RegTek.Solutions, today announced the launch of Validate.Trade for SFTR, the only independent data quality assurance solution for ESMA’s Securities Financing Transaction Regulation (SFTR). Using the platform’s rich application, flexible API or simply Excel spreadsheets, clients can start testing the quality and integrity of their SFTR data, across all products and data fields. Validate.Trade for SFTR is live, helping operations and technology teams throughout their journey from analysis and testing to a production-ready SFTR compliance solution.
The European regulation, which aims to increase transparency across Securities Financing Transactions (SFTs), requires market participants to report all SFTs to an approved Trade Repository (TR). With over 150 data fields included, much of this data new to trading desks and operations teams, it is crucial for firms impacted by SFTR to improve and gain control over the quality of their data ahead of the implementation date, currently scheduled for early 2019.
Built on RegTek.Solutions’ proven reporting quality engine, Validate.Trade for SFTR is the world’s only independent, portable validation engine to support firms with data quality ahead of SFTR’s implementation. The rules are tracked and maintained in accordance with the conventions, expectations and best practices of regulators, repositories, and the securities financing market. Over 700 rules specific to SFTR, as prescribed within the ESMA Regulatory Technical Standards (RTS), have already been built and tested on the platform, and are available for clients to test their data against today.
Andy Green, Global Head of Sales for RegTek.Solutions, commented: “SFTR has the potential to be a very costly and complex affair. It is estimated that only 60% of the required fields are readily available and with the scope of the required changes being so vast, it would be quite hazardous for firms to leave it until the last months to prepare. With Validate.Trade for SFTR, we will be sure to help our clients meet the regulator’s deadline in an efficient and cost-effective way.”
Brian Lynch, CEO of RegTek.Solutions, added: “Supporting firms throughout their journey to ‘sustainable compliance’ is our mission. We already offer support for Dodd-Frank, EMIR, MiFIR and other global regulations, and it was very important to us to be ahead of the game with SFTR. Firms know they have a massive data challenge in 2018, with many still dealing with the aftermath of MiFIR. We want to be with them from the start of their SFTR projects.”
More than half of G16 banks already trust Validate.Trade for trade and transaction reporting compliance, with the platform being leveraged by clients across the world for their regulatory reporting quality needs.