Key global and regional banks plus buy-side participants ready to test DTCC’s GTR service for reporting securities financing transactions
New York/London/Hong Kong/Singapore/Sydney, February 19, 2020 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that 138 clients have signed up to adopt, and more than 30 vendors have partnered with, DTCC’s multi-award winning Global Trade Repository (GTR) service, in order to meet their regulatory obligations under the forthcoming European Securities Financing Transactions Regulation (SFTR). SFTR is expected to take effect for banks and broker-dealers in April, for exchanges and CCPs in July, and for buy-side firms in October this year, followed by non-financial counterparties in January 2021.
DTCC opened industry-wide user-acceptance testing (UAT) for SFTR last October so that clients could benefit from an extended period of testing, increasing their levels of preparedness for regulatory compliance on day one. Since then, additional phases have rolled out including UAT with final XML schemas and validations rules.
“Delivering a great client experience while enabling firms to meet their reporting obligations for derivatives and securities financing transactions are top priorities for DTCC,” said Chris Childs, Managing Director, Head of RDS, DTCC and CEO & President, DTCC Deriv/SERV LLC. “Back in 2019, we were delighted to reveal Barclays, Goldman Sachs, J.P. Morgan, SEB and Societe Generale as our valued clients leveraging the GTR service to meet their SFTR obligations. Today, we are happy to add Citadel, Franklin Templeton, Nordea Investment Management and PIMCO to our growing community. We’re grateful to the industry for placing its trust in DTCC and for their continued support.”
“There are now only two months to go until the implementation of SFTR begins for the broker-dealer community and eight months until the compliance date for the buy-side,” said Val Wotton, Managing Director, Product Development & Strategy, RDS at DTCC. “Broker-dealers have made good progress in their readiness for SFTR implementation and our goal is to help support asset managers as they look to do the same. We’re ready to assist them as they prepare for this new mandate.”
The GTR service is offered by DTCC’s Repository and Derivatives (RDS) division.
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, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2018, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.85 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $52.2 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes over 14 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.