Catalyst host second SFTR briefing

The event was well attended by senior participants across the banking and the asset and wealth management industries

On Tuesday 18th September, Catalyst held its second breakfast briefing focusing on the forthcoming SFTR regulation and the key issues and challenges it poses. The breakfast was the second in a three part series that Catalyst is running in preparation for SFTR implementation supported by Catalyst experts Christian Lee, Katie Fox and James Hockley.

The briefing was well attended by senior representatives from various asset and wealth managers and investment banks.

Topics discussed included:

  • Our mutual concerns about a lack of a definitive go-live date, causing issues with raising sufficient funding for SFTR programmes;
  • The added complication of competing change initiatives like Brexit, Libor benchmarking and CSDR;
  • A lack of a consistent and co-ordinated industry approach in the lead-up to implementation;
  • The huge task of cleaning data in order to meet the reconciliation and reporting demands;
  • The risks connected with relying on vendor solutions have yet to be fully defined.

A key take-away from the briefing was that preparation for SFTR work should have already begun, despite the extended implementation deadline. The undertaking of bilateral reconciliations to identify legacy data issues was agreed as a sound approach that should be adopted as good practice. All representatives felt that it would be good to meet up later in the year.

Full details of our third SFTR event will be available shortly. For more information about upcoming SFTR event, please contact us.

Note: This news article was first published by Catalyst prior to the Sionic merger

About the author

I specialise in clearing, risk, derivatives reform and regulation, advising banks, international and regional exchanges and central counterparties how to manage regulatory change.