SmartStream offers API for firms to manage SFTR compliance needs

By Megha Bhattacharya

London-based financial Transaction Lifecycle Management (TLM) provider, SmartStream Technologies announced the extension of its Reference Data Utility (RDU) Securities Financing Transactions Regulation (SFTR) service. The updated service will include an API for firms that require data access for managing reference data challenges before the SFTR reporting deadline of July 13th.

Linda Coffman, EVP, SmartStream RDU, commented, “In response to the adverse developments resulting from the Coronavirus outbreak, ESMA made the bold decision to postpone the original deadline for the SFTR reporting obligations. Despite having an additional three-month window to prepare, we have found that many firms need extra help to get them across the finish line. We understand the pressures of meeting regulatory obligations, and we are providing easily accessible technology which focusses on key SFTR reference data attributes.”

She continued, “Clients who have implemented the RDU SFTR solution are confident in the strength and accuracy of the data returned, and can be confident that it aligns with regulatory requirements. In addition, they appreciate the subject matter expertise we provide in monitoring the regulation and delivering insights into data trends.”

According to SmartStream, the addition of API will allow firms to manage their SFTR compliance needs, reduce implementation time for deployments and accelerate the onboarding process. The technology is expected to assist firms in validating reference data content including involves filling data gaps, resolving exceptions, not having full issuer to ISIN LEI coverage, or helping firms to avoid counterparty breaks and rejected reports.

SmartStream stated that the reference data used by the SFTR service is acquired by the SmartStream RDU from a broad range of industry sources, before being normalised, enriched and mapped, on a single platform, into the format required by the regulator.

Recently, SmartStream Technologies announced a partnership with Luxoft, a DXC Technology Company for enabling financial institutions to digitally transform their post-trade lifecycle for establishing a cost-effective middle and back-office operations.