Broadridge Financial Solutions, Inc. has announced the launch of its trade reporting solution for the European Securities and Markets Authority’s (ESMA) forthcoming Securities Financing Transaction Regulation (SFTR). Broadridge’s new offering will enable market participants of all types to achieve a seamless implementation and meet the projected regulatory deadlines in 2018.
SFTR requires EU counterparts engaging in securities finance transactions to report trade data to a registered Trade Repository. To support the new rules, Broadridge will deliver a transaction reporting solution that spans the entire reporting lifecycle.
This new offering includes system-level data extracts from its securities finance and collateral management solution, through to unique trade identifier (UTI) generation, matching and direct reporting to trade repositories. Customers will be able to take advantage of Broadridge’s unified solution for all of their SFTR requirements. Clients will also have the option of a modular solution that can be combined with other third party reporting platforms as required.
“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,” said Tom Carey, President of Global Technology and Operations, International for Broadridge. “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.”
This new solution leverages Broadridge’s deep expertise in multi-jurisdictional transaction reporting across multiple reporting regimes including US (CFTC), Europe (EMIR, MiFID I and II), Canada, Singapore, Japan, Australia, Hong Kong, and Switzerland, as well as its latest innovations in leading technologies to deliver efficient and timely client implementations.