JP Morgan and BNY Mellon are among the six securities market finance participants to have partnered with IHS Markit for a new reporting service.
The tool - which is being developed with Pirum Systems - aims to address Securities Finance Transaction Regulation (SFTR) reporting requirements.
Brown Brothers Harriman, Deutsche Bank Agency lending, eSecLending and Rabobank join JP Morgan and BNY Mellon as design partners, contributing their requirements and expertise as the product continues to be developed.
IHS Markit’s SFTR reporting service will allow market participants to report transactions through its modular platform, which helps handle complex data exchange and warehousing.
Pierre Khemdoudi, managing director of securities finance at IHS Markit, explained there is an industry-wide need for efficient reporting under SFTR.
“This broad group of market participants will work closely with our securities finance experts, ensuring our SFTR solution delivers the technology and seamless workflow required to assist in meeting this regulatory obligation,” he said.
Patrick Moisy, head of liquidity and trading services at JP Morgan, added there are benefits to using an industry-wide supported service to deal with the intricacies of SFTR reporting.
“Our main objective is to simplify this complex reporting process for our clients and we expect this partnership to design the most effective solution possible,” he explained.