SmartStream Adds API to Help Firms Manage SFTR Compliance Needs

SmartStream Technologies, a financial Transaction Lifecycle Management (TLM®) solutions provider, today announced it had extended its Reference Data Utility (RDU) Securities Financing Transactions Regulation (SFTR) service to include an API for firms requiring fast access to the technology and data needed to manage their reference data challenges. This is critical for meeting the ESMA SFTR reporting deadline of July 13th.

SmartStream explained that with the addition of the API, firms have quick access to new tools to manage their SFTR compliance needs. This enables them to reduce implementation time for deploying the key components for sourcing accurate, comprehensive, and easy-to-access reference data. A speedy onboarding process allows firms to be up and running with the service within 24 hours.

The RDU SFTR service can integrate as a value-added service to an established solution, or it can be the start of a control framework specifically targeted at reference data for SFTR obligations, according to the firm.

The technology assists firms to validate reference data content during the final weeks of testing before the regulatory deadline, whether that involves filling data gaps, resolving exceptions, not having full issuer to ISIN LEI coverage, or helping firms to avoid counterparty breaks and rejected reports.

Covid-19 impact

“In response to the adverse developments resulting from the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term outbreak, ESMA made the bold decision to postpone the original deadline for the SFTR reporting obligations. Despite having an additional three-month window to prepare, we have found that many firms need extra help to get them across the finish line. We understand the pressures of meeting regulatory obligations, and we are providing easily accessible technology which focusses on key SFTR reference data attributes.” Linda Coffman, EVP at SmartStream RDU, commented.

“Clients who have implemented the RDU SFTR solution are confident in the strength and accuracy of the data returned, and can be confident that it aligns with regulatory requirements. In addition, they appreciate the subject matter expertise we provide in monitoring the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and delivering insights into data trends,” she added.

The reference data used by the SFTR service is acquired by the SmartStream RDU from a broad range of industry sources before being normalized, enriched, and mapped, on a single platform, into the format required by the regulator.