EQUILEND AND TRAX TO LAUNCH INTEROPERABLE FRONT-TO-BACK SFTR OFFERING
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September 20, 2017
EquiLend and Trax are collaborating on a full front-to-back Securities Financing Transactions Regulation (SFTR) solution to support mutual clients in their SFTR reporting requirements.
EquiLend’s expertise in the securities finance industry combined with Trax’s regulatory reporting and repo trade confirmation heritage will result in a comprehensive service covering all SFTR-eligible asset classes.
As a leading securities finance trading, post-trade and market data provider, EquiLend captures many key elements required for SFTR reporting at point of trade, including unique transaction identifiers (UTI), transaction time stamps and lifecycle events.
Trax’s flexible technology, deep understanding of cross-asset class regulatory reporting, repo trade confirmation capabilities and broad institutional buy- and sell-side client community provides the foundation for a dynamic solution which enables firms to enrich, validate and report eligible SFTR transactions in near real-time.
EquiLend will link its trading and post-trade platform to the Trax system to provide client trading and life cycle event information, while Trax will provide EquiLend clients with data enrichment, reporting services and access to multiple trade repositories.
Brian Lamb, CEO of EquiLend, says: “SFTR is one of the most complex and data-intensive regulatory reporting requirements the European securities finance market has ever seen. This collaboration between EquiLend and Trax streamlines the process, offering mutual clients the simplest and most comprehensive front-to-back SFTR solution available.”
Christophe Roupie, Head of Europe and Asia, MarketAxess and Trax, adds: “The manual nature and multitude of actors involved in the securities financing trade lifecycle, in addition to the immense data requirements of SFTR, means that the industry needs more sophisticated data management and operational processes in place. Leveraging the expertise and technical capacity between Trax and EquiLend will be key for firms to effectively manage their regulatory obligations under SFTR.”
EquiLend is a leading provider of trading and post-trade services for the securities finance industry with offices in New York, London, Hong Kong and Toronto. EquiLend is owned by BlackRock, Credit Suisse, Goldman Sachs, J.P. Morgan, J.P. Morgan Chase, Bank of America Merrill Lynch, Morgan Stanley, Northern Trust, State Street and UBS. Used by securities borrowers and lenders globally, the EquiLend platform (for equities) and BondLend platform (for fixed income) automate formerly manual trading and post-trade processes in the securities finance industry. DataLend provides performance reporting and aggregated, anonymized, cleansed and standardized securities finance data covering all asset classes, regions and markets globally. EquiLend Clearing Services operates the ECS Middle Office and the ECS Gateway, which offer CCP services and connectivity. www.equilend.com
Trax is a leading provider of capital market data, trade matching and regulatory reporting services to the global securities market. In 2016, Trax processed 1.2 billion transactions on behalf of its user community, including 13 million fixed income transactions. Trax estimates that it processes approximately 65% of all fixed income transactions in Europe as part of its post-trade service offering.
Trax is an Approved Publication Arrangement (APA) and is also working in close collaboration with the industry to develop unique tools for Systematic Internaliser (SI) determination. Trax is currently an Approved Reporting Mechanism (ARM) under MiFID I and will continue its ARM regulatory status to comply with MIFID II.
Trax is based in London and was originally established in 1985. Acquired by MarketAxess in 2013, Trax is a trading name of Xtrakter Ltd. and is a wholly owned subsidiary of MarketAxess Holdings, Inc. For more information, please visit www.traxmarkets.com.