DTCC’S SFTR Platform Grows to 160+ Firms
The Depository Trust & Clearing Corporation (DTCC) has announced that 138 clients have signed up to its Global Trade Repository (GTR) service. In addition, more than 30 vendors have also agreed to use the platform. The GTR service helps firms to meet their regulatory obligations under SFTR.
SFTR is expected to take effect for banks and broker-dealers in April, for exchanges and CCPs in July, and for buy-side firms in October this year, followed by non-financial counterparties in January 2021.
DTCC began UAT for SFTR last October. Since then, additional phases have rolled out including UAT with final XML schemas and validations rules.
“Back in 2019, we were delighted to reveal Barclays, Goldman Sachs, J.P. Morgan, SEB and Societe Generale as our valued clients leveraging the GTR service to meet their SFTR obligations. Today, we are happy to add Citadel, Franklin Templeton, Nordea Investment Management and PIMCO to our growing community. We’re grateful to the industry for placing its trust in DTCC and for their continued support,” said Chris Childs, Managing Director, Head of RDS, DTCC and CEO & President, DTCC Deriv/SERV LLC.
“There are now only two months to go until the implementation of SFTR begins for the broker-dealer community and eight months until the compliance date for the buy-side,” said Val Wotton, Managing Director, Product Development & Strategy, RDS at DTCC. “Broker-dealers have made good progress in their readiness for SFTR implementation and our goal is to help support asset managers as they look to do the same. We’re ready to assist them as they prepare for this new mandate.”