EquiLend opens SFTR parallel production environment testing
21 May 2020 London
Image: ZepheroZ/Shutterstock.com
EquiLend has opened a parallel production environment for clients to test its Securities Financing Transactions Regulation (SFTR) reporting solution ahead of the reporting go-live in July.
The securities lending trading platform explains that the live testing environment will facilitate client participation in end-to-end submissions, thereby enabling users to calibrate their data submissions ahead of reporting requirements coming into force in July.
The majority of EquiLend's SFTR clients are submitting into the testing scenarios ahead of the reporting requirements, meaning they can further study their data in a production-standard environment and evaluate submitted data points to enhance data quality and minimise breaks.
Further enhancements next month will add additional flexibility to the solution, as clients fine-tune their operating models to meet the revised enforcement deadline, EquiLend says.
Phase one of SFTR legally came into effect in April but the reporting requirements for financial institutions were pushed back due to the COVID-19 business disruption.
Firms in-scope for phase one will now begin reporting transactions in phase two, which also includes central counterparties and central securities depositories.
This will then extend to the buy-side in October.
Many firms were ready for the original April deadline but the grace period offered by the European Securities and Markets Authority has largely been used to extend testing periods.
The securities lending trading platform explains that the live testing environment will facilitate client participation in end-to-end submissions, thereby enabling users to calibrate their data submissions ahead of reporting requirements coming into force in July.
The majority of EquiLend's SFTR clients are submitting into the testing scenarios ahead of the reporting requirements, meaning they can further study their data in a production-standard environment and evaluate submitted data points to enhance data quality and minimise breaks.
Further enhancements next month will add additional flexibility to the solution, as clients fine-tune their operating models to meet the revised enforcement deadline, EquiLend says.
Phase one of SFTR legally came into effect in April but the reporting requirements for financial institutions were pushed back due to the COVID-19 business disruption.
Firms in-scope for phase one will now begin reporting transactions in phase two, which also includes central counterparties and central securities depositories.
This will then extend to the buy-side in October.
Many firms were ready for the original April deadline but the grace period offered by the European Securities and Markets Authority has largely been used to extend testing periods.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
