LCH RepoClear Chooses UnaVista For SFTR Reporting
- UnaVista customers clearing through LCH’s RepoClear will be offered assisted reporting for SFTR
- RepoClear is Europe’s leading clearer of repos, €197tn cleared in 2018 across 13 government bond markets
- UnaVista is one of Europe’s largest regulatory reporting platforms for MiFIR and EMIR compliance
- SFTR scheduled to be implemented in April 2020 will introduce new reporting obligations for firms
LCH Group selects UnaVista for its SFTR-compliant trade repository.
– UnaVista customers clearing through LCH’s RepoClear will be offered assisted reporting for SFTR
– RepoClear is Europe’s leading clearer of repos, €197tn cleared in 2018
— UnaVista (@UnaVista) May 20, 2019
UnaVista is delighted to announce that it has been selected by LCH’s RepoClear as their trade repository to meet their reporting obligations under the Securities Financing Transaction Regulation (SFTR). LCH Group’s Collateral and Liquidity Management function will also be using UnaVista for its SFTR reporting. SFTR is scheduled to go live in April next year and will require firms to report details of their Securities Financing Transactions (SFTs) to an approved trade repository. Known as the ‘MiFID II for repo’, the regulation is designed to increase transparency, allowing regulatory authorities to assess the risks associated with these transactions. LCH provides Europe’s leading clearing service for government bond and repo markets, with €197 trillion cleared across the group in 2018.
The agreement with LCH in respect of RepoClear, will enable UnaVista to offer a form of collaborative reporting called assisted reporting to LCH’s RepoClear members. RepoClear members will have the option to allow UnaVista to flip aspects of LCH’s transaction and margin reporting to create a report from the member’s perspective. This function will offer significant operational efficiencies and supports accurate transaction matching.
Bruce Kellaway, Global Head of RepoClear & Collateral, Head of EquityClear Ltd said:
“UnaVista is one of Europe’s largest regulatory reporting platforms for MiFIR and EMIR compliance and its significant experience in this field makes it a natural fit for RepoClear. As a result of this project with UnaVista, RepoClear’s members are now presented the additional option of assisted reporting to handle and simplify their SFTR requirements for those trades they clear through LCH.”
Mark Husler, CEO UnaVista, said:
“We are delighted that LCH’s RepoClear has chosen UnaVista for its SFTR reporting. LCH’s collaboration with UnaVista will significantly simplify reporting obligations under SFTR for RepoClear members. UnaVista has a proven track record of partnering with the industry to reduce the burden on clients’ internal infrastructure, producing reliable web-based technology from day one, alongside exceptional customer support.”
UnaVista’s SFTR Trade Repository is available through the same award-winning, web-based technology as MiFIR and EMIR, helping to make complicated reporting simple. Reference data to help firms enrich their reports, flexible collaborative reporting models to help firms work with counterparties to report, and extensive reconciliation and analytics will ensure firms improve their reporting with time.
SFTR covers SFTs conducted by any firms established in the EU, regardless of where the individual branch is. It will also include SFTs conducted by EU branches of non-EU firms, and any SFT where the securities used are issued by an EU issuer or by an EU branch of a firm. The proposal also explicitly identifies UCITS funds and AIFM funds as being subject to SFTR.
Over the course of the next year LCH and UnaVista will be working together to educate market participants on how to simplify their SFT reporting though hosting a series of webinars and working groups.
Source: London Stock Exchange
Phase 5 of the uncleared margin rules (UMR) took effect from September 2021.
Temporary equivalence is set to expire on June 30 2022.
IRS trading volumes have fragmented without an equivalence agreement.
Phase 5 of the uncleared margin rules came into effect on 1 September.
Triparty repos can be executed across U.S. Treasury securities to central clearing.