Denmark’s biggest pension fund ATP has chosen a cloud-based reporting product from technology firm SimCorp to manage its disclosure duties under the EU’s new Securities Financing Transactions Regulation (SFTR), SimCorp announced.
Under the SFTR regime – which concluded its last implementation stage on 11 January – EU counterparties to securities financing transactions have to report transaction data to a commercial firm registered by European Securities and Markets Authority as a trade repository (TR).
Deals that have to be reported include securities repurchase (repo) transactions; securities or commodities lending or borrowing; buy-sell back or sell-buy back deals as well as margin lending.
SimCorp said ATP was using its service to report repos and buy-sell backs, tri-party repo collateral managed by Euroclear, and collateral re-investment.
Morten Holst Kruse, head of business systems at ATP, said; “We are pleased to have implemented in what has been a fast and fully-remote process, and with comprehensive user testing effectively completed in December, well ahead of the third phase.”
What had been particularly valuable, he said, was the ability to integrate ATP’s tri-party repo collateral and reporting of re-used collateral, which he said efficiently consolidated the process for the business and provided a complete picture to the regulator.
SimCorp said it now had several clients who had already automated reporting to their chosen TR, including Dutch pension fund service provider PGGM, and German asset manager Ampega.