DTCC streamlines SFTR Trade reporting processes
09 October 2018 New York
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) has further streamlined the Securities Financing Transactions Regulation (SFTR) trade reporting processes through its new partnerships with Broadridge, FIS Global, Murex, RegTek.Solutions, and SimCorp.
The new partnerships aim to further support mutual clients with forthcoming SFTR obligations.
According to DTCC, the firms will efficiently link their SFTR solutions to DTCC鈥檚 Global Trade Repository (GTR).
This will allow market participants to benefit from straight through reporting workflows as well as lowering the cost of implementation.
GTR鈥檚 partner programme includes a network of 150 service providers, who provide automated solutions from trade capture to SFTR reporting leveraging ISO 20022 standards, delivering straight-through capabilities, and increased value to clients.
The announcement follows a paper from DTCC and The Field Effect, which revealed that transaction reporting for securities financing may create five times as many reports as trades when regulation takes effect.
Additionally, SFTR is likely to be adopted across multiple G20 jurisdictions as part of the Financial Stability Board mandate.
Chris Childs, president and CEO of DTCC Deriv/SERV, said: 鈥淭hese strategic collaborations demonstrate our interest in continuing to deliver increased value to clients who need to meet SFTR mandates while reaffirming DTCC鈥檚 reach as a trade repository and strength as an industry utility within the financial ecosystem. We look forward to helping the industry prepare for SFTR.鈥�
Hugh Daly, general manager at Broadridge, commented: 鈥淥ur customers have been navigating a succession of mandatory trade and transaction reporting regulations, from Dodd-Frank in the US and European Market Infrastructure Regulation in Europe, to others in Canada and Asia Pacific. We have responded by working closely with DTCC to provide timely connectivity to their GTR, enabling firms to meet their obligations.鈥�
David Lewis, senior director at FIS Global, cited: 鈥淔IS Global鈥檚 approach to SFTR, and for the subsequent implementations to be rolled out by other National Competent Authorities, is to manage and deliver data direct from the books and records systems of the client, removing the need for additional dependencies and costs.鈥�
Maroun Edde, CEO of Murex Group, said: 鈥淏y connecting our MX.3 platform, which centralises trades and data across an organisation, with DTCC鈥檚 GTR, our clients will be able to streamline the reporting process and respond efficiently to this latest regulatory obligation.鈥�
Brian Lynch, CEO of RegTek.Solutions, stated: 鈥淲orking with DTCC is crucial for us to meet this commitment with mutual clients, and we are delighted to continue our collaboration around the SFTR challenge. The data remediation lift is huge and as we wait for the technical standards to be approved firms should get themselves prepared鈥攚e are ready to help them.鈥�
Carsten Kunkel, head of the regulatory center of excellence at SimCorp, commented: 鈥淲e continue to provide our global client base with both timely and efficient regulatory compliance solutions. This includes SFTR, where we are thrilled to support DTCC鈥檚 GTR to enable our clients to benefit from early access to DTCC's solution.鈥�
The new partnerships aim to further support mutual clients with forthcoming SFTR obligations.
According to DTCC, the firms will efficiently link their SFTR solutions to DTCC鈥檚 Global Trade Repository (GTR).
This will allow market participants to benefit from straight through reporting workflows as well as lowering the cost of implementation.
GTR鈥檚 partner programme includes a network of 150 service providers, who provide automated solutions from trade capture to SFTR reporting leveraging ISO 20022 standards, delivering straight-through capabilities, and increased value to clients.
The announcement follows a paper from DTCC and The Field Effect, which revealed that transaction reporting for securities financing may create five times as many reports as trades when regulation takes effect.
Additionally, SFTR is likely to be adopted across multiple G20 jurisdictions as part of the Financial Stability Board mandate.
Chris Childs, president and CEO of DTCC Deriv/SERV, said: 鈥淭hese strategic collaborations demonstrate our interest in continuing to deliver increased value to clients who need to meet SFTR mandates while reaffirming DTCC鈥檚 reach as a trade repository and strength as an industry utility within the financial ecosystem. We look forward to helping the industry prepare for SFTR.鈥�
Hugh Daly, general manager at Broadridge, commented: 鈥淥ur customers have been navigating a succession of mandatory trade and transaction reporting regulations, from Dodd-Frank in the US and European Market Infrastructure Regulation in Europe, to others in Canada and Asia Pacific. We have responded by working closely with DTCC to provide timely connectivity to their GTR, enabling firms to meet their obligations.鈥�
David Lewis, senior director at FIS Global, cited: 鈥淔IS Global鈥檚 approach to SFTR, and for the subsequent implementations to be rolled out by other National Competent Authorities, is to manage and deliver data direct from the books and records systems of the client, removing the need for additional dependencies and costs.鈥�
Maroun Edde, CEO of Murex Group, said: 鈥淏y connecting our MX.3 platform, which centralises trades and data across an organisation, with DTCC鈥檚 GTR, our clients will be able to streamline the reporting process and respond efficiently to this latest regulatory obligation.鈥�
Brian Lynch, CEO of RegTek.Solutions, stated: 鈥淲orking with DTCC is crucial for us to meet this commitment with mutual clients, and we are delighted to continue our collaboration around the SFTR challenge. The data remediation lift is huge and as we wait for the technical standards to be approved firms should get themselves prepared鈥攚e are ready to help them.鈥�
Carsten Kunkel, head of the regulatory center of excellence at SimCorp, commented: 鈥淲e continue to provide our global client base with both timely and efficient regulatory compliance solutions. This includes SFTR, where we are thrilled to support DTCC鈥檚 GTR to enable our clients to benefit from early access to DTCC's solution.鈥�
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