When dealing with SFTR data, its a good idea to look underneath the headlines for more information. The inclusion of buy-side data to SFTR Trade Repository reports last week was a dud as far as total volumes went – total loans fell instead of adding some possibly missing volume. As ICMA noted, this likely means that the dealer side of these transactions were already being reported. Some of the breakdowns however get more interesting but also raise new questions about the data itself.
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