IHS Markit and Pirum Systems partner for SFTR reporting

SFTR requires EU counterparts participating in securities finance transactions to report their transaction details to a registered Trade Repository. The new SFTR solution will combine Markit Securities Finance’s market leading capabilities in data handling and management with Pirum System’s expertise in post-trade reconciliation to offer a fully hosted, end-to-end service to help customers meet reporting requirements. This service will enable market participants to leverage existing industry data pipes and workflows, lowering the cost and operational burden of complying with SFTR reporting.

Pierre Khemdoudi, managing director of Markit Securities Finance, IHS Markit, said: “We are excited to partner with Pirum Systems to offer a modular, fully hosted SFTR solution. Pirum System’s best in class securities finance post-trade reconciliation and IHS Markit’s proven track record in delivering industry wide regulatory reporting solutions ideally position us to build this unique service.”

Ben Challice, chief operating officer, Pirum Systems, said: “True collaboration between service providers is what the market has been demanding, especially when the service requirement is driven by regulation. By partnering with Markit Securities Finance, we can provide a seamless, end-to-end solution, with unparalleled market coverage, and ultimately reduce customers’ overall costs.”

Markit Securities Finance and Pirum Systems are actively engaging with design partners on this solution and expect to launch the service later this year.