Under the European Securities and Markets Authority’s SFTR, any EU counterparts engaging in securities finance transactions will be required to report trade data to a registered data repository.
The Broadridge solution will provide system-level data from its securities finance and collateral management solution, as well as generating unique trade identifiers, providing a matching service, and reporting directly to the trade repositories.
It is also available as a modular solution that can be combined with other third-party reporting platforms.
SFTR is expected to come into force at the end of 2017, and will be phased in over a nine-month period, coinciding with the second Markets in Financial Instruments Directive (MiFID II), which is coming into effect in January 2018.
Tom Carey, Broadridge’s president of global technology and operations internationally, said: “The SFTR rules present a major challenge for all market participants due to their complex nature, dual-sided reporting and proximity to MiFID-II compliance deadlines.”
He added: “Broadridge’s in-depth expertise in both securities finance and trade reporting regimes, combined with this new solution, will enable clients to adapt to SFTR smoothly while minimising operational disruption and reducing the resource impact of complying with multiple concurrent reporting mandates.”