DTCC to add Securities Finance Transaction reporting capabilities

The Depository Trust & Clearing Corporation (DTCC)  has begun efforts to enhance its European[1] Global Trade Repository (GTR) in support of the upcoming Securities Financing Transactions Regulation (SFTR) expected to be implemented in 2019. SFTR will require firms subject to EU regulations to report securities financing transactions including repurchase agreements, securities lending and margin lending trades to an authorised Trade Repository.

Andrew Douglas, ‎CEO of the European Global Trade Repository and Managing Director of Government Relations for EMEA/Asia at DTCC, stated, “We have a strong understanding of the proposed new rules and look forward to extending our capabilities to include the reporting of securities financing transactions. We have already begun outreach to potential clients and industry associations to ensure our offering enables our users to be fully compliant with the new regulation.”

According to regulatory analysis[2], with over three times as many clients as its closest competitor, DTCC’s GTR has become the largest Trade Repository in Europe and the solution chosen by more than sixty percent of European firms that report their transactions.

“DTCC’s GTR is the only user-owned, user-governed Trade Repository and has established itself as the market leader in trade reporting in Europe. We will leverage this expertise to ensure our product remains the market benchmark while identifying best practices and economies of scale that benefit all of our clients,” stated Chris Childs, Head of Derivatives and Collateral and President and CEO, DTCC Deriv/SERV LLC.

 

[1] Operating locally as DDRL

[2] ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central counterparties 2016 annual report and 2017 work programme;  paragraph 2.1