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SFTR: Lessons from EMIR

03 March 2017

Alexander Westphal of the International Capital Market Association (ICMA) warns that SFTR is likely to be just as problematic for repo and securities lending as the introduction of EMIR was for derivatives

Read more: EMIR SFTR

Another hope lies with third-party vendors. Some solutions are starting to emerge and coalitions to form. This includes platforms for the automatic matching and affirmation of repo trades prior to reporting, but also more comprehensive frontto- back solutions that help to enrich and complete reports based on static data sources. Whether these can be translated into viable products that can be delivered in time for the SFTR go-live remains to be seen. Close collaboration between the industry and the relevant vendors will certainly be a critical success factor.

There is a chance that the regulatory pressure in relation to reporting can be ultimately translated into a more efficient and automated post-trade process for repo. However, it currently seems unlikely that this will be a much shorter and less rocky road than the one taken under EMIR.

Alexander Westphal - director, market practice and regulatory policy, at the International Capital Market Association (ICMA)

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