The new solution will offer a fully hosted, end-to-end service to assist EU-based users to fulfill the SFTR obligation to report transaction details to a registered trade repository.
This service will enable market participants to leverage existing industry data pipes and workflows, lowering the cost and operational burden of complying with SFTR reporting.
Ben Challice, COO at Pirum Systems, said: “True collaboration between service providers is what the market has been demanding, especially when the service requirement is driven by regulation.”
“By partnering with Markit Securities Finance, we can provide a seamless, end-to-end solution, with unparalleled market coverage, and ultimately reduce customers’ overall costs.”
Pierre Khemdoudi, managing director of the Markit Securities Finance product, said: “We are excited to partner with Pirum Systems to offer a modular, fully hosted SFTR solution.”
“Pirum System’s best in class securities finance post-trade reconciliation and IHS Markit’s proven track record in delivering industry wide regulatory reporting solutions ideally position us to build this unique service.”