ISDA Chief Executive Officer Scott O'Malia highlighted the importance of global data standardization in trade reporting. He stated that ISDA is working on a digital regulatory reporting (or "DRR") initiative using the Common Domain Model ("CDM") to enable all firms to consistently implement regulatory reporting rules.
Mr. O'Malia observed that there is a lack of common understanding of similar reporting requirements across jurisdictions. He noted recent work by ISDA to "convert reporting rules into machine-readable and executable code in the CDM and engage with regulators on implementation." Mr. O'Malia stated that this work would establish agreed best practices in each jurisdiction - starting with the European Market Infrastructure Regulation and CFTC reporting rules - and would apply the CDM's common code to execute the reporting requirement.
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