Pirum Systems and IHS Markit today announced they will be working in partnership to build a full service Securities Finance Transaction Regulation (SFTR) reporting solution.
SFTR requires EU counterparts participating in securities finance transactions to report their transaction details to a registered Trade Repository. The new SFTR solution will combine Markit Securities Finance’s market leading capabilities in data handling and management with Pirum System’s expertise in post-trade reconciliation to offer a fully hosted, end-to-end service to help customers meet reporting requirements. This service will enable market participants to leverage existing industry data pipes and workflows, lowering the cost and operational burden of complying with SFTR reporting.
Pierre Khemdoudi, managing director of Markit Securities Finance, IHS Markit, said: “We are excited to partner with Pirum Systems to offer a modular, fully hosted SFTR solution. Pirum System’s best in class securities finance post-trade reconciliation and IHS Markit’s proven track record in delivering industry wide regulatory reporting solutions ideally positions us to build this unique service.”
Markit Securities Finance and Pirum Systems are actively engaging with design partners on this solution and expect to launch the service later this year.
Ben Challice, chief operating officer, Pirum Systems, said: “True collaboration between service providers is what the market has been demanding, especially when the service requirement is driven by regulation. By partnering with Markit Securities Finance, we can provide a seamless, end-to-end solution, with unparalleled market coverage, and ultimately reduce customers’ overall costs.”
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions.
About Pirum Systems (www.pirum.com)
Pirum provides a secure, centralised connectivity and automation hub which seamlessly connects market participants, allowing them to electronically verify key transaction details and fully automate the post-trade lifecycle. In addition to this processing hub, Pirum’s platform provides onward connections to other key infrastructure service providers. This position, at the heart of the Securities Financing market, allows clients to reuse their connection to Pirum to access triparty agents, trading venues, market data companies & CCPs with additional connectivity constantly being added.