ISDA is expanding its Digital Regulatory Reporting (DRR) tool to cover upcoming changes in EU and UK transaction reporting under MIFID and MIFIR. The association is working with DTCC to integrate the tool into DTCC’s planned Approved Reporting Mechanism (ARM), part of its Global Trade Repository (GTR), ISDA shares in a press release.
DTCC recently confirmed plans to launch an ARM service to support MIFID/MIFIR reporting requirements in both jurisdictions, subject to regulatory approval. The collaboration is intended to support firms’ ability to comply with evolving requirements, with a focus on data consistency and acceptance rates.
New requirements 2027
Updated reporting obligations under the MIFID/MIFIR review are expected to begin rolling out in the EU and UK over the course of 2027. In preparation, DTCC plans to open its ARM to reporting under the current UK MIFID/MIFIR rules in the first quarter of 2026, depending on regulatory sign-off.
The extension of ISDA’s DRR is aimed at easing firms’ implementation of these changes by offering a standardised digital interpretation of the rules. The DRR converts regulatory requirements into machine-readable code using ISDA’s Common Domain Model (CDM), an open-source data standard designed to improve automation and reduce discrepancies.
Implementation efficiency
By embedding the DRR in DTCC’s reporting infrastructure, the two organisations aim to reduce the operational burden on firms and limit the risk of misreporting. According to ISDA, the DRR can help firms implement reporting changes more efficiently by serving as a shared source for interpreting regulatory updates.
While both ISDA and DTCC emphasise the benefits of increased automation and standardisation, the practical outcome will depend on how widely the DRR is adopted and how effectively it integrates with firms’ existing systems.
