REGIS-TR teams up with GLMX on delegated SFTR reporting services
12 March 2020 Luxembourg
Image: Shutterstock
REGIS-TR, a European trade repository, is set to collaborate with GLMX, a pre- and post-trade technology solutions provider to offer a joint reporting service for the Securities Financing Transactions Regulation (SFTR), which comes into force in April.
The first phase of SFTR will require financial institutions to report their securities financing transactions to a registered trade repository for the first time in a bid to increase market transparency and expose risks. It will then expand to central counterparties and central securities depositories in July and then buy-side participants in October.
The REGIS-GLMX solution will cover repos and securities lending and the firms say it will provide a complete straight-through processing reporting service.
It will be a hosted solution that leverages existing industry data workflows to lower cost and operational burden of SFTR, REGIS adds.
Through the service, clients will be able to use GLMX’s pre- and post-trade platform services and then delegate their reporting to GLMX to report in-scope transactions to REGIS-TR.
GLMX says it is already testing the service with REGIS-TR and market participants on the solution.
Nick Bruce, head of business development at REGIS-TR, says it aims to "ease the complexity of routing data to trade repositories".
“Their [GLMX] securities finance transaction platform expertise, data management and augmentation services, together with our flexible account model and cost-effective solution, provide market participants with a robust framework for SFTR compliance,” Bruce explains.
Phil Buck, managing director of Europe at GLMX, adds: “Our partnership with REGIS-TR allows GLMX to connect directly to the trade repository on behalf of customers, streamlining the onerous reporting process and enabling them to fulfil their regulatory obligations.”
The first phase of SFTR will require financial institutions to report their securities financing transactions to a registered trade repository for the first time in a bid to increase market transparency and expose risks. It will then expand to central counterparties and central securities depositories in July and then buy-side participants in October.
The REGIS-GLMX solution will cover repos and securities lending and the firms say it will provide a complete straight-through processing reporting service.
It will be a hosted solution that leverages existing industry data workflows to lower cost and operational burden of SFTR, REGIS adds.
Through the service, clients will be able to use GLMX’s pre- and post-trade platform services and then delegate their reporting to GLMX to report in-scope transactions to REGIS-TR.
GLMX says it is already testing the service with REGIS-TR and market participants on the solution.
Nick Bruce, head of business development at REGIS-TR, says it aims to "ease the complexity of routing data to trade repositories".
“Their [GLMX] securities finance transaction platform expertise, data management and augmentation services, together with our flexible account model and cost-effective solution, provide market participants with a robust framework for SFTR compliance,” Bruce explains.
Phil Buck, managing director of Europe at GLMX, adds: “Our partnership with REGIS-TR allows GLMX to connect directly to the trade repository on behalf of customers, streamlining the onerous reporting process and enabling them to fulfil their regulatory obligations.”
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