Complex reporting obligations resulting from the Securities Finance Transaction Regulation (SFTR) can be fully delegated to the Swiss Stock Exchange. With the Collateral Cockpit™, launched in 2019 by the Swiss Stock Exchange, manages the cumbersome process on behalf of financial institutions. The service offers scale benefits for resource strained organizations at a time when it will be most needed.
The Swiss Stock Exchange today announced that its SFTR reporting services is now live in synchronisation with the introduction of the regulation. Over 170 clients stand to benefit from this offering. The Swiss Stock Exchange automates the way it provides Unique Transaction Identifiers (UTI) creating a scale offering featuring SFTR-compliant and fully delegated reporting. For the delegated reporting, SIX has partnered with UnaVista, London Stock Exchange Group’s award winning trade repository.
SFTR requires a vast amount of transactions to be reconciled between market participants, regulators and trade repositories with the aim of creating market-wide transparency and efficiency. The impact is particularly felt among smaller and mid-sized institutions which have to operate on thin margins with low scale. Delegating the work to an infrastructure provider like SIX is an efficient means to continue to compete.
As SFTR is a European regulation, SIX partnered with Comyno, a consultancy firm based in Frankfurt. Thanks to the successful collaboration on both sides, a comprehensive and efficient solution was implemented on time..
Commenting on the launch, Raphael Heuberger, Head Business Development Securities Finance, Securities & Exchanges, SIX said: “The launch of this service is yet another commitment to the cross-border business in our market. With a long-term strategy, effective partnerships and scale, we support the market to tackle their vastly changing regulatory environment.”
Markus Büttner, Founder & Director at Comyno: “Working with SIX was an important milestone in the history of our consultancy firm. The SFTR relevant know-how of our consultants spans from IT relevant topics to business related service aspects. The software systems developed for SFTR could ensure that a solution could always be guaranteed which was an important factor given the tight time schedule. We look forward to collaborate further with SIX.”