The Depository Trust and Clearing Corporation (DTCC) announced that it has partnered with Xceptor, a data-centric intelligent automation software provider. DTCC will incorporate Xceptor’s data transformation capabilities with the Global Trade Repository (GTR) for Securities Financing Transactions Regulation (SFTR).
It’s expected to reduce operational burden by enriching, normalizing and validating data before submitting it to a trade repository. This is for both internal and external reference data, as well as for managing exceptions leveraging native workflows, thus benefiting from real-time gap analysis and testing.
“With data being one of the main challenges of the SFTR obligations, DTCC provides clients with the ability to capture and normalize any data format from any channel and intelligently connect the right data, in the right format, at the right time,” said Val Wotton, managing director, Product Development & Strategy, Derivatives & Collateral Management, at DTCC.
“SFTR places a huge importance on data quality and, with low reporting tolerances, the self-serving capabilities of the DTCC service, powered by Xceptor, will enable firms to get their data into shape while also being able to use existing trade file formats,” said Andrew Kouloumbrides, CEO, Xceptor. “End-of-day books and records reconciliation is also native to the new service ensuring that clients have full transparency of their submissions.”
DTCC created its first trade repository, the Trade Information Warehouse (TIW), in 2003 for over-the-counter (OTC) credit derivatives lifecycle processing. Today, GTR has become the largest trade repository in the world, processing 40 million open positions per week, and more than one billion messages per month for over 100,000 entities – brokers, buy-side firms and corporates in seven jurisdictions across 35 countries. More than 60 regulators around the world have access to GTR data, consistent with their regulatory privileges in each jurisdiction.