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Following yesterdays publication of the ESMA SFTR guidelines, Simon Davies, Pirum Systems, Head of SFTR Business Development commented: “We welcome the grace period firms have with regard to the use of LEIs for non-EU countries, however with over 10% of European securities missing LEIs there will still be an impact on the industry when reporting starts, and firms need to carefully assess the impact this will have on trading, collateral and reporting capabilities.
The guidance provides a great deal of clarity on the reporting requirements, not least confirmation of the go-live date in April, and we’re working through the impacts of these with the industry bodies and our clients to help them assess any impacts that these will have, particularly around the timing of event reports, agreement of collateral quality, valuations, pricing and FX sources, along with margin loan reporting and VM treatment on repos.”
