DTCC and Xceptor partner on SFTR solution
12 December 2018 New York
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) has partnered with Xceptor to enable clients to leverage Xceptor’s data transformation capabilities within DTCC’s Global Trade Repository (GTR) for Securities Financing Transactions Regulation (SFTR).
According to DTCC, the partnership will “significantly lessen” firms’ operational burden by enabling them to enrich, normalise and validate data before submitting it to a trade repository.
Firms will be able to enrich reporting with both internal and external reference data, manage exceptions leveraging native workflows, and benefit from real-time gap analysis and testing.
Val Wotton, managing director, product development and strategy, derivatives and collateral management at DTCC, said: “With data being one of the main challenges of the SFTR obligations, DTCC provides clients with the ability to capture and normalise any data format from any channel and intelligently connect the right data, in the right format, at the right time.”
“Our partnership with Xceptor will enable firms to significantly streamline their operational processes and help simplify the SFTR compliance process. We look forward to helping the industry prepare for SFTR in 2020.”
Andrew Kouloumbrides, CEO of Xceptor, added: “SFTR places a huge importance on data quality and, with low reporting tolerances, the self-serving capabilities of the DTCC service, powered by Xceptor, will enable firms to get their data into shape while also being able to use existing trade file formats.”
He added: “We’re putting the power of Xceptor into the end clients hands, and taking the burden of data capture and transformation away from them. The platform itself is an enterprise-grade system. It can deal with vast volumes of data flowing through it, and indeed it does on a regular basis.”
“DTCC will maintain the rules engine, the platform itself will be operated by DTCC, so DTCC will deploy Xceptor within the DTCC infrastructure and will run that platform operationally. This is the start of a partnership between Xceptor and DTCC that we hope will evolve to mutual benefit.”
Also commenting, Marisol Collazo, managing director, business development and global head of strategic partnerships at DTCC, explained: “DTCC is excited to be partnering with Xceptor to simplify the SFTR reporting process. We will continue to explore other opportunities with Xceptor to leverage its capabilities across our platform.”
According to DTCC, the partnership will “significantly lessen” firms’ operational burden by enabling them to enrich, normalise and validate data before submitting it to a trade repository.
Firms will be able to enrich reporting with both internal and external reference data, manage exceptions leveraging native workflows, and benefit from real-time gap analysis and testing.
Val Wotton, managing director, product development and strategy, derivatives and collateral management at DTCC, said: “With data being one of the main challenges of the SFTR obligations, DTCC provides clients with the ability to capture and normalise any data format from any channel and intelligently connect the right data, in the right format, at the right time.”
“Our partnership with Xceptor will enable firms to significantly streamline their operational processes and help simplify the SFTR compliance process. We look forward to helping the industry prepare for SFTR in 2020.”
Andrew Kouloumbrides, CEO of Xceptor, added: “SFTR places a huge importance on data quality and, with low reporting tolerances, the self-serving capabilities of the DTCC service, powered by Xceptor, will enable firms to get their data into shape while also being able to use existing trade file formats.”
He added: “We’re putting the power of Xceptor into the end clients hands, and taking the burden of data capture and transformation away from them. The platform itself is an enterprise-grade system. It can deal with vast volumes of data flowing through it, and indeed it does on a regular basis.”
“DTCC will maintain the rules engine, the platform itself will be operated by DTCC, so DTCC will deploy Xceptor within the DTCC infrastructure and will run that platform operationally. This is the start of a partnership between Xceptor and DTCC that we hope will evolve to mutual benefit.”
Also commenting, Marisol Collazo, managing director, business development and global head of strategic partnerships at DTCC, explained: “DTCC is excited to be partnering with Xceptor to simplify the SFTR reporting process. We will continue to explore other opportunities with Xceptor to leverage its capabilities across our platform.”
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