This article first appeared in Futures & Options World (FOW) on July 2, 2026
DTCC’s head of repository and derivatives services examined how firms are adapting amid a regulatory landscape that continues to evolve.
Michele Hillery, managing director and head of repository and derivatives services at DTCC, said that for many APAC firms dealing with the EU’s Markets in Financial Instruments Directive (MiFID), the challenge is operating and managing their MiFID reporting as a controlled end-to-end process.
This is particularly evident in areas such as data ownership, transparency and ongoing monitoring of data quality, especially when reporting has been outsourced to vendors, according to Hillery.
This leads to firms lacking full visibility and independent validation of their submissions.
At the same time, firms are navigating increasing operational complexity driven by parallel global regulatory changes, often underestimating the scale of ongoing field-level updates and cross-regime alignment requirements.
“As a result, there is a growing shift towards stronger governance models and consolidation of reporting arrangements with firms placing greater emphasis on control frameworks, transparency and consistency across jurisdictions,” said Hillery.
From a transaction reporting perspective, the regulatory landscape continues to evolve, with APAC firms needing to stay closely aligned with developments across both the EU and UK. While MiFID II remains a core framework, regulators are pursuing distinct reform agendas, creating increasing divergence.
In the EU, ESMA’s Call for Evidence is considering a broader, more holistic review across MiFID, European Market Infrastructure Regulation (EMIR), and Securities Financing Transactions Regulation (SFTR), including the potential for consolidated reporting frameworks. Simultaneously, the UK is progressing its own simplification of MiFID transaction reporting requirements.
“For APAC firms with operations in both jurisdictions, this may result in the need to support multiple reporting approaches in parallel, adding complexity to operating models,” said Hillery. “At the same time, there is a broader regulatory push toward standardisation, including adoption of common data standards such as ISO 20022.”
These dynamics require firms to develop reporting frameworks that are both flexible across jurisdictions and consistent in data governance and quality.
“While there has been progress towards harmonisation, global regulatory frameworks were historically developed in isolation, resulting in overlapping requirements and inconsistencies in interpretation and implementation,” said Hillery.
For APAC firms, this is particularly relevant where operations span multiple jurisdictions.
For example, MiFID, EMIR, and SFTR share common data elements and reporting objectives, yet differences in interpretation, validation rules and reporting infrastructure often lead to inconsistent reporting outcomes.
There are also structural differences, with MiFID reports submitted via Approved Reporting Mechanisms, while APAC regulators such as Australian Securities and Investments Commission, Monetary Authority of Singapore and Japan’s Financial Services Agency rely on trade repositories, each applying different controls and validation expectations.
“Increasingly, firms are adopting a more comparative, cross-regime approach, using testing and benchmarking to identify inconsistencies early,” said Hillery. “Ultimately, achieving consistency depends on strong data governance, clear ownership and aligned interpretation of critical reporting fields across jurisdictions.”
The growing focus on data quality is driving demand for analytics-driven solutions that provide greater visibility into reporting performance, enabling firms to identify issues earlier and move toward a more proactive approach to regulatory compliance.
DTCC plans to connect its tokenisation platform to the Stellar blockchain network, as the industry continues expanding distributed ledger-based infrastructure across securities, collateral and settlement.
In May, DTCC went live with its MiFID/R approved reporting mechanism service in the UK, as firms look to leverage technology to comply with a swathe of new rules across jurisdictions.