Broadridge launches reporting tool for ‘complex’ SFTR regulations
The solution will tackle the compliance challenge of Europe’s Securities Financing Transaction Regulation.
US electronic data services specialist Broadridge Financial Solutions is launching a trade reporting product to help companies meet the complex demands of the European Securities and Markets Authority’s (ESMA) upcoming Securities Financing Transaction Regulation (SFTR).
The solution is intended to allow all market participants to achieve implementation and meet the projected regulatory deadlines in 2018.
Under the new regulation, EU counterparts engaging in securities finance transactions are required to report trade data to a registered ‘trade repository’.
To help companies do this, Broadridge has created a transaction reporting solution that spans the entire reporting lifecycle.
Clients will also be able to combine their reporting with other third-party reporting platforms as needed.
“The SFTR rules present a major challenge for all market participants due to their complex nature, dual-sided reporting and proximity to MiFID-II [the EU’s Markets in Financial Instruments directive] compliance deadlines,” said Tom Carey, president of global technology and operations international for Broadridge.
This tool combines technological expertise with Broadridge’s knowledge of multi-jurisdictional transaction reporting across several reporting regimes including the US, Europe, Canada, Singapore, Japan, Australia, Hong Kong, and Switzerland.