IHS Markit and Pirum Systems adds UTI sharing service to SFTR solution
06 November 2019 London
Image: Shutterstock
IHS Markit and Pirum Systems have added a unique trade identifier (UTI) sharing system for third-party firms to their joint-Securities Financing Transactions Regulation (SFTR) solution.
The service – UTI Connect – is designed to support industry best practices by exchanging UTIs and other information with financial market intermediaries or counterparties that are not leveraging the SFTR solution.
According to Pirum, the joint-SFTR solution provides the market with comprehensive coverage for data sharing, including UTI and agent allocation information.
In a statement on the UTI service launch, Pirum said that more than 60 firms have committed to using the platform, and they are now bilaterally testing its end-to-end services, including transaction and collateral reconciliation and reporting using ISO 20022 (XML) standard messaging.
According to Pirum, its network provides connectivity to 14 of the top 15 brokers, 13 of the top 15 lenders, and 80 percent of the industry’s trade volume available for pre-reconciliation, UTI sharing and other data required for SFTR.
Among other participants, the network provides connectivity to 80 percent of the industry’s trade volume available for pre-reconciliation, UTI sharing, and other data required for SFTR.
Pirum Systems’ head of SFTR, Duncan Carpenter, observed: “From inception, we have always planned to support firms that need to connect to those not on the platform and have been working closely with our clients and industry bodies to define how the process will work.”
“We are pleased to confirm we have reached working agreements with other vendors that are also supporting UTI sharing.”
Pierre Khemdoudi, managing director and global co-head of equities, data and analytics at IHS Markit, added: “As we learned with EMIR, UTI sharing can be a major challenge for firms and regulators as they aim to get a meaningful view of all the data submitted to trade repositories.”
“Working in close collaboration with the industry, we developed a pragmatic solution to simplify information sharing workflows and increase matching rates for all market participants.”
The first phase of SFTR comes into force in April 2020 and will require banks and investment firms to report their securities financing transactions for the first time.
The service – UTI Connect – is designed to support industry best practices by exchanging UTIs and other information with financial market intermediaries or counterparties that are not leveraging the SFTR solution.
According to Pirum, the joint-SFTR solution provides the market with comprehensive coverage for data sharing, including UTI and agent allocation information.
In a statement on the UTI service launch, Pirum said that more than 60 firms have committed to using the platform, and they are now bilaterally testing its end-to-end services, including transaction and collateral reconciliation and reporting using ISO 20022 (XML) standard messaging.
According to Pirum, its network provides connectivity to 14 of the top 15 brokers, 13 of the top 15 lenders, and 80 percent of the industry’s trade volume available for pre-reconciliation, UTI sharing and other data required for SFTR.
Among other participants, the network provides connectivity to 80 percent of the industry’s trade volume available for pre-reconciliation, UTI sharing, and other data required for SFTR.
Pirum Systems’ head of SFTR, Duncan Carpenter, observed: “From inception, we have always planned to support firms that need to connect to those not on the platform and have been working closely with our clients and industry bodies to define how the process will work.”
“We are pleased to confirm we have reached working agreements with other vendors that are also supporting UTI sharing.”
Pierre Khemdoudi, managing director and global co-head of equities, data and analytics at IHS Markit, added: “As we learned with EMIR, UTI sharing can be a major challenge for firms and regulators as they aim to get a meaningful view of all the data submitted to trade repositories.”
“Working in close collaboration with the industry, we developed a pragmatic solution to simplify information sharing workflows and increase matching rates for all market participants.”
The first phase of SFTR comes into force in April 2020 and will require banks and investment firms to report their securities financing transactions for the first time.
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