Why is it important for firms to focus on SFTR implementation now?

We have seen through our experience with both EMIR and MiFID I & II implementation that the amount of work and testing time needed is often underestimated.
Given the large amount of data required to report under SFTR and the complexity of the associated life-cycle events of those transactions types affected, we would strongly advise that people give themselves the most amount of time for implementation, and hence we would advise firms to seriously consider getting their SFTR projects underway. 

How can testing aid SFTR implementation?

Testing is a hugely important part of any regulatory reporting implementation. Data timeliness and quality are key components of what the regulators are expecting and hence, the key to firms avoiding future reprimands and fines. To aid client testing, UnaVista has developed our Accelerator tool for SFTR which allows firms to test their data against the current fields and data validations. This is available now, so we would urge firms to contact us and get their testing underway to avoid a last-minute rush. The importance of testing well ahead of time cannot be over-emphasised.

What is the biggest challenge facing firms with SFTR implementation?

The biggest challenges facing firms for SFTR is the breadth of data and complexity of the transactions and life cycles that they will need to report. This, combined with the amount of data fields the market is currently lacking, means that firms face the very tough task of bringing this all together in a short space of time.

How can you ensure a consistent approach to SFTR?

UnaVista is the largest UK ARM for MiFIR reporting and one of the largest Trade Repositories (TRs) in the EU for EMIR Derivative reporting, processing over 8 billion transactions per year. Therefore, we bring significant regulatory reporting experience to our SFTR TR, which will enable us to deliver a first in class trade repository. 17 months ahead of MiFID II / MiFIR reporting go-live, UnaVista launched the MiFIR Accelerator tool to help firms test thoroughly and better prepare to comply with the mammoth regulation. With SFTR, the stakes are even higher when it comes to data testing due to the complexity of the regulation. Therefore, many of our clients who enjoyed the benefits of early testing are already planning to test their data in our SFTR Accelerator to ensure that they can be fully compliant when SFTR reporting goes live. We have heard from some clients that testing in the Accelerator saved them as much as four months in MiFIR project implementation time. We are also helping firms to understand their reporting obligations through our training programmes and discussion forums. 

What would delegates gain from attending this conference?

The agenda for this conference touches on all the relevant aspects of SFTR that reporting firms should be seriously considering. Therefore, we are excited to be sponsoring it and leading the way in helping firms prepare to comply. The conference will enable anyone directly involved with SFTR to gain real-world insights in preparation for the upcoming SFTR. They will learn from key market participants the best practices needed to fully comply with the regulation. They will also understand the technical details and challenges to evolve their infrastructure and ensure they are prepared for SFTR reporting. UnaVista will be delivering the keynote session which will focus on the importance of adequate preparation and testing.