DTCC collaborates with EquiLend, Trax, IHS Markit and Pirum
05 June 2018 New York
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) has collaborated with EquiLend, Trax, IHS Markit and Pirum to streamline and enhance its global trade reporting capabilities in preparation for the upcoming reporting requirements contained within the Securities Financing Transaction Regulation (SFTR).
The regulation, which is expected to begin to take effect in late 2019, will require firms that are subject to SFTR, to report securities financing transactions including repurchase agreements, securities lending and margin lending trades to a registered trade repository (TR).
According to DTCC, by collaborating with EquiLend, Trax, IHS Markit and Pirum, DTCC will be able to offer greater levels of straight-through processing, with links to mutual clients鈥� existing technology, for a quick-to-implement and cost-effective SFTR reporting solution.
Each of the firms will build to DTCC鈥檚 global trade reporting (GTR) and enrich data to SFTR reporting standards. EquiLend and Trax鈥檚 SFTR service will connect to GTR via Trax鈥檚 reporting hub for all SFTR-eligible asset classes.
IHS Markit and Pirum鈥檚 fully integrated service offering will also connect to GTR via IHS Markit, providing data management and reconciliation capabilities and covering all SFTR reportable transactions.
This announcement comes after DTCC鈥檚 recent efforts to further improve and enhance GTR, with the complete re-architecture of its European trade repository.
Pierre Khemdoudi, managing director and global co-head of equities, data and analytics at IHS Markit, said: 鈥淲e are thrilled to expand our strong relationship with DTCC in the regulatory space for SFTR coverage. Together, our deep expertise in data management, securities finance and repo markets will benefit a robust network of clients.鈥�
Rajen Sheth, CEO of Pirum, commented: 鈥淚t has been clear that the service provider community needs to work collaboratively to deliver an effective solution for SFTR. This collaboration with DTCC extends that network to provide real value to mutual clients.鈥�
Brian Lamb, CEO of EquiLend, explained: 鈥淪traight-through processing is key for an SFTR solution. From our point of trade through to data enrichment and matching services, this should significantly enhance onward reporting to GTR.鈥�
Chris Smith, head of Trax, commented: 鈥淕iven the complexities and manual nature in the securities financing trade lifecycle, key industry platforms must come together to provide holistic solutions. On behalf of EquiLend and Trax, we are excited to partner with DTCC to help mutual clients with their new regulatory obligations under SFTR.鈥�
Chris Childs, president and CEO of DTCC Deriv/SERV, concluded: 鈥淭he industry has invested heavily in establishing an infrastructure for over-the-counter derivatives trade reporting and this is an example of identifying opportunities to expand the use of the existing platform for SFTR. We look forward to building upon our past efforts and in delivering a compelling solution that continues to define GTR as the world鈥檚 trade reporting solution of choice.鈥�
The regulation, which is expected to begin to take effect in late 2019, will require firms that are subject to SFTR, to report securities financing transactions including repurchase agreements, securities lending and margin lending trades to a registered trade repository (TR).
According to DTCC, by collaborating with EquiLend, Trax, IHS Markit and Pirum, DTCC will be able to offer greater levels of straight-through processing, with links to mutual clients鈥� existing technology, for a quick-to-implement and cost-effective SFTR reporting solution.
Each of the firms will build to DTCC鈥檚 global trade reporting (GTR) and enrich data to SFTR reporting standards. EquiLend and Trax鈥檚 SFTR service will connect to GTR via Trax鈥檚 reporting hub for all SFTR-eligible asset classes.
IHS Markit and Pirum鈥檚 fully integrated service offering will also connect to GTR via IHS Markit, providing data management and reconciliation capabilities and covering all SFTR reportable transactions.
This announcement comes after DTCC鈥檚 recent efforts to further improve and enhance GTR, with the complete re-architecture of its European trade repository.
Pierre Khemdoudi, managing director and global co-head of equities, data and analytics at IHS Markit, said: 鈥淲e are thrilled to expand our strong relationship with DTCC in the regulatory space for SFTR coverage. Together, our deep expertise in data management, securities finance and repo markets will benefit a robust network of clients.鈥�
Rajen Sheth, CEO of Pirum, commented: 鈥淚t has been clear that the service provider community needs to work collaboratively to deliver an effective solution for SFTR. This collaboration with DTCC extends that network to provide real value to mutual clients.鈥�
Brian Lamb, CEO of EquiLend, explained: 鈥淪traight-through processing is key for an SFTR solution. From our point of trade through to data enrichment and matching services, this should significantly enhance onward reporting to GTR.鈥�
Chris Smith, head of Trax, commented: 鈥淕iven the complexities and manual nature in the securities financing trade lifecycle, key industry platforms must come together to provide holistic solutions. On behalf of EquiLend and Trax, we are excited to partner with DTCC to help mutual clients with their new regulatory obligations under SFTR.鈥�
Chris Childs, president and CEO of DTCC Deriv/SERV, concluded: 鈥淭he industry has invested heavily in establishing an infrastructure for over-the-counter derivatives trade reporting and this is an example of identifying opportunities to expand the use of the existing platform for SFTR. We look forward to building upon our past efforts and in delivering a compelling solution that continues to define GTR as the world鈥檚 trade reporting solution of choice.鈥�
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