Project Ellipse explores the feasibility of cross-border digital reporting. This POC is intended as a first step towards bringing authorities and stakeholders closer to a common understanding of data that is collected by authorities globally.
Our exploration confirms that:
- Regulatory reporting requirements can be expressed in unambiguous machine-readable logical reporting instructions underpinned by a consistent data model;
- Technical standardised programmatic specifications of the steps for generating regulatory reports can be published alongside regulation and ensure clear understanding at the most granular level of the expected data;
- Executable libraries can be automatically generated and published alongside regulations to assist accelerated implementation;
- If a common data standard was agreed to and implemented, financial institutions may no longer need to interpret reporting instructions and submit aggregated data by use case; and
- With additional logical instruction based on the same data model, supervisors may also be able to automatically query the underlying transaction data and generate regulatory metrics referencing that standardised data.