ISDA extends DRR to support revised Canadian reporting rules
13 May 2025 Netherlands
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The International Swaps and Derivatives Association (ISDA) has extended its Digital Regulatory Reporting (DRR) solution to cover new reporting rules in Canada.
In addition, the DRR is now compatible with a trade reporting messaging format used for North America reporting to maximise the benefit of adoption by those subject to the rules.
The revisions are being implemented by the Canadian Securities Administrators (CSA) and are scheduled for implementation on 25 July 2025.
As part of the update, the ISDA DRR will enable firms to comply with the new Canadian reporting rules using Harmonized XML, a trade reporting message format developed by The Depository Trust & Clearing Corporation (DTCC).
According to the association, this adds to the message formats supported by the DRR, which currently includes ISO 20022, to appeal to the 鈥渂roadest universe鈥� of reporting entities.
Once the newest version of DRR, which follows the CSA rules, is fully rolled out, ISDA will extend the use of Harmonized XML for reporting under the Commodity Futures Trading Commission鈥檚 (CFTC) swap data reporting rules.
ISDA CEO Scott O鈥橫alia says: 鈥淭he latest extension of the ISDA DRR to cover rule changes by the CSA establishes a best practice for derivatives trade reporting in Canada.
鈥淭his aligns with our work in six other reporting jurisdictions, creating a global digital reporting solution that significantly increases the accuracy of reporting and reduces the potential for regulatory penalties, estimated at over US$285 million globally so far.鈥�
The Canadian rules will be the seventh set of reporting requirements available on the ISDA DRR following earlier launches to cover amendments in the US by the CFTC, Japan by the Financial Services Agency, the EU under the European Market Infrastructure Regulation (EMIR), the UK under UK EMIR, Australia by the Australian Securities and Investments Commission, and Singapore by the Monetary Authority of Singapore.
In addition, the DRR is now compatible with a trade reporting messaging format used for North America reporting to maximise the benefit of adoption by those subject to the rules.
The revisions are being implemented by the Canadian Securities Administrators (CSA) and are scheduled for implementation on 25 July 2025.
As part of the update, the ISDA DRR will enable firms to comply with the new Canadian reporting rules using Harmonized XML, a trade reporting message format developed by The Depository Trust & Clearing Corporation (DTCC).
According to the association, this adds to the message formats supported by the DRR, which currently includes ISO 20022, to appeal to the 鈥渂roadest universe鈥� of reporting entities.
Once the newest version of DRR, which follows the CSA rules, is fully rolled out, ISDA will extend the use of Harmonized XML for reporting under the Commodity Futures Trading Commission鈥檚 (CFTC) swap data reporting rules.
ISDA CEO Scott O鈥橫alia says: 鈥淭he latest extension of the ISDA DRR to cover rule changes by the CSA establishes a best practice for derivatives trade reporting in Canada.
鈥淭his aligns with our work in six other reporting jurisdictions, creating a global digital reporting solution that significantly increases the accuracy of reporting and reduces the potential for regulatory penalties, estimated at over US$285 million globally so far.鈥�
The Canadian rules will be the seventh set of reporting requirements available on the ISDA DRR following earlier launches to cover amendments in the US by the CFTC, Japan by the Financial Services Agency, the EU under the European Market Infrastructure Regulation (EMIR), the UK under UK EMIR, Australia by the Australian Securities and Investments Commission, and Singapore by the Monetary Authority of Singapore.
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