While the coronavirus pandemic delayed the start of the European Securities and Markets Authority’s (ESMA’s) 证券融资交易 Regulation (SFTR) to July 13, 并给了经纪自营商更多的准备时间, buy-side firms must still work to address any remaining reporting challenges and complete testing to ensure readiness ahead of their October go-live. 克里斯•蔡尔兹, DTCC董事总经理, 储存库和衍生品服务主管、首席执行官兼总裁, DTCC衍生/服务有限公司, 讨论了DTCC正在做些什么来帮助买方做好准备，以遵守这一复杂的新任务.
SLT: DTCC是如何让客户为SFTR做好准备的?
Childs: 甚至在COVID-19出现之前, SFTR为从事回购交易的银行和资产管理公司制造了一场完美的数据风暴和运营挑战, 证券借贷及抵押品再利用. 因此，我们多年来一直在为客户准备应对这些挑战. We began by working with the industry to design a solution that leverages the trade reporting efficiency and security of our existing licensed/registered trade repositories (TRs). We then built an additional set of tools that help firms manage their data on the front and back ends of actual trade submissions. 随着上线的临近，我们推出了全面的上线、测试和生产支持.
描述一下你的SFTR解决方案是如何工作的.
Childs: From our conversations with market participants we realized the industry needed an SFTR solution that can alleviate the stress on in-house technology and staff by offering a comprehensive menu of customizable features along with full-service client support. The solution we designed addresses the particular pain points of SFTR by offering both our Global Trade Repository (GTR) services -- derivatives reporting through registered or licensed trade repositories in various jurisdictions globally -- and DTCC报告中心® services, 一个可选的, 可定制的报告前后数据和对账工具套件.
GTR是世界上最大的铁路运输服务, 5人以上,200家公司遍布多个司法管辖区. Since 2012, GTR已交付高效, OTC和交易所交易衍生品的安全交易报告，这一记录给了公司, 大大小小的, 他们信任我们的SFT报告.
我们创建了DTCC报告中心服务，以满足不同客户群的不同需求. Users can choose from an array of services and put together a package that’s relevant to their objectives and capabilities.
SLT:更详细地描述一下您的测试程序，以及您是如何处理买方测试问题的.
Childs从一开始, we committed to provide an extended period of user acceptance testing (UAT) so clients can work out any kinks and raise their levels of preparedness. 我们于2019年8月推出了供应商UAT，随后从10月开始推出行业范围的UAT. Subsequent phases have added more functionality including testing of production connectivity and submission of messages. 通过我们的SFTR门户, 用户可以设置日终报表，并在线查看所有报告的数据和对账结果.
而经销商是第一个利用早期测试的人, 买方公司可能会发现我们的综合测试项目更加有用, 因为他们倾向于使用更少的内部vns6060威尼斯城官网.
In May 2020 we further boosted our buy-side testing support by making Delta Capita’s SFTR data test pack directly available to DTCC’s buy-side clients. 该测试包被认为是促进SFTR准备的行业标准. 它让公司演练各种SFT生命周期事件场景，以便他们能够解决出现的任何问题. 他们还可以将自己的测试进度与同龄人进行比较.
SLT:什么样的SFTR准备问题将买方与经销商社区区分开来?
Childs首先，让我们认识到买方和卖方的共同之处. 尽管报告任务已经变得越来越复杂, 报告所需的内部程序和技术在效率和合理化方面没有跟上. Firms struggle to coordinate and deploy their IT systems and compliance teams to gather the data necessary for reporting, 正确配置它, 并使报告的贸易数据与内部账簿和记录保持一致. 数据收集和处理系统往往是碎片化和重复的, 而且，跟上监管变化步伐所需的技术升级是昂贵的.
也就是说，买方公司确实有一些独特的负担. For one, they are having to get ready for an October SFTR implementation while at the same time preparing for Brexit to take effect at the end of December. 除此之外, most of them are falling within scope of the Uncleared Margin Rules (UMR) when phases 5 and 6 take effect in September 2021 and September 2022, 分别. 《vnsr威尼斯城官网登入》(CSDR)的结算纪律制度将于2月1日生效, 2021.
同时遵守所有这些要求会给任何公司带来压力, 无论大小和能力如何, but most on the buy-side will face greater operational and data challenges than their dealer counterparties due to the fact they have comparatively fewer technology and staffing resources.
