BNY Mellon, Brown Brothers Harriman, Deutsche Bank Agency Lending, eSecLending, J.P. Morgan and Rabobank will all act as users and design partners for the solution.
They will contribute their requirements and marketing knowledge to suit the needs of securities lending and repo communities.
The SFTR reporting solution will ultimately enable market participants impacted by SFTR to report transactions through an interoperable, modular platform.
These modules will assist in handling the complex data challenge posed by SFTR from data exchange, enrichment and warehousing, from reconciliation and reporting to approved trade repositories.
Users will also be able to leverage this solution to comply with the reporting requirements mandated by the second Markets in Financial Instruments Directive.
IHS Markit has bolstered its securities financing team in recent months, to now include Stuart Day and Fabien Romero in business development, Adrian Dale and David Williams on product management and Charles Bedford-Forde on client engagement.
Patrick Moisy, head of liquidity and trading services at J.P. Morgan, said: “There are real benefits to using a solution supported industry-wide to deal with the intricacies of SFTR reporting, which requires processing of over 150 reportable items.”
“Our main objective is to simplify this complex reporting process for our clients and we expect this partnership to design the most effective solution possible.”
Pierre Khemdoudi, managing director of securities finance at IHS Markit, commented: “There is an industry-wide need for efficient reporting under SFTR, and we are pleased that we have such a large part of the global securities lending market on board as initial design partners.”
“This broad group of market participants will work closely with our securities finance experts, ensuring our SFTR solution delivers the technology and seamless workflow required to assist in meeting this regulatory obligation.”