ISLA and ERCC take collaborative approach
21 May 2018 London
Image: Shutterstock
The International Securities Lending Association (ISLA) has held a meeting between its managing board and that of the European Repo and Collateral Council (ERCC).
ISLA said the two boards met in an open session on 15 May to exchange ideas and discuss areas for potential cooperation across the securities lending and repo markets.
ISLA noted that regulatory imperatives such as the Securities Financing Transactions Regulation (SFTR) make it essential for firms to think across fixed income and equity markets to ensure a consistent approach around key issues including data and technology.
ISLA added that the reporting requirements of Article 4 of the SFTR are presenting similar challenges across securities lending and repo markets.
These include the sourcing and enrichment of security level market data and the production and communication of unique trade identifiers.
Both groups agreed to share knowledge and work in this area and where necessary work on joint best practice or further representation to regulators and policy makers.
The meeting noted how the repo market may be able to learn from experience gained through development work on similar documentation.
ISLA and the ERCC took a moment to consider Brexit, the UK’s planned departure from the European Union.
ISLA said: “Although there is still much more to come from the political discussions before we can move ahead in a particular direction, the meeting agreed to share feedback from members and other stakeholders in further joint meetings.”
ISLA said the two boards met in an open session on 15 May to exchange ideas and discuss areas for potential cooperation across the securities lending and repo markets.
ISLA noted that regulatory imperatives such as the Securities Financing Transactions Regulation (SFTR) make it essential for firms to think across fixed income and equity markets to ensure a consistent approach around key issues including data and technology.
ISLA added that the reporting requirements of Article 4 of the SFTR are presenting similar challenges across securities lending and repo markets.
These include the sourcing and enrichment of security level market data and the production and communication of unique trade identifiers.
Both groups agreed to share knowledge and work in this area and where necessary work on joint best practice or further representation to regulators and policy makers.
The meeting noted how the repo market may be able to learn from experience gained through development work on similar documentation.
ISLA and the ERCC took a moment to consider Brexit, the UK’s planned departure from the European Union.
ISLA said: “Although there is still much more to come from the political discussions before we can move ahead in a particular direction, the meeting agreed to share feedback from members and other stakeholders in further joint meetings.”
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