DTCC’s SFTR community grows to over 160 firms
20 February 2020 New York
Image: Shutterstock
Citadel, Franklin Templeton, Nordea Investment Management and PIMCO are among the latest firms to join the Depository Trust & Clearing Corporation’s (DTCC) Global Trade Repository (GTR), ahead of SFTR’s go live.
The latest surge means DTCC has signed up 138 clients and partnered with more than 30 vendors for its GTR service, which is offered by DTCC’s Repository and Derivatives (RDS) division.
The GTR service aims to mitigate the challenges posed by the incoming Securities Financing Transactions Regulation (SFTR).
SFTR is due to come into effect for banks and broker-dealers in April, for exchanges and CCPs in July, and for buy-side firms in October this year, followed by non-financial counterparties in January 2021.
According to DTCC CEO Chris Childs, the new joiners will stand alongside Barclays, Goldman Sachs, J.P. Morgan, SEB and Societe Generale, which all signed up last year.
The service was opened to industry-wide user-acceptance testing in October 2019 “so that clients could benefit from an extended period of testing,” DTCC explains.
Val Wotton, managing director, product development and strategy for RDS at DTCC, adds: “Broker-dealers have made good progress in their readiness for SFTR implementation and our goal is to help support asset managers as they look to do the same. We’re ready to assist them as they prepare for this new mandate.”
The latest surge means DTCC has signed up 138 clients and partnered with more than 30 vendors for its GTR service, which is offered by DTCC’s Repository and Derivatives (RDS) division.
The GTR service aims to mitigate the challenges posed by the incoming Securities Financing Transactions Regulation (SFTR).
SFTR is due to come into effect for banks and broker-dealers in April, for exchanges and CCPs in July, and for buy-side firms in October this year, followed by non-financial counterparties in January 2021.
According to DTCC CEO Chris Childs, the new joiners will stand alongside Barclays, Goldman Sachs, J.P. Morgan, SEB and Societe Generale, which all signed up last year.
The service was opened to industry-wide user-acceptance testing in October 2019 “so that clients could benefit from an extended period of testing,” DTCC explains.
Val Wotton, managing director, product development and strategy for RDS at DTCC, adds: “Broker-dealers have made good progress in their readiness for SFTR implementation and our goal is to help support asset managers as they look to do the same. We’re ready to assist them as they prepare for this new mandate.”
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