ISDA CEO Urges Further Standardization for Trade Reporting

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.