10.24.2017

DTCC Adds SFTR Enhancements In Europe

10.24.2017

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that it has begun efforts to enhance its European Global Trade Repository (GTR) in support of the upcoming Securities Financing Transactions Regulation (SFTR) expected to be implemented in 2019. SFTR will require firms subject to EU regulations to report securities financing transactions including repurchase agreements, securities lending and margin lending trades to an authorised Trade Repository.

Andrew Douglas, ‎CEO of the European Global Trade Repository and Managing Director of Government Relations for EMEA/Asia at DTCC, stated, “We have a strong understanding of the proposed new rules and look forward to extending our capabilities to include the reporting of securities financing transactions. We have already begun outreach to potential clients and industry associations to ensure our offering enables our users to be fully compliant with the new regulation.”

According to regulatory analysis, with over three times as many clients as its closest competitor, DTCC’s GTR has become the largest Trade Repository in Europe and the solution chosen by more than sixty percent of European firms that report their transactions.

“DTCC’s GTR is the only user-owned, user-governed Trade Repository and has established itself as the market leader in trade reporting in Europe. We will leverage this expertise to ensure our product remains the market benchmark while identifying best practices and economies of scale that benefit all of our clients,” stated Chris Childs, Head of Derivatives and Collateral and President and CEO, DTCC Deriv/SERV LLC.

GTR’s new SFTR enhancements will be a significant addition to the existing reporting capabilities. DTCC created its first Trade Repository, the Trade Information Warehouse (TIW), in 2003 for OTC credit derivatives lifecycle processing. Today, GTR has become the largest trade repository in the world, processing 40 million open positions per week, and more than 1 billion messages per month for over 100,000 entities – brokers, buy-side firms and corporates in seven jurisdictions across 33 countries. 45 regulators around the world have access to GTR data, consistent with their regulatory privileges in each jurisdiction.

Source: DTCC

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