DTCC opens testing on Delta Capita’s SFTR test pack
09 September 2019 London
Image: Shutterstock
The Depository Trust & Clearing Corporation (DTCC) has begun user-acceptance testing (UAT) on Delta Capita’s standardised industry test pack for Securities Financing Transactions Regulation (SFTR) transaction reporting.
David Field, head of the securities finance practice at Delta Capita, explained that the SFTR test pack aims to provide full traceability to the regulatory technical standards/implementing technical standards, along with the European Securities and Markets Authority’s guidance and industry best practices for SFTs.
“It [the pack] will provide users with the test data, test scripts and the expected results they need to conduct their UAT. Users will also be able to test with their counterparts, trading venues, service providers, central counterparties, triparty agents and trade repositories,” Field said.
The test pack is the product of an industry working group that was formed by Delta Capita in May, and includes eight global banks that operate as agent lenders and brokers, with the aim of mutualising the costs of preparing for SFTR.
Delta Capita also gained the support of industry trade associations, such as the International Securities Lending Association and the International Capital Market Association, along with service providers and trade repositories (TRs).
The test pack has since been shared with DTCC, which begun trialling it with its own SFTR matching and reporting service on 30 August, ahead of the regulation’s implementation on 11 April 2020.
According to Delta Capita, clients of DTCC’s global trade repository service for SFTR, who independently license the consortium’s test pack, will benefit from knowing the service has already been tested, and will thereby reduce their own testing effort and costs and ensure readiness for trade reporting.
As part of the partnership between DTCC and Delta Capita, DTCC will also make its data transformation services available to Delta Capita’s banking consortium to assist with the creation of TR-ready ISO 20022 SFTR reports.
David Field, head of the securities finance practice at Delta Capita, explained that the SFTR test pack aims to provide full traceability to the regulatory technical standards/implementing technical standards, along with the European Securities and Markets Authority’s guidance and industry best practices for SFTs.
“It [the pack] will provide users with the test data, test scripts and the expected results they need to conduct their UAT. Users will also be able to test with their counterparts, trading venues, service providers, central counterparties, triparty agents and trade repositories,” Field said.
The test pack is the product of an industry working group that was formed by Delta Capita in May, and includes eight global banks that operate as agent lenders and brokers, with the aim of mutualising the costs of preparing for SFTR.
Delta Capita also gained the support of industry trade associations, such as the International Securities Lending Association and the International Capital Market Association, along with service providers and trade repositories (TRs).
The test pack has since been shared with DTCC, which begun trialling it with its own SFTR matching and reporting service on 30 August, ahead of the regulation’s implementation on 11 April 2020.
According to Delta Capita, clients of DTCC’s global trade repository service for SFTR, who independently license the consortium’s test pack, will benefit from knowing the service has already been tested, and will thereby reduce their own testing effort and costs and ensure readiness for trade reporting.
As part of the partnership between DTCC and Delta Capita, DTCC will also make its data transformation services available to Delta Capita’s banking consortium to assist with the creation of TR-ready ISO 20022 SFTR reports.
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