New York/London/Hong Kong/Singapore/Sydney, March 18, 2019 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Skandinaviska Enskilda Banken AB (SEB) has selected its multi-award winning Global Trade Repository (GTR) service in order to meet their regulatory obligations under the Securities Financing Transactions Regulation (SFTR), which is expected to apply from April 2020.
“SEB has a longstanding relationship with DTCC and is very satisfied with our cooperation,” said Petra Tigerholm, Head of Markets Regulatory Reporting, at SEB. “Right now, SFTR is a major focus area, so choosing the right partner to deliver this project was of the upmost importance to us. We look forward to working together to deliver regulatory compliance for ourselves and our customers.”
To streamline client adoption of the service, DTCC recently added data transformation services to its SFTR offering, providing a one-stop shop for clients’ reporting needs. In addition, we announced new partnership agreements with several technology firms, including Broadridge, EquiLend/Trax, FIS Global, IHS Markit/Pirum, Murex, RegTek.Solutions and SimCorp. Today, GTR is processing 40 million open positions per week, and more than one billion messages per month for over 100,000 entities – brokers, buy-side firms and corporates in seven jurisdictions across 35 countries. More than 60 regulators around the world have access to GTR data, consistent with their regulatory mandates in each jurisdiction.
“DTCC is committed to helping our clients meet evolving regulatory reporting requirements, including SFTR,” said Chris Childs, President & CEO of DTCC Deriv/SERV. “ SEB is a valued client and we’re delighted they will be leveraging our one-stop SFTR offering to fulfill their forthcoming regulatory obligations, and are ready to extend its capabilities to additional market participants in the coming months.”
From a simple onboarding process, to early pre-user acceptance testing (UAT), access to a fully functional user acceptance environment, testing tools and 24 x 7 production support, DTCC’s client implementation package allows firms to move seamlessly into production with confidence that they are compliance ready.
Note to Editors
The European Commission recently adopted new measures under SFTR. Details are here.
In recent months, DTCC has delivered several reports on SFTR and systemic risk, publishing papers on the opportunities to continue enhancing financial stability 10 years after Lehman’s insolvency as well as a report on SFTR’s industry impacts and the role of trade repositories.
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to financial markets. In 2017, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at U.S. $57.4 trillion. DTCC’s Global Trade Repository service maintains approximately 40 million open OTC positions per week and processes over one billion messages per month through its group of licensed trade repositories.