Pirum announced that the SFTR solution, built and offered collaboratively with S&P Global Market Intelligence Cappitech, will be extended to cover clients’ reporting obligations under the upcoming SEC 10c-1a regulation. The announcement follows the success of the two firms’ Securities Financing Transactions Regulation (SFTR) solution, which currently processes more than 9 million records a day and averages a 97+% acknowledgement (ACK) rate for submissions to trade repositories.
The new reporting solution, which taps Pirum’s existing connectivity with the entire securities finance, repo and collateral management ecosystems, will assist clients to meet the Securities and Exchange Commission’s (SEC’s) incoming 10c-1a reporting requirements. The solution combines S&P Global Market Intelligence Cappitech’s rigorous data validation, event creation and regulatory connectivity, with Pirum’s Unique Transaction Identifier (UTI) generation and reconciliation abilities, to form an efficient and streamlined reporting solution.
The firms began collaborating on this project when the SEC first proposed 10c-1a in November 2021. They have also worked closely with their clients and industry associations, as well as engaged with regulators, to arrive at a detailed and holistic understanding of the incoming rules and requirements.
The extensive conversations with industry participants made it clear to Pirum and S&P Global Market Intelligence Cappitech that there was significant appetite for this solution, globally. Key use cases included participants’ keen desire to avoid bifurcating current processes, enable faster time to market, leverage existing SFTR connectivity and data flows, and facilitate easier integration.
Struan Lloyd, managing director and head of S&P Global Market Intelligence Cappitech, said in a statement: “Building on the success of our joint collaboration in SFTR, the solution will be enhanced to cover the specific requirements and workflows required by the new regulation. The SFTR community has trusted Cappitech and Pirum to deliver a comprehensive reporting solution and we take that obligation and responsibility very seriously to ensure our clients can satisfy their reporting obligations with a critical focus on complete, reliable and timely reporting.”
Phil Morgan, CEO at Pirum, said in a statement: “By enhancing RegConnect to deliver a robust and reliable 10c-1a solution, Pirum and S&P Global Market Intelligence Cappitech have taken another leap together on our journey to keep our clients on the right side of ever-changing regulatory requirements. Having previously built and rolled out a reporting solution that successfully handles the complexity of SFTR reporting, extending it to cover the less onerous, but equally important 10c-1a requirements, was a logical evolution of the existing product. Pirum and Cappitech are now well-positioned to keep delivering on our mission to help industry participants comply with future regulatory requirements.”