ISDA to extend DRR to cover MiFID and MiFIR
07 May 2025 Europe
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The International Swaps and Derivatives Association (ISDA) will extend the reporting requirements covered under its Digital Regulatory Reporting (DRR) solution.
The solution will now include the EU and UK Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR).
In addition, the association is working with the Depository Trust & Clearing Corporation (DTCC) to integrate the ISDA DRR into DTCC’s Global Trade Repository (GTR) MiFID/MiFIR approved reporting mechanism (ARM).
DTCC recently announced it would launch an ARM within its GTR service to support transaction reporting requirements under the two regulations in the EU and UK.
The collaboration between the two companies aims to streamline transaction reporting processes, with a focus on improving accuracy and acceptance rates.
Revised transaction reporting requirements under the MiFID and MiFIR Review are to be implemented in the EU and the UK over the course of 2027.
DTCC plans to allow firms to submit transaction reports under current UK MiFID and MiFIR rules from the first quarter of 2026, subject to regulatory approvals.
The ISDA DRR uses the Common Domain Model (CDM) to transform an industry-agreed interpretation of new or amended transaction reporting rules into unambiguous, machine-executable code, making implementation more efficient and cost-effective.
Commenting on the news, ISDA CEO Scott O’Malia says: “Extension of the ISDA DRR to cover revised transaction reporting requirements under MiFID/MiFIR will establish a golden source for firms to use for their implementation.
“The integration of the ISDA DRR into DTCC’s GTR MiFID/MiFIR ARM will further ease the burden of implementation, improving the accuracy and consistency of transaction reports.”
Michele Hillery, managing director and head of DTCC Repository and Derivatives Services, adds: “DTCC is pleased to continue its support of ISDA’s DRR to better streamline trade reporting processes for market participants in the UK and EU.
“Through this collaboration, firms can anticipate an increase in acceptance rates for submitted trade data, as well as a reduction in the complexities and costs they face in adapting to evolving regulatory requirements.”
The solution will now include the EU and UK Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR).
In addition, the association is working with the Depository Trust & Clearing Corporation (DTCC) to integrate the ISDA DRR into DTCC’s Global Trade Repository (GTR) MiFID/MiFIR approved reporting mechanism (ARM).
DTCC recently announced it would launch an ARM within its GTR service to support transaction reporting requirements under the two regulations in the EU and UK.
The collaboration between the two companies aims to streamline transaction reporting processes, with a focus on improving accuracy and acceptance rates.
Revised transaction reporting requirements under the MiFID and MiFIR Review are to be implemented in the EU and the UK over the course of 2027.
DTCC plans to allow firms to submit transaction reports under current UK MiFID and MiFIR rules from the first quarter of 2026, subject to regulatory approvals.
The ISDA DRR uses the Common Domain Model (CDM) to transform an industry-agreed interpretation of new or amended transaction reporting rules into unambiguous, machine-executable code, making implementation more efficient and cost-effective.
Commenting on the news, ISDA CEO Scott O’Malia says: “Extension of the ISDA DRR to cover revised transaction reporting requirements under MiFID/MiFIR will establish a golden source for firms to use for their implementation.
“The integration of the ISDA DRR into DTCC’s GTR MiFID/MiFIR ARM will further ease the burden of implementation, improving the accuracy and consistency of transaction reports.”
Michele Hillery, managing director and head of DTCC Repository and Derivatives Services, adds: “DTCC is pleased to continue its support of ISDA’s DRR to better streamline trade reporting processes for market participants in the UK and EU.
“Through this collaboration, firms can anticipate an increase in acceptance rates for submitted trade data, as well as a reduction in the complexities and costs they face in adapting to evolving regulatory requirements.”
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