS FSI Insights no 29,  and JWG’s Global


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


The UK Prudential Regulation Authority (PRA) ordered globally systemically important banks (G-SIB) to commission skilled persons reviews of their governance and individual accountability regimes, as well as control and risk management frameworks in its financial year 2020/21. This activity underscores the continuing serious problems that the world’s largest and most-complex banks have had with risk


The Financial Conduct Authority (FCA) will consult on a review of the UK European Markets Infrastructure Regulation (UK EMIR) reporting standards in the second half of this year, a spokeswoman for the regulator said. It has “the aim of improving overall data quality and to align the standards with the global guidelines on critical data


UK financial services regulators have asked bank chief executives to sign up to and largely pay for work to improve regulatory data collection. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) last week wrote to bank chief executives explaining their plans for transforming data collection, which regulators expect will deliver integrated reporting,


Digital regulatory reporting – tipping point 2021

In Partnership with:

Digital regulatory reporting – tipping point 2021 By PJ Di Giammarino, CEO JWG Group New JWG research has found supervisors to be focused on creating new standards for interpreting complex data needs in 2021 as the industry hits a tipping point for in its quest for digital standards that simplify complex regulatory reporting obligations. Global


L’Autorité des Marchés Financiers (AMF), France’s financial markets regulator, has created a Data and Surveillance Directorate as part of a wider reorganisation announced earlier this month. Its establishment comes as a handful of regulators pursue digital realignment programmes, but the AMF appears to be ahead of the pack in establishing a new division, building data


The global regulatory community has put its support behind digital regulatory reporting (DRR) initiatives acknowledging supervisors require the ability to collect better quality data more efficiently. The Bank of International Settlements (BIS), the European Commission, the European Banking Authority (EBA), the European System of Central Banks (ESCB), the Financial Stability Board (FSB), the U.S.’s Federal


SupTech update: Digital Regulatory Reporting is here 

In Partnership with:

By: PJ Di Giammarino  After a decade of data challenges, Regulators are now taking cautious steps towards new reporting technology. New reports issued this month show that DRR finally has traction and that demand for better solutions is high as the industry pinpoints which areas to deploy it.   We may finally be at a tipping point for both transactional and prudential data reporting. However, all eyes


UK regulators must endorse a single digital interpretation of European Market Infrastructure Regulation (EMIR) reporting rules if the digital regulatory reporting (DRR) work underway with industry collaborators is to succeed. The private sector has engaged and done much of the heavy lifting to prove digital regulatory reporting works for all kinds of business models, said


Author: Rachel Wolcott, Thomson Reuters The European Market Infrastructure Regulation (EMIR) derivatives trade reports and Markets in Financial Instruments Directive II transaction reports regulators collect is unlikely to be yielding the market insights required to navigate the COVID-19 crisis. The European Securities and Markets Authority (ESMA) 2019/20 annual report and work programme shows EMIR reports’


By Corrina Stokes  RegBeacon illuminates the path for JWG’s third decade  It is with pride that we publish the first update from our third decade of working collaboratively to enable better, faster, cheaper and safer regulatory change within Financial Services.  It is staggering to step back and look at the breadth of our research agenda. Last year we dove into AML,


By PJ Di Giammarino, CEO JWG   Key points: In 2019 JWG tracked 204,469 pages with 60 million words on FS regulatory reform 8 RegTech discussions require senior management attention now and will be debated under Chatham house rule with audience Q&A 6+ regulators, 12+ firms and 8 tech SMEs will debate winning strategies and


By PJ Di Giammarino, CEO JWG and Chair RegTech Council   Key points: Regulators are being hampered in their risk oversight duties by poor data quality and over £100m in fines were issued in 2019 for poor reports EU and UK regulators are out in front of global efforts to correct the rocky start on


Regulatory Reporting: Time for a Rethink

Our research in partnership with Inforalgo, the Capital Markets data automation specialist, shows that after years of ‘making do’, financial institutions are now proactively ramping up their regulatory compliance capabilities to cope with intensifying global requirements – and the significant additional demands of MiFID II. In January we will be running a webinar which will