The Depository Trust & Clearing Corporation (DTCC) has partnered with five vendors, including FIS Global, SimCorp and Broadridge, to support clients with forthcoming reporting requirements under the Securities Financing Transactions Regulation (SFTR).
Murex and RegTek.Solutions will also participate in the partnership, which will see all the firms involved link their SFTR-related services to DTCC’s Global Trade Repository (GTR) open architecture for straight-through reporting workflows and decreased costs of implementation.
Broadridge, FIS Global, Murex, RegTek.Solutions and SimCorp join EquiLend, IHS Markit, Pirum and Trax as partners linking to DTCC’s GTR to support the SFTR requirements. DTCC’s GTR Partner Programme currently includes a network of 150 service providers, providing automated solutions from trade capture to SFTR reporting.
“We’re excited to be working with Broadridge, FIS Global, Murex, RegTek.Solutions and SimCorp – key providers who automate different aspects of the securities lending and repo market,” said Chris Childs, CEO of DTCC Deriv/SERV.
“These strategic collaborations demonstrate our interest in continuing to deliver increased value to clients who need to meet SFTR mandates, while reaffirming DTCC’s 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.”
SFTR is set to go-live across the industry in the first quarter of 2020, aiming to provide greater transparency on cross-asset class lending, borrowing, repurchase agreements and sale/buy-back agreements among counterparties in the Europe.
The regulation will contain an estimated 150 reporting fields to fill in and require unique transaction identifiers (UTI) along with dual-sided reporting.
Hugh Daly, message automation, general manager at Broadridge, added that clients have been navigating a succession of mandatory trade and transaction regulatory regulations from Dodd-Frank in the US to EMIR in Europe.
“We have responded by working closely with DTCC to provide timely connectivity to their GTR, enabling firms to meet their obligations,” he added. “It is natural to further strengthen that relationship to address SFTR, and our track record of delivering together with DTCC against fixed regulatory deadlines will prove invaluable in the coming months as we add securities financing transactions to our strategic trade and transaction reporting capability.”