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Introducing DRR

Digital Regulatory Reporting (DRR) is an open-access, cross-industry initiative to transform regulatory reporting requirements into an industry-agreed implementation of unambiguous, machine-executable code. Instead of relying on lengthy rulebooks and firm-specific interpretations, industry participants collaborate to interpret and build the open-access DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data. model, making transaction reporting more efficient and cost effective than ever. DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data. extends the Common Domain Model (CDM) for the purpose of regulatory reporting, leveraging the open-source data standard for financial products, trades, and lifecycle events.

DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data. is designed to provide standardised and collaborative implementation of reporting logic that moves away from siloed interpretation and implementation toward an industry-led machine-executable, human-readable design. This creates a single, authoritative representation of what each rule means and how it should be applied, so there's no ambiguity in the reporting process.

Consistent and transparent​

Through industry collaboration, DRR reduces interpretation risk, eliminates duplicated implementation effort and providesIDE Integrated Development Environment. A software application that brings together all the essential tools a developer needs to write, test and debug code in one unified workspace. a shared code base that can be reused across jurisdictions. Reporting rules are interpreted by the industry and implemented in a common, reusable way, limiting the need for siloed implementation projects at individual firms and across different jurisdictions. DRR also accelerates onboarding for new regulations since teams can build on common and reusable components.

For regulators and the wider market, DRR delivers a standardised implementation of reporting logic. When every participant applies the same logic, supervisory analysis becomes more reliable and systemic risks become easier to detect. The transparency of the model – every rule visible, versioned and reviewable – supports stronger governance and clearer communication between industry and regulators.

In short, DRR replaces fragmented interpretations with a shared, executable source of truth that raises the quality and efficiency of regulatory reporting across the entire ecosystem.

Benefits of using DRR​

  • Consistency: By following established design principles and a unified modelling guide, all users ensure their reporting data meets the same regulatory standards and that they're 100% aligned with best practice.
  • Transparency: The scope and status of reporting requirements are clearly defined, reducing ambiguity for implementers. All data is traceable and all rules and reportable fields annotated with the relevant provisionsprovision Sits inside the `regulatoryReference` block and captures the verbatim requirement from the regulation or standard. It provides the legal basis for the rule’s functional logic., regulatory references, and peer review decisions, so that firms, auditors and regulators can understand exactly why a value appears in a report.
  • Efficiency: The workflow automates the path from raw data to final regulatory projection, minimising manual errors. Because core logic is shared across jurisdictions where possible, DRR avoids duplication and applies jurisdiction-specific logic only where it’s required. New regulations can leverage existing logic, meaning implementation is faster and at the same standard as any existing regulations.
  • Compliance: Each regulation is reviewed and interpreted by industry-led working groups. This interpretation is then written into DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data., with each field annotated with regulatory references, working group decisions and ISDAISDA International Swaps and Derivatives Association. The global trade association for participants in the derivatives markets. best practices. Compliance has never been easier, with each rule being now being traceable to the field in the regulation and any ambiguity traceable to the working group decision or the ISDAISDA International Swaps and Derivatives Association. The global trade association for participants in the derivatives markets. best-practice publication. DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data. is written in Rune, a human-readable coding language, meaning stakeholders from across the spectrum (compliance, executive leadership, regulators) can understand exactly how a reporting output is derived.
  • Interoperability: The CDM ensures data is structured the same way across firms so everyone is using the same representation of the financial data.
  • Reduced cost: Integrating open-access solutions can save significantly on IT expenditure. DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data. 7 currently supports nine jurisdictions, and the burden of updating or adding jurisdictions is significantly reduced, with the cost and implementation effort spread across the firms involved.

How it works​

DRR brings together stakeholders across the industry to intepret and then implement regulatory text.

Learn more in How DRR works.

Scope and jurisdictions​

DRRDRR Digital Regulatory Reporting. An industry‑developed, machine‑executable interpretation of regulatory rules that produces consistent, transparent and fully traceable reporting outputs from standardised CDM data. covers a range of trade and transaction reporting regimes, including:

North America​

  • CFTCCFTC Commodity Futures Trading Commission – United States regulator overseeing derivatives markets, including swaps and futures. — Commodity Futures Trading Commission (United States)
  • SECSEC Securities and Exchange Commission – United States regulator overseeing securities markets (distinct from the CFTC, which covers derivatives). — Securities and Exchange Commission (United States)
  • CSACSA Canadian Securities Administrators – an umbrella organization of Canada’s provincial and territorial securities regulators. — Canadian Securities Administrators (Canada)

Europe and United Kingdom​

  • ESMAESMA European Securities and Markets Authority – EU‑level regulator responsible for securities markets, including EMIR reporting. — European Securities and Markets Authority (European Union)
  • FCAFCA Financial Conduct Authority – United Kingdom regulator overseeing financial markets, conduct, and reporting obligations. — Financial Conduct Authority (United Kingdom)

Asia‑Pacific​

  • ASICASIC Australian Securities and Investments Commission – the financial regulator for Australia — Australian Securities and Investments Commission (Australia)
  • HKMAHKMA Hong Kong Monetary Authority – Hong Kong’s central banking institution and regulator for OTC derivatives reporting. — Hong Kong Monetary Authority (Hong Kong)
  • JFSAJFSA Japan Financial Services Agency – Japan’s national regulator for banking, securities, and derivatives markets. — Japan Financial Services Agency (Japan)
  • MASMAS Monetary Authority of Singapore – Singapore’s central bank and integrated financial regulator. — Monetary Authority of Singapore (Singapore)