DTCC’s SFTR service records jump in users ahead of reporting go-live 

The rise comes less than a month before sell-side firms will be required to report their trades under SFTR.

By Joe Parsons

DTCC has revealed that 250 clients have stated their commitment to use its Global Trade Repository (GTR) service to meet their upcoming securities financing reporting requirements.  

DTCC said it had recorded an 80% increase in the total number of clients signed up to the service since the beginning of the year.  

The rise comes less than a month before banks, broker-dealers, agent lenders, clearing houses and CSDs will be required to report their trades under the Securities Financing Transaction Regulation (SFTR).  

Buy-side firms will then be required to report from 11 October.  

“We are very pleased by the increased adoption of our SFTR service, as major sell-side firms make their final preparations to comply with the regulation ahead of the July deadline. We are ready to help firms comply with the regulation on day one,” said Val Wotton, managing director, product development and strategy of repository and derivatives services, DTCC. 

While some technical issues remain, such as reconciliation processes and the reporting of lifecycle events, these can and will only be resolved when implementation begins.” 

In February, DTCC reported it had added a number of large asset managers and hedge funds to the SFTR service, including Citadel, Franklin Templeton, Nordea Investment Management and PIMCO.  

DTCC’s GTR service now services around 80% of the global market for the reporting of OTC and exchanged-traded derivatives. Over two-thirds of clients are also based in Europe where the reporting rules for securities are more prominent.