Six brokers select IHS Markit to manage SFTR questionnaires
12 November 2019 London
Image: Shutterstock
IHS Markit’s counterparty manager, Outreach360, has been selected by six broker-dealers, including BofA Securities, HSBC and UBS, to manage questionnaires for the Securities Financing Transactions Regulation (SFTR).
Outreach360 is a centralised platform designed to engage with counterparties and exchange information to support regulatory requirements.
In this instance, it will support real-time updates to questionnaire responses and counterparty classifications for SFTR.
The other three brokers were not named by IHS Markit.
The questionnaires, generated by the International Securities Lending Association (ISLA) and the International Capital Markets Association (ICMA), are set to enable in-scope firms to exchange counterparty requirements for SFTR transaction reporting.
ISLA’s director of regulatory policy and market practice, Adrian Dale, explained that the standardised surveys are aimed at helping bilateral firms and agent lenders communicate SFTR requirements with efficiency.
Based on feedback from more than 15 banks, Outreach360 will support real-time updates to questionnaire responses and counterparty classification for SFTR, according to IHS Markit.
IHS Markit explained that these updates can be automatically exchanged through an application programme interface feed, as well as services like the IHS Markit and Pirum joint-SFTR reporting solution, which also recently added a unique trade identifier sharing system for third-party firms.
Lansing Gatrell, managing director for risk and regulatory compliance at IHS Markit, commented: “The data management requirements for SFTR reporting are massive, and by leveraging Outreach360 to prepare for transaction reporting, broker-dealers and their customers in securities lending and repo markets can share vital information with greater ease.”
Outreach360 is a centralised platform designed to engage with counterparties and exchange information to support regulatory requirements.
In this instance, it will support real-time updates to questionnaire responses and counterparty classifications for SFTR.
The other three brokers were not named by IHS Markit.
The questionnaires, generated by the International Securities Lending Association (ISLA) and the International Capital Markets Association (ICMA), are set to enable in-scope firms to exchange counterparty requirements for SFTR transaction reporting.
ISLA’s director of regulatory policy and market practice, Adrian Dale, explained that the standardised surveys are aimed at helping bilateral firms and agent lenders communicate SFTR requirements with efficiency.
Based on feedback from more than 15 banks, Outreach360 will support real-time updates to questionnaire responses and counterparty classification for SFTR, according to IHS Markit.
IHS Markit explained that these updates can be automatically exchanged through an application programme interface feed, as well as services like the IHS Markit and Pirum joint-SFTR reporting solution, which also recently added a unique trade identifier sharing system for third-party firms.
Lansing Gatrell, managing director for risk and regulatory compliance at IHS Markit, commented: “The data management requirements for SFTR reporting are massive, and by leveraging Outreach360 to prepare for transaction reporting, broker-dealers and their customers in securities lending and repo markets can share vital information with greater ease.”
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