TriOptima and DTCC expand partnership to SFTR reporting
08 July 2020 London
Image: Viesinsh/Shutterstock.com
Longtime collaborators Depository Trust & Clearing Corporation (DTCC) and TriOptima have expanded their partnership to help mutual clients validate their reported transactions under the Securities Financing Transactions Regulation (SFTR).
SFTR, which is set to come into effect for phase-one and two reporting on 13 July, states that market participants are fully responsible for the accuracy of their reported information to trade repositories either directly, or through a delegated third party.
As part of ensuring their SFTR reports are correct, firms are required to regularly validate their data, and the new DTCC-TriOptima collaboration aims to assist in this.
The partnership allows market participants to compare and align records via DTCC’s Global Trade Repository (GTR) service with their reported data fields in TriOptima's triResolve platform, thereby allowing users to quickly identify and address any discrepancies, as well as amend reporting more quickly, the firms say.
"From margin-lending transactions on a daily basis to numerous collateral updates and valuations, market participants face a huge task when it comes to reporting," says Raf Pritchard, head of triResolve.
"This collaboration with DTCC is an important step to ensuring the accuracy of data in the repositories for a traditionally under-reported part of the market."
Val Wotton, managing director, product development and strategy of repository and derivatives services at DTCC, adds: "As Europe's largest trade repository, we remain committed to working with third-party providers to help the industry prepare for new regulatory reporting requirements."
Elsewhere, DTCC says it has seen an 80 percent increase in the number of clients signed-up for its SFTR service via GTR since the beginning of the year, bringing the number of prospective users to 250.
The SFTR-focused solution builds upon a series of collaborations between DTCC and TriOptima that began in 2008.
Previous joint-projects include TriOptima’s triResolve repository reconciliation service building pipes with DTCC in 2016 to facilitate the reconciling of data reported GTR by institutions regulated in Singapore, Australia and Hong Kong.
SFTR, which is set to come into effect for phase-one and two reporting on 13 July, states that market participants are fully responsible for the accuracy of their reported information to trade repositories either directly, or through a delegated third party.
As part of ensuring their SFTR reports are correct, firms are required to regularly validate their data, and the new DTCC-TriOptima collaboration aims to assist in this.
The partnership allows market participants to compare and align records via DTCC’s Global Trade Repository (GTR) service with their reported data fields in TriOptima's triResolve platform, thereby allowing users to quickly identify and address any discrepancies, as well as amend reporting more quickly, the firms say.
"From margin-lending transactions on a daily basis to numerous collateral updates and valuations, market participants face a huge task when it comes to reporting," says Raf Pritchard, head of triResolve.
"This collaboration with DTCC is an important step to ensuring the accuracy of data in the repositories for a traditionally under-reported part of the market."
Val Wotton, managing director, product development and strategy of repository and derivatives services at DTCC, adds: "As Europe's largest trade repository, we remain committed to working with third-party providers to help the industry prepare for new regulatory reporting requirements."
Elsewhere, DTCC says it has seen an 80 percent increase in the number of clients signed-up for its SFTR service via GTR since the beginning of the year, bringing the number of prospective users to 250.
The SFTR-focused solution builds upon a series of collaborations between DTCC and TriOptima that began in 2008.
Previous joint-projects include TriOptima’s triResolve repository reconciliation service building pipes with DTCC in 2016 to facilitate the reconciling of data reported GTR by institutions regulated in Singapore, Australia and Hong Kong.
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