Singapore/Hong Kong, 14 November 2023 – The International Swaps and Derivatives Association (ISDA) was awarded Industry Association of the Year in the 6th Regulation Asia Awards for Excellence 2023 at an in-person ceremony on 14 November 2023.
The award recognises industry associations that have shown exceptional leadership in driving regulatory reforms, addressing compliance challenges, and promoting financial system stability, including through the development of industry standards, best practices and educational initiatives.
ISDA was recognised for its work providing fact-based advocacy across the globe, leveraging research and analysis across a range of initiatives and cross-industry collaborations focused on enhancing derivatives markets. These initiatives include ISDA’s work on Digital Regulatory Reporting (DRR), the first iteration of which launched in November 2022 to align with OTC derivatives reporting rule changes in the US. DRR leverages standardised data and machine-executable rules to improve reporting consistency and process automation.
Over years, ISDA also facilitated a smooth transition away from LIBOR, which ceased for the final five US dollar settings in June 2023. It has also been supporting banks in their implementation of Basel III requirements through benchmarking exercises, research initiatives, and policy advocacy work. In addition, ISDA has been instrumental in helping the industry comply with initial margin (IM) requirements for non-centrally cleared derivatives, completing the final phase of implementation in September 2022.
Other ISDA initiatives include the development of a document negotiation platform called ISDA Create and a data standard for financial products, trades and lifecycle events known as the Common Domain Model (CDM). ISDA has also conducted extensive research and provided documentation and guidelines to advance global efforts on digital asset derivatives, sustainable finance, and voluntary carbon markets.
The Regulation Asia awards panel commended ISDA for its continued efforts to develop industry best practices and standards, including the digitisation of its legal documentation and its “extensive work” to increase derivatives market efficiencies. “ISDA continues to provide robust support to the industry and plays a crucial role in mitigating risk and reducing costs for market participants,” said one judge on the awards panel.
“We’re delighted to be recognized by Regulation Asia for our work to foster safer and more efficient derivatives markets. Over the past year, we’ve maintained our focus on developing legal standards and advancing mutualized solutions to address common industry issues. We’ll continue to work with our members to further reduce complexity and cut costs for market participants,” said Scott O’Malia, ISDA Chief Executive.
About the Regulation Asia Awards for Excellence 2023
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the 2023 award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.