International Swaps and Derivatives Association expands Digital Regulatory Reporting solution to cover Hong Kong’s revised derivatives reporting rules

The International Swaps and Derivatives Association (ISDA) has expanded its Digital Regulatory Reporting (DRR) solution to support Hong Kong’s revised derivatives reporting requirements, aimed at helping in-scope firms implement and validate the changes using a machine-executable industry interpretation of the rules. The Hong Kong Monetary Authority and the Securities and Futures Commission amendments took effect on September 29. Hong Kong becomes the eighth set of reporting requirements available in ISDA DRR, following earlier coverage of revised rules in Australia, Canada, the European Union under the European Market Infrastructure Regulation, Japan, Singapore, the UK under UK EMIR and the US under the Commodity Futures Trading Commission. ISDA said the DRR will support 12 reporting rule sets in nine major jurisdictions and it will maintain the DRR code as reporting rules evolve. The DRR is built from a common interpretation of each ruleset reviewed by an industry working group and uses the Common Domain Model to translate that interpretation into free, machine-executable code that firms can use for implementation or to validate alignment with the industry reading.