RegTek.Solutions Debuts SFTR Validation Tool
RegTek.Solutions has launched Validate.Trade for SFTR, an independent data quality assurance solution for ESMA’s Securities Financing Transaction Regulation.
Using the platform’s rich application, flexible API or simply Excel spreadsheets, clients are able to start testing the quality and integrity of their SFTR data, across all products and data fields. Validate.Trade/SFTR is ready, helping operations and technology teams throughout their journey from analysis and testing to a production-ready SFTR compliance solution.
The proposed European regulation, which aims to increase transparency across Securities Financing Transactions, requires market participants to report all SFTs to an approved Trade Repository. With more than 150 data fields expected, much of this data is new to trading desks and operations teams, it is crucial for firms impacted by SFTR to improve and gain control over the quality of their data ahead of the implementation date, currently scheduled for early 2019.
Built on RegTek.Solutions’ market-validated reporting quality engine, Validate.Trade for SFTR is the world’s only independent, portable validation engine to support firms with data quality ahead of the implementation. The rules are tracked and maintained in accordance with the conventions, expectations and best practices of regulators, repositories, and the securities financing market. Over 500 rules specific to SFTR, as prescribed by ESMA, have already been built and tested on the platform, and are available for clients to test their data today.
“SFTR has the potential to be a very costly and complex affair,” said Andy Green, Global Head of Sales for RegTek.Solutions. “It is estimated that only 60% of the required fields are readily available and with the scope of the required changes being so vast, it would be quite hazardous for firms to leave it until the last months to prepare. With Validate.Trade for SFTR, we will be sure to help our clients meet the regulator’s deadline in an efficient and cost-effective way.”
“Supporting firms throughout their journey to ‘sustainable compliance’ is our mission,” added Brian Lynch, CEO of RegTek.Solutions. “We already offer support for Dodd-Frank, EMIR, MiFIR and other global regulations, and it was very important to us to be ahead of the game with SFTR. Firms know they have a massive data challenge in 2018 with many still dealing with the aftermath of MiFIR. We want to be with them from the start of their SFTR projects.”
More than half of G16 banks already trust Validate.Trade for trade and transaction reporting compliance, with the platform being leveraged by clients across the world for their regulatory reporting quality needs.
After MiFID II compliance, firms seek opportunities to reduce costs, gain scale and increase transparency.
All supervised entities should be ready if the UK leaves the EU under a cliff-edge scenario.
MiFID II lays down rules for producing best execution reports.
EU counterparties will need to report securities finance transactions.
Cboe’s systematic internaliser services reduce connectivity costs.