Pirum and IHS Markit complete successful SFTR testing with Rabobank
18 June 2019 London
Image: Shutterstock
Pirum Systems and IHS Markit have successfully completed a full end-to-end test with Rabobank in preparation for the upcoming Securities Financing Transactions Regulation (SFTR) through DTCC’s Global Trade Repository (GTR) service.
The test included ingestion, enrichment, validation and submission of securities financing transactions under SFTR.
The 48 firms committed to using the IHS Markit and Pirum Systems SFTR solution can now benefit from the connectivity through to TR submission to test the end-to-end service prior to pre-production testing in Q3 2019.
Duncan Carpenter, head of SFTR, Pirum Systems, cited: “This is a breakthrough for us and our clients. We have demonstrated the seamless integration between our clients, Pirum Systems, IHS Markit and relevant Trade Repository (TR).”
“This allows firms to generate and share unique transaction identifiers (UTIs) with their counterparts and pre-reconcile data prior to submission to the TR.”
Pierre Khemdoudi, managing director and global co-head of equities, data and analytics, IHS Markit, stated: “Our testing environment can now be leveraged to submit trades for data validation, enrichment, report creation, ISO transformation and TR submission.”
“This will allow firms to onboard and integrate to our joint SFTR solution, while running pre-production testing to identify and remediate issues, ahead of the reporting start date in April 2020.”
Val Wotton, managing director, product development and strategy of repository and derivatives services, DTCC, said: “This marks an important step in establishing end-to-end flows from clients through to our trade repository and demonstrates the importance of the tools DTCC have created for the industry to facilitate early testing.”
Wotton continued: “We are committed to working with our partners to help clients through the challenges posed by SFTR and look forward to working with our partners to deliver clients first in class solutions.”
Allan Bolk, head of securities finance at Rabobank, commented: “This successful test result confirms we have made the right decision by entering in this partnership for the SFTR solution and we feel confident to be fully prepared for SFTR go live.”
The test included ingestion, enrichment, validation and submission of securities financing transactions under SFTR.
The 48 firms committed to using the IHS Markit and Pirum Systems SFTR solution can now benefit from the connectivity through to TR submission to test the end-to-end service prior to pre-production testing in Q3 2019.
Duncan Carpenter, head of SFTR, Pirum Systems, cited: “This is a breakthrough for us and our clients. We have demonstrated the seamless integration between our clients, Pirum Systems, IHS Markit and relevant Trade Repository (TR).”
“This allows firms to generate and share unique transaction identifiers (UTIs) with their counterparts and pre-reconcile data prior to submission to the TR.”
Pierre Khemdoudi, managing director and global co-head of equities, data and analytics, IHS Markit, stated: “Our testing environment can now be leveraged to submit trades for data validation, enrichment, report creation, ISO transformation and TR submission.”
“This will allow firms to onboard and integrate to our joint SFTR solution, while running pre-production testing to identify and remediate issues, ahead of the reporting start date in April 2020.”
Val Wotton, managing director, product development and strategy of repository and derivatives services, DTCC, said: “This marks an important step in establishing end-to-end flows from clients through to our trade repository and demonstrates the importance of the tools DTCC have created for the industry to facilitate early testing.”
Wotton continued: “We are committed to working with our partners to help clients through the challenges posed by SFTR and look forward to working with our partners to deliver clients first in class solutions.”
Allan Bolk, head of securities finance at Rabobank, commented: “This successful test result confirms we have made the right decision by entering in this partnership for the SFTR solution and we feel confident to be fully prepared for SFTR go live.”
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