TriOptima, an infrastructure service provider, has extended data connectivity between its triResolve platform and the Depository Trust & Clearing Corporation (DTCC) Global Trade Repository (GTR) service.
The aim is to help market participants validate their reported securities financing transactions as they prepare to comply with the Securities Financing Transactions Regulation (SFTR), which is set to come into effect for phase-one and two reporting on 13 July.
The enhanced initiative enables firms to compare and align DTCC GTR trade records with their reported data fields in triResolve, allowing users to quickly identify and address any discrepancies, as well as amend reporting more quickly.
“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 accuracy of data in the repositories for a traditionally under-reported part of the market.”
Val Wotton, Managing Director, Product Development & Strategy of Repository & 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. The extension of our relationship with triResolve to cover securities financing transactions is key to achieving our goal of promoting greater common standards across the market while providing greater value to our clients.”
SFTR is a two-sided reporting requirement, with both borrower and lender required to report their side of the SFT to an approved trade repository on trade date +1 (T+1). Market participants are fully responsible for the accuracy of information when reporting their repo and securities lending transactions to TRs either directly, or through a delegated third party.
TriOptima and the DTCC joined forces in 2014 with a reconciliation service in attempt to resolve a continuing problem of trades being unmatched at Europe’s repositories under the European Market Infrastructure Regulation.