Rabobank, Pirum Systems and IHS Markit complete successful end-to-end test for SFTR reporting with DTCC’s Global Trade Repository

Pirum Systems and IHS Markit have successfully completed a full end-to-end test with Rabobank, including ingestion, enrichment, validation and submission of Securities Financing Transactions under SFTR from trade capture through to reporting to The Depository Trust & Clearing Corporation (DTCC)’s Global Trade Repository (GTR) service.

This is an important milestone in the development of the IHS Markit and Pirum Systems SFTR solution for the industry, allowing firms to seamlessly connect to its joint SFTR solution and process data through to submission to a registered trade repository (TR).

With 48 firms committed to using the IHS Markit and Pirum Systems SFTR solution, they can now benefit from the connectivity through to TR submission to test the end-to-end services, prior to pre-production testing in Q3 2019.

Duncan Carpenter, Head of SFTR at Pirum Systems, said: “This is a breakthrough for us and our clients. We have demonstrated the seamless integration between our clients, Pirum Systems, IHS Markit and relevant TR. This allows firms to generate and share Unique Transaction Identifiers (UTIs) with their counterparts and pre-reconcile data prior to submission to the TR.”

Pierre Khemdoudi, Managing Director & Global Co-Head of Equities, Data and Analytics at IHS Markit said: “Our testing environment can now be leveraged to submit trades for data validation, enrichment, report creation, ISO transformation and TR submission. This will allow firms to on-board and integrate to our joint SFTR solution, while running pre-production testing to identify and remediate issues, ahead of the reporting start date in April 2020.”

Val Wotton, Managing Director, Product Development and Strategy of Repository & Derivatives Services at DTCC, said: “This marks an important step in establishing end-to-end flows from clients through to our trade repository and demonstrates the importance of the tools DTCC have created for the industry to facilitate early testing. We are committed to working with our partners to help clients through the challenges posed by SFTR and look forward to working with our partners to deliver clients first in class solutions.”

Allan Bolk, Head of Securities Finance at Rabobank said: “This successful test result confirms we have made the right decision by entering in this partnership for the SFTR solution and we feel confident to be fully prepared for SFTR go live.”

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