SLT:解决围绕SFTR的操作和数据问题的最佳方法是什么?
Childs: We’ve observed in working with our GTR user community on derivatives trade reporting that firms need a flexible suite of solutions that help them manage the entire activity chain preceding and following the submission of transaction data to a TR, 因为很多工作发生在报告前和报告后阶段.
今年我们推出了这样一个多功能工具箱, DTCC报告中心服务, 改变各种规模的买方和交易商公司的交易报告流程. 在向DTCC TR提交交易数据之前, DTCC报告中心服务允许用户进行规范化, translate, 预验证和丰富来自多个数据源的数据. 后提交, these services can be used to reconcile end-of-day reports against client books and records or facilitate 第三方访问 to trade data.
同时遵守所有这些规定会给任何公司带来压力, 无论大小和能力如何, but most on the buy-side will face greater operational and data challenges than their dealer counterparties due to the fact they have comparatively fewer technology and staffing resources.——克里斯·蔡尔兹, DTCC董事总经理, 储存库和衍生品服务主管兼首席执行官兼总裁, DTCC衍生/服务有限公司
DTCC报告中心 service offerings are available to dealers and buy-side firms as well as other involved parties such as agent lenders. But we expect it to be especially valuable to buy-side firms because it eliminates the need for users to build in-house capabilities for data transformation, 第三方访问, 异常管理和协调.
通过同时提供TR服务和DTCC报告中心服务，SFT报告更加高效. 用户体验也是如此，这要归功于单点登录门户和通用用户界面. Users can customize their service packages; some will opt to utilize all features while others may use only one or two.
SLT:对买方来说，是否有一些痛点特别尖锐?
Childs我们努力了解买方在遵守SFTR方面的独特痛点. 去年9月，DTCC与IHS Market和Pirum Systems联合举办的SFTR简报会特别有帮助. 在参与调查的近50家买方公司中, 近一半的人表示，他们最大的挑战将是获取监管报告所需的交易数据. 唯一贸易标识符(uti)的生成和使用是另一个主要问题. 在sftr之前，包括回购市场在内的证券融资市场并不需要uti. But the new regulation mandates that transactions be paired – using counterparties’ UTIs and LEIs – and matched in a TR on a T+1 basis, 有效地迫使交易对手在报告他们的交易之前生成和交换uti.
提到的其他问题是委托报告的, which means delegating your own transaction reporting to your counterparty or a third-party service provider; and the use of vendors – i.e., 何时将各种遵从性任务外包，何时在内部执行, 以及如何选择合适的供应商.
SLT:说到委托报告，它对买方公司的利与弊是什么?
Childs一方面，委托报告可以减轻交易报告的一些负担. However, firms should be mindful that it doesn’t release them from the legal obligation to ensure their reporting is performed accurately and on time and to be ready to supply detailed information in case of an audit or regulatory review.
另外, delegating your reporting will make it difficult to comply with SFTR’s requirement to report on the reuse of your underlying collateral at the entity, 而不是贸易, level. 因为只有资产所有者才能知道这些信息, 被委托报告公司交易的交易商或代理贷款人不能满足这一要求.
We asked an audience of buy-side attendees at a March 2020 webinar about their plans to delegate and the results reflected these challenges. While the extent to which firms plan to delegate was mixed – a total of 71% indicated they plan to delegate at least a portion of their reporting, with nearly a third planning to delegate everything but collateral re-use – the remaining 29% said that they are committed to self-reporting all in-scope transactions.
对于那些自我报告的人来说, DTCC报告中心服务可以帮助公司将其数据转换为所需的ISO 20022 XML消息格式, 在将事务提交给DTCC TR之前，预先验证提交并管理异常. DTCC报告中心 reconciliation services reinforce the accuracy and timeliness of their submissions by reconciling GTR end-of-day reports against the data submitted from their internal books and records and data submitted to the GTR TR.
SLT:您是否设想将DTCC报告中心服务的使用扩展到SFTR之外?
Childs: Yes. We are evaluating extending DTCC报告中心 services to all OTC derivatives asset classes for derivatives reporting in all jurisdictions, 目标是建立一个完全共同的监管报告基础设施.
本文首次发表于2020年7月《vnsr威尼斯城官网登入》.