Large number of firms are yet to select SFTR vendor
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Large number of firms are yet to select SFTR vendor 09 May 2019London Reporter: Maddie Saghir
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Over half, 55 percent, of survey participants at the IHS Markit Securities Financing Transactions Regulation (SFTR) Forum have not selected a vendor in preparation for SFTR.
Discussing the results, one speaker said that there is definitely still work to be done in terms of vendor selection.
Another survey asked respondents when they think they will be ready for the SFTR go live, and only a third (36 percent) said they would be ready three to six months ahead of time.
In addition, some 46 percent said they would be ready around the SFTR go live, while 18 percent predicted that they would be delayed.
Later in a panel at the SFTR Forum, Phil Morgan of COO Pirum Systems, asked panellists: “If there is a firm in your counterparty list that hasn’t started what would you do? What should they be focused on prioritising?”
Melanie Claasen, director, SFTR and European Market Infrastructure Regulation Refit, said: “Get a vendor and choose a Trade Repository. This is important.”
“If you are a phase three firm then you still have time to sort this out. You have the opportunity to use the market intelligence, trade association groups, and to join the working groups. It may be too late to develop a solution yourself, but there are great vendors out there that offer solutions for SFTR so get your requirements understood and choose the vendors.”
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