The language - formerly known as the Rosetta DSL (Domain-Specific Language) and renamed the Rune DSL - is now available under the FINOS open source governance, enabling members to contribute, test and share regulatory logic in a system- and technology-agnostic way. The language integrates seamlessly with REGnosys’s award-winning data-modelling platform, Rosetta, which is also made available under a free version to the community. This contribution further advances REGnosys’s mission to build the future of data and reporting for financial markets through industry-wide collaboration - a goal that aligns with FINOS’s Open RegTech initiative.

Rune has been deployed for production implementations of regulatory reporting under ISDA’s Digital Regulatory Reporting (DRR) programme. The ISDA DRR leverages another FINOS project, the Common Domain Model (CDM), to express global trade reporting rules as open-access, unambiguous, machine-executable code using the Rune language. The CDM - an open-source data standard for financial products, trades and lifecycle events developed by the FINOS community - is also supported in Rune.

Several financial institutions and market infrastructure firms have championed these Rune-powered collaboration projects as critical for operational efficiency and resilience. In November 2022, BNP Paribas announced that it had successfully implemented ISDA’s DRR for trade reporting under the US CFTC Rewrite. Global financial institutions including J.P. Morgan Chase and Standard Chartered are also supporting its ongoing development. In April this year, DTCC and REGnosys announced their collaboration to support ISDA’s DRR. REGnosys connected its Rosetta platform to DTCC’s Global Trade Repository, the industry leader in trade reporting, to enable the reliable testing of trade reporting submissions generated using the ISDA DRR in support of evolving trade reporting requirements.

Leo Labeis, Founder and CEO at REGnosys, said: “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.”

Thomas Louis, GM CDO and Head of Regulatory & Surveillance technology platform at BNP Paribas said: “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.”

Eleanor Kelly, Global Head of Markets Regulatory Change and Control at J.P. Morgan Chase & Co, stated: “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.”

Syed Ali, Managing Director of Repository & Derivatives Services (RDS) at DTCC, stated: “DTCC remains committed to helping the industry achieve complete, accurate and timely derivatives trade regulatory reporting. By leveraging open-source, standardised and machine-readable logic, with capabilities that evolve as regulatory requirements evolve, firms are better placed to achieve compliance. We are pleased to be working with REGnosys and FINOS as we collectively champion operational efficiency and data accuracy in the derivatives trade reporting space.”

Scott O’Malia, Chief Executive of ISDA, said: “The ISDA DRR allows firms to implement new reporting requirements cost-effectively and accurately, reducing the risk of regulatory penalties for misreported data. We support all efforts to facilitate adoption of the ISDA DRR and CDM, so welcome the contribution of Rune as open source on FINOS.”

Jane Gavronsky, Chief Operating Officer at FINOS, said: “We are excited to welcome Rune to the FINOS portfolio of open source and open standards projects. Regulatory reporting is one of the biggest challenges facing financial institutions today and FINOS’s Open RegTech initiative brings the industry together to mutualize the creation of innovative solutions in an area ripe for open source disruption. Based on Rune’s success, we look forward to its continued potential to enable the industry goal of more efficient compliance.”