Discussion paper on draft RTS and ITS under the Securities Financing Transaction Regulation

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Type of event
Post Trading

The SFTR, published in December 2015, is the European Union’s response to the global initiative to bring more transparency to shadow banking activities. The new rules on transparency require both financial and non-financial market participants to report details of their securities financing transactions. Details to be reported include the composition of the collateral, whether the collateral is available for reuse or has been reused, the substitution of collateral at the end of the day and the haircuts applied.

The DP sets out proposals for implementing the reporting framework under the SFTR, including tables of the fields with the proposed data to be reported, and the registration requirements for those Trade Repositories (TRs) which want to accept reports on security financing transactions.

In line with the SFTR requirement to build on pre-existing infrastructures, operational processes and formats which have been introduced with regard to reporting derivative contracts to trade repositories, ESMA has developed its proposals by building on its experience with EMIR and other EU-wide reporting regimes in order to align reporting standards to the extent possible.

ESMA is seeking feedback from all stakeholders, in particular, from entities active in the repo, securities lending/borrowing and commodities lending/borrowing markets. It also particularly welcomes feedback from persons carrying out buy/sell-back and margin lending, TRs, central counterparties (CCPs) and central securities depositories (CSDs).  

Next steps

The consultation closes on 22 April 2016. ESMA will use the responses to its DP to develop detailed rules on which it will publish a follow-up consultation in the second half of 2016. ESMA shall send its draft rules for approval to the European Commission by 13 January 2017.

Activity Institution Download
Global Legal Entity Identifier Foundation (GLEIF)
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Regulated markets, exchanges & trading systems Abide Financial Limited
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Banking The Luxembourg Bankers' Association - The ABBL
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Banking Loan Market Association
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Asset Management Amundi
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Central Securities Depository (CSD) Euroclear
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Others Trax
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Banking German Banking Industry Committee
  • 17808
  • 17809
Others ISO TC68 AG2 Standards Advisory Group
  • 17813
Central Securities Depository (CSD) European Central Securities Depositories Association
  • 17814
Banking Austrian Federal Economic Chamber, Division Bank and Insurance
  • 17815
Central Counterparty (CCP) European Association of CCP Clearing Houses (EACH)
  • 17819
Regulated markets, exchanges & trading systems LSEG
  • 17822
Others Nordic Securities Association
  • 17823
Others International Securities Lending Association
  • 17824
Others ICMA European Repo and Collateral Council
  • 17829
  • 17830
Others FIA
  • 17832
Others Risk Focus Ltd
  • 17834
Asset Management The Investment Association
  • 17835
Asset Management Union Asset Management Holding AG
  • 17836
Others Association for Financial Markets in Europe (AFME)
  • 17838
Banking ABN AMRO Clearing Bank N.V.
  • 17839
Trade Repository KDPW SA
  • 17840
Others Markit
  • 17842
Central Counterparty (CCP) ICE Clear Europe
  • 17843
Deutsche Börse Group
  • 17844
Trade Repository REGIS-TR
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Banking Deutsche Bank AG
  • 17848
BNY Mellon
  • 17850
Asset Management BVI
  • 17851
Others Bloomberg LP
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Asset Management Alternative Investment Management Association
  • 17853
Others AFG
  • 17857
Banking British Bankers' Association
  • 17858
Banking British Bankers' Association
  • 17860
Others EFET (European Federation of Energy Traders)
  • 17862
Regulated markets, exchanges & trading systems CME Group
  • 17863
Asset Management ASSOGESTIONI
  • 17864
Asset Management European Fund and Asset Management Association
  • 18208