Global Derivatives Digital Regulatory Reporting Programme
November 15, 2022 3:00 pm
JWG, together with leading trade associations and standards bodies have launched a collaborative project to digitize and elaborate existing reporting best practice, produce machine-readable test scenarios and machine executable rules.
JWG consider Digital Regulatory Reporting to be broadly considered the digitisation of reporting instructions, with reference to an agreed model to make the current manual reporting processes more accurate, efficient and able to produce better transparency for supervisors
The CPMI/IOSCO mandated derivatives reporting rewrite has an ambitious timetable. Hundreds of systems will need to be recalibrated to the new data schema and extensive testing completed by 2022.
Founded as a Joint Working Group for MiFID I, we have 15 years of experience in building high trust groups in Capital Markets. JWG provides market intelligence and is the Secretariat Derivatives DRR project.
The programme will be governed by the Global DRR Regulator Forum, Project Oversight Committee and Design Oversight Committee. Trade associations, Firms, Regulators, Reporting FMIs and Vendors will participate on these committees.
A formal Terms of Reference for the European and UK Derivatives DRR project specifies the project scope, resources required, plan, deliverables, method, and assumptions. This document is available upon request.
Adoption of the CDM will result in more accurate reporting and a high matching rate. Once the reporting rules are digitized, any future changes to the requirements can be easily updated in the CDM and consumed by firms with little cost of time:
Benefits of Membership
- Mutualised interpretation of reporting requirements and the testing framework, lowering total OTC reporting implementation cost
- Lower operational risk via the ability to share end-to-end requirements between regulators, firms, trade repositories, CCPs, application vendors, data vendors, and service providers
- Set quality expectations with regulators and provide an upgrade path for the next 3 years of migration CPMI/IOSCO standards
- Provide a method for rapid update for rapid rule update of OTC rules as technical standards and guidance (e.g., Q&As) can be published in both human readable and machine along with data models and machine interpretable language
- Creates a strategic dialogue between public and private sector that can shape future reporting approaches which may be extended to other regulation, including the US and Asia.
BenefitsAll actors involved in regulatory reporting will achieve massive benefits from this programme:
Why NowReturn on investment for those at the table from the start will be high as strategic dialogues can begin, objectives aligned, and offerings architected to new standards that will be required by in firms by Q1 2021
Firm CostHalf a day a week of expertise and Committee representation is required but participation is free.
Vendor Cost£30,000 pa for large vendors and service providers; £20k pa for medium; £10k pa (all prices excluding VAT).
PJ DI GIAMMARINO, CEO
PHONE: +44 7811430503
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