The firm's tailored reporting tool helps banks prepare for the April 2020 deadline for financial counterparties to comply with the reporting obligation for securities finance transactions.
U.K.-based Finastra has introduced a Securities Financing Transaction Regulation (SFTR) reporting tool built on the firm's regulatory reporting solution to streamline the compliance process, the financial software provider said in a press release on Thursday.
The cloud-based Regulatory Reporting as a Service tool consolidates and automates reporting across regulatory regimes including EMIR, MiFID, MAR and SFTR. According to the firm, this simplifies and lowers the cost of transaction reporting.
«Many banks are still using manual, labor-intensive processes to report on regulations such as MiFID II and EMIR. By moving Regulatory Reporting to the cloud, as a managed service, we are enabling banks to report at speed, removing complex manual processes,» Michael Henssler, general manager, Treasury and Capital Markets, Finastra.
SFTR Regulation
SFTR, introduced in phases from mid-2016, is part of the European Union's implementation of the global effort to regulate the shadow banking. It covers securities lending, repos, sell/buy-back transactions and total returns swaps.
From April 2020, banks and investments firms will need to start reporting on securities financing transactions to an approved trade repository.
