IHS Markit has partnered with Pirum Systems to build a Securities Finance Transaction Regulation (SFTR) reporting offering.
The new SFTR offering will combine Markit Securities Finance’s data handling and management offerings with Pirum Systems’ post-trade reconciliation capabilities in a bid to offer a fully hosted, end-to-end service.
This service aims to enable market participants to leverage existing industry data workflows and lower the cost and operational burden of complying with SFTR reporting.
SFTR requires EU counterparts participating in securities finance transactions to report their transaction details to a registered trade repository.
“We are excited to partner with Pirum Systems to offer a modular, fully hosted SFTR solution,” said Pierre Khemdoudi, managing director of Markit securities finance at IHS Markit.
“Pirum System’s best in class securities finance post-trade reconciliation and IHS Markit’s proven track record in delivering industry wide regulatory reporting solutions ideally position us to build this unique service.”
Both parties are currently engaged with design partners and are targeting the end of 2017 to launch the solution.
“True collaboration between service providers is what the market has been demanding, especially when the service requirement is driven by regulation,” said Ben Challice, chief operating officer at Pirum Systems.