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The JSCC is the first CCP in Japan to embrace the DRR framework and the CDM.
The Japan Securities Clearing Corp
. (JSCC) has become the first central clearing counterparty in Japan to integrate the International Swaps and Derivatives Association’s (ISDA) Digital Regulatory Reporting (DRR) framework and the Common Domain Model (CDM) from ISDA but now managed by the Fintech Open Source Foundation (FINOS) into a production environment.
As of June 2025, JSCC will start parallel operations for its regulatory reporting to the Financial Services Agency (FSA) in Japan and the U.S. Commodity Futures Trading Commission (CFTC), officials say.
ISDA’s DRR directive aims to improve the efficiency and accuracy of financial regulatory reporting. Meanwhile, the CDM is an open-source project that provides a standardized framework for representing financial instruments, their lifecycle events, and related business processes digitally.
JSCC created its proof of concept for the DRR/CDM combination in August last year. Since then, JSCC has been carrying out “extensive discussions with major financial market organizations” about the wider adoption of open-source software in financial markets globally.
Officials at the JSCC will begin verifying its production data from the current system for interest rate swaps transaction reporting to the FSA and CFTC. The plan is to also expand its regulatory reporting to include credit default swaps by June.
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