REGnosys and the Fintech Open Source Foundation (FINOS) have announced a significant contribution to the open-source community.
REGnosys has provided its newly renamed Rune DSL (formerly Rosetta DSL) to FINOS, marking a pivotal step in fostering industry-wide collaboration through open-source governance. This move allows financial institutions and market participants to share, test, and refine regulatory logic in a technology-agnostic framework, enhancing regulatory compliance across the sector.
The partnership is driven by a shared goal to advance the future of data and reporting in financial markets. Both organisations are committed to leveraging open-source technology to simplify and standardise regulatory reporting, reducing complexities and compliance risks for financial institutions globally.
REGnosys specialises in digital regulatory reporting solutions, with its flagship data-modelling platform, Rosetta, also available for free under open source. The platform supports the seamless integration of regulatory logic, enabling institutions to meet their reporting obligations more efficiently. FINOS, on the other hand, operates as an umbrella organisation within the Linux Foundation, promoting open collaboration across financial services to address common challenges through shared innovations.
The collaboration has already seen practical applications, with several financial institutions adopting Rune for regulatory reporting. Notably, the International Swaps and Derivatives Association’s (ISDA) Digital Regulatory Reporting (DRR) programme uses Rune to implement global trade reporting rules in a machine-executable format. This effort is further supported by the Common Domain Model (CDM), another FINOS project, which provides a consistent data standard for financial transactions.
Several leading financial entities, including BNP Paribas, J.P. Morgan Chase, and Standard Chartered, have supported the development of these open-source projects. Recently, the Depository Trust & Clearing Corporation (DTCC) also joined forces with REGnosys to enhance trade reporting capabilities using the ISDA DRR, demonstrating the broad industry backing for this initiative.
In addition to the operational efficiencies and resilience offered by these collaborative efforts, the partnership underscores a significant shift towards community-driven regulatory compliance. This approach is particularly relevant in light of recent updates to trade reporting regulations across major jurisdictions, emphasizing the need for adaptable and reliable compliance solutions.
Several industry leaders have voiced their support for this initiative. REGnosys CEO Leo Labeis emphasised the community-focused vision of the project, stating, “From the outset, our vision has been to create a regulatory reporting solution that is built for the industry and by the industry. In a year of sea change within global regulatory reporting, with six major jurisdictions updating their trade reporting rules, the contribution of Rune to FINOS reinforces our commitment to community-driven compliance through modern, open-source initiatives.”
BNP Paribas GM CDO Thomas Louis noted the critical role of collaborative development in ensuring compliance at the industry level: “BNP Paribas has been at the forefront of the development of CDM and its application to ISDA’s DRR for several years, and welcomes the step taken by REGnosys to open source a critical supporting component of these projects. Having a language to co-develop regulatory code between market participants allows us to build compliance assurance at industry level.”
J.P. Morgan’s Eleanor Kelly highlighted the operational benefits of the partnership: “Ensuring we adhere to the highest standard of data quality and control in our regulatory reporting is of critical importance for J.P. Morgan Chase & Co. Being able to express all of our data requirements’ best practice into code and through industry consensus is a very effective way to achieve operational excellence and we recognise the benefits that open-source technology such as that contributed by REGnosys and FINOS offers to facilitate this.”
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
