It’s been over a year since the first wave of Securities Financing Transactions Regulation (SFTR) went live, 今天，贸易报告格局继续以快速的步伐发展. 8月, UnaVista宣布将停止为SFTR提供交易存储库(TR)服务, 1月30日生效, 2022.
相关的: 贸易报告全球监管协调之路
众所周知，将TR数据移植到新服务提供商的过程可能具有挑战性. 存, 谁经营证券融资和衍生品交易的主要交易库, is working closely with UnaVista to ensure a smooth transition for firms who opt to leverage 存’s EU or UK trade repository for their SFTR reporting needs. 《vnsr威尼斯城官网登入》采访了瓦尔·沃顿, 存的总经理, Product Development and Strategy of 存储库 and 衍生品服务 to learn more about how 存 helps firms with trade reporting obligations, 特别是因为许多公司现在需要一个新的TR用于SFTR报告.
“We are no strangers to helping firms seamlessly navigate the move from another TR to 存’s Global Trade 存储库 service (GTR). 大约一年前, 随着CME退出其欧洲和澳大利亚的交易存储库，许多公司转向GTR. 我记得有一位客户亲自感谢我，说他的公司很容易就完成了转型. 正是这样的见证让我为成为存社区的一员而感到自豪, 我们把客户满意度放在最重要的位置,沃顿分享道。.
屡获殊荣的SFTR解决方案:轻松入职 & 综合客户服务
“随着贸易报告格局的不断变化和发展, 我们致力于不断改进, 创新, and reimagine how to best serve our clients in helping comply with the various regulations that continue to challenge reporting firms’ operations,沃顿说。.
相关的: SFTR报道-高点，低点和未来一年
存’s award-winning SFTR service processes approximately 85% of all SFTR trade reporting volume across 美国K and 欧洲, 每月为800多个客户处理超过1.15亿条消息. “I believe that a key reason we have predominant market share is because of our simplified onboarding program and robust client service. 这些都是卓越客户体验的关键贡献者，”他继续说道.
SFTR服务利用GTR基础设施, OTC和交易所交易衍生品的行业交易报告解决方案的选择, 服务全球约80%的市场. GTR在全球各地经营本地注册或许可的贸易仓库, 支持澳大利亚的报告制度, 欧洲, 香港, 瑞士, 日本, 加拿大, 新加坡, 美国.K.美国和美国.S.
解决之前 & 岗位报告需求
在过去十年里, 金融公司经历了一波又一波vns6060威尼斯城官网交易报告的新规定和修订规定. And more changes will be rolling in over the next few years as nearly all jurisdictional rules for derivatives trade reporting undergo rewrites to adopt industry-recommended standards.
Launched in early 2020 and expanded in December 2020 with 存’s acquisition of the 合规 Management Reporting System platform (CMRS) from Publicis Sapient, 存报告中心®使公司能够管理其全球衍生品, Markets in Financial Instruments Directive II (MiFID II) and Securities Financing Transactions Regulation (SFTR) pre- and 帖子-trade reporting requirements with a single-vendor solution.
合规的挑战
Among the regulations resulting from the 2008 financial crisis were reporting mandates for derivatives transactions. 各司法管辖区在不同时间推出各自的规则，而且没有密切协调. 其结果是:报告格式存在许多差异, trade data elements and other parameters – which are now triggering a new round of rule revisions aimed at increasing standardization across jurisdictions.
“This 帖子-crisis global regulatory surge and ongoing failure to harmonize rules from one reporting regime to another has necessitated continual modifications to firms’ technology platforms. 经过十年的补丁来适应一个又一个的新规则或更新, 今天大多数公司的贸易处理和报告基础设施是重复的和低效的,沃顿说。.
对于已经发展了自己的报告前和报告后能力的公司, the upcoming rewrites of derivatives rules – which will include adoption of Common Data Elements (CDE) and Unique Product Identifiers (UPI) for reporting – will spur yet more updates to their infrastructure and further burden its already-stressed capacity and functionality.
This 帖子-crisis global regulatory surge and ongoing failure to harmonize rules from one reporting regime to another has necessitated continual modifications to firms’ technology platforms.
Evolving regulatory provisions will also necessitate ongoing refinements to firms’ data management and messaging processes. 例如, if, 正如预期的, 监管机构采用ISO 20022衍生品CDE消息方案, trade data will need to be normalized to meet this new standard – tedious work that many firms will likely need help completing.
“内部员工的压力, processes and platforms caused by ever changing regulations have led some firms to turn to one or more third-party solutions providers to deliver discrete pre- and 帖子-reporting functionality,沃顿描述道。. “But the result can be a patchwork of solutions that are not integrated with one another and require multiple connections,他接着说.
此外, 使用不同供应商的解决方案可能会剥夺企业的综合性, cross-jurisdictional regulatory coverage they need to manage pre- and 帖子-reporting activities for all reporting regimes, 每一个都有不同的规则. 如果没有统一的解决方案，公司可能会面临更高的合规风险和成本.
使用统一的解决方案简化报表前后工作流程
鉴于未来贸易报告面临的挑战——包括持续的, 衍生品授权的具体制度变化, the complexity of SFTR reporting and the sheer difficulty of managing trade reporting across multiple asset classes and jurisdictions – a unified, 像存报告中心这样的单一供应商服务套件可以帮助公司降低风险, 提高运营效率，降低与法规报告合规性相关的成本.
对于内部开发解决方案的公司, 转移到存报告中心可以节省大量的员工时间和内部vns6060威尼斯城官网. 存报告中心的单一供应商模型提供了一致性, 当公司使用多个供应商时通常缺少的流线型功能.
Wotton explains that “The 存报告中心 platform is a game changer for pre- and 帖子-trade reporting services. 通过提供统一的, 单一供应商的前后报告平台, 公司可以合并多个司法管辖区的报告活动-美国, UK, 欧洲, 加拿大, 以色列, 新加坡, 澳大利亚, 并为即将到来的规则补充和变化做好准备.” This breadth of coverage can help firms maximize their operational efficiencies and compliance-risk mitigation, 降低成本，解放员工，让他们专注于其他优先事项.
其广泛的预报告服务套件, 存报告中心 streamlines the complex workflows required to prepare trade data for submission to TRs or ARMs. Starting with data normalization and transformation – including to accommodate the ISO 20022 messaging scheme – this suite provides data enrichment, 管辖权资格分析, 可定制的规则引擎以及高级异常管理和再处理.
关闭报告循环
除了与贸易登记机构和贸易登记机构对接，以方便贸易提交, 存报告中心还提供了后期报告功能. Its reconciliation tool applies reporting completeness and 精度 checks on TR end-of-day reports against a client’s internal 系统. 存报告中心 can also provide extensive data analytics to help firms better manage reporting completeness, 精度, 和及时性.
即使是像存报告中心这样的解决方案, firms will still need to keep pace with global regulatory output by having up-to-date reporting processes, 控制, 系统, 和治理. Firms that have repeatedly modified their infrastructure in response to new and revised mandates may need a top-to-bottom overhaul if they are to manage regulatory reporting risk in a cost-efficient manner. 存 咨询服务 experts can help firms analyze their infrastructure performance and data quality and assist them in evaluating whether certain enhancements or redesigns are warranted.
本文首次发表于 证券金融时报 2021年9月14日.