Global Transaction Reporting Rewrites Are Forcing Industry Modernisation
Key Takeaways
- Regulatory rewrites are now global: APAC, Europe, the UK and North America have all moved through major transaction reporting reform cycles within a short period.
- Reporting complexity has materially increased: more fields, stricter validations and tighter reconciliation expectations are making fragmented operating models harder to sustain.
- Standardisation is becoming commercially viable: alignment around ISO 20022, UPI and harmonised data elements is making cross-jurisdiction reporting frameworks far more achievable.
- Multi-regime firms are under the most pressure: institutions with global footprints can no longer rely on separate local solutions for overlapping reporting obligations.
- Technology is shifting from helpful to essential: firms are converging on centralised data lakes, regulatory reporting engines and specialist providers to improve accuracy, reconciliation and scalability.
The last two years have delivered the most intense cycle of transaction-reporting rewrites the industry has seen in a decade, effectively pushing firms toward scalable technological solutions.
APAC
- ASIC and MAS both implemented extensive OTC derivatives reporting rewrites.
- HKMA followed with its own update only weeks ago.
Europe & UK
- EMIR Refit went live in 2024, introducing ISO 20022, UPI, CPR workflows, new validations, and expanded fields.
- And now, the FCA's Consultation Paper (21 November 2025) signals changes to UK MiFIR.
North America
- CFTC Rewrite phased in fully in 2024.
- CSA Rewrite arrived in 2025, following similar global-data-harmonisation themes.
Every rewrite has come with more fields, tougher validations, and more reconciliation constraints. Firms that previously relied on a patchwork of discrete platforms can no longer afford de-centralisation. This rings especially true of firms that cover multiple jurisdictions. Chances are that if you are a Swap Dealer on one regime, then you've got a global presence across regimes. This means multiple reporting obligations.
This global synchronisation, with regulators aligning around data standards like ISO 20022, UPI, and harmonised critical data elements, is a major catalyst for automation. Firms see a pathway to using one consistent technology framework across G10/G20 regimes, something that was almost impossible five years ago.
Larger institutions are now converging towards standardised data lakes and regulatory reporting engines that will pump out, at the very least, the Critical Data Elements that will fulfil the core requirements of most regimes, absent of course, MiFID in UK/Europe.
Leveraging technology is high on the list of transaction reporting agenda. This means leaving validations and detection of inaccuracies to the exports, and inhouse development focussed more on centralisation and standardisation.
Qomply has seen a notable increase in enquiries relating to our Quality Assurance and Accuracy solutions in Europe and UK, and in North America and APAC, more firms are signing onto our Reconciliation Solutions where there tends to be more demands from the regulators for the timely detection of breaks.
In 2026, expect to see a convergence to standardisation as the world pivots to technology and AI with specialised providers, such as Qomply, fully integrated in the workflow
How Qomply can help
Qomply helps financial firms achieve accurate, compliant transaction reporting across global regulatory regimes, while streamlining the operational and audit demands of regulatory reporting.
Our proprietary technology combines AI, automation and advanced data analytics to deliver scalable, audit-ready reporting intelligence. Through forensic-level quality assurance and streamlined reconciliation, Qomply helps firms strengthen data quality and reporting accuracy, automate controls, simplify audit processes and lower overall reporting costs.
Our technology provides greater oversight and operational efficiency while reducing the demands on internal teams.
For firms seeking to outsource their regulatory reporting operations, Qomply also offers a fully managed service. Combining our technology with deep regulatory expertise, Qomply Managed Services operates as an extension of, or alternative to, an in-house reporting function. This flexible model enables firms to outsource reporting operations while retaining the option to bring activities in-house as their own capabilities and resources evolve.
MiFIR | EMIR | SFTR | CFTC | CSA | MAS | ASIC | HKMA
Frequently asked questions
The article points to ASIC and MAS rewrites, the HKMA update, EMIR Refit, the FCA's CP25/32 consultation, the CFTC rewrite, and the CSA rewrite. It presents those changes as a concentrated global cycle of reform.
It says every rewrite has brought more fields, stricter validations, and tighter reconciliation constraints. That makes patchworks of separate local platforms harder and more expensive to run.
They make cross-jurisdiction standardisation much more realistic. The article says those standards create a pathway to one more consistent technology framework across multiple regimes.
They are under the greatest pressure because overlapping obligations across jurisdictions multiply the cost of fragmented operating models. The article notes that firms active in one swap regime often operate across several others too.
It suggests firms should prioritise centralised data infrastructure and specialist technology for validation, reconciliation, and accuracy monitoring. The article says in-house effort is increasingly moving toward centralisation and standardisation.
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