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SimCorp launches full SFTR cloud solution service with deltaconX

Investment management solutions provider SimCorp has gone live with a Securities Financing Transactions Regulation (SFTR) cloud solution in partnership with deltaconX AG, in a move to provide a full, adaptable service to buy-side clients.

The solution has become available to clients over five months before the first SFTR reporting requirements, which is believed to be more complicated and disruptive than the European Market Infrastructure Regulation (EMIR), requiring 155 fields of data in the ISO 20022 format.

Speaking to IBS Intelligence, Gernot Schmidt, Product Manager for Regulatory Solutions at SimCorp, said the platform enables SimCorp to deliver service in a way that they believe is “way superior” to competitors as it takes ownership of change, monitoring and change execution while relieving the burden on resources.

“Take EMIR reporting – every six to eight weeks, approximately, you have change that gets published by either ESMA or by the trade repository, which requires you to change the way you report. And these changes are something that’s really hard for our customers to implement on their own because it involves a fairly technical understanding of the reporting,” Schmidt said.

He further noted that SFTR is a challenge for buy-side firms due to low volumes and manual SFT processes. Most companies also do not hold all the required data themselves, as it often sits with the securities lending agents or tri-party collateral agents.

“Another aspect is that the buy-side likes to outsource reporting, but if you do, you still need to make sure that you are on top of it, that it is complete, accurate and timely. The ultimate responsibility sits with the buy-side firm, and you can’t give that away,” Schmidt said.

The SFTR solution has become available to clients using SimCorp’s core solution SimCorp Dimension several months before the first SFTR requirements in order to allow sufficient time for testing. It is also the first cloud-first solution SimCorp has launched, using SaaS technology for fast onboarding as part of a drive toward managed services. The company said the move is because legacy platforms do not offer the same flexibility, particularly in the case of technical reporting requirements.

“It’s not just about being compliant on day one, but about being compliant every day for the next 20 years,” Schmidt said.

Also commenting, Thomas Buk, Managing Director at deltaconX said: “SimCorp’s proven track record and client commitment, together with deltaconX’s centralised regulatory platform, provides the buy-side with a compelling and complete solution, which meets their need. By combining unified regulatory compliance processes within SimCorp’s integrated solution and with a managed service, investment firms are excellently placed to respond to the regulatory obligations presented by SFTR.”

In October, Unigestion migrated to SimCorp’s cloud-based delivery model, and in July, Bank of Thailand implemented SimCorp Dimension.

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