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The Depository Trust & Clearing Corporation (DTCC) has partnered with Fund Recs to deliver new automated reconciliation capabilities in support of the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR) trade reporting requirements.
Fund Recs’ Velocity service, a no-code, cloud-based platform that automates reconciliation for the investment management industry, will connect to DTCC’s Global Trade Repository (GTR) service.
This will retrieve and analyse trade data for accuracy and completion, simplifying and streamlining the reconciliation process, explains Fund Recs.
Under EMIR and SFTR, fund managers are required to submit their transaction data to a trade repository in a timely manner. Oversight of this transaction data is critical to ensure data quality and adherence to the mandates.
By leveraging Fund Recs’ Velocity service and DTCC’s GTR, fund managers can compare and match trade records submitted to the GTR service with their internal accounting book of record.
By doing this, Fund Recs says fund managers can ensure that trades have been submitted and are complete as defined by the European Securities and Markets Authority trade reporting requirements.
Additionally, the new connectivity allows Velocity to automatically retrieve clients' trade data from GTR, facilitating timely, efficient, and straight through data quality control, eliminating manual processes.
Alan Meaney, CEO of Fund Recs, comments: “Fund managers are under increasing pressure to ensure EMIR and SFTR reporting is timely, accurate and complete. Our reconciliation modules provide a streamlined, fully auditable, and automated solution for managers, which helps to ensure their governance needs are met.”
Meaney says: “We are delighted to be collaborating with DTCC as entering into this agreement enables us to increase the level of automation we provide to our clients.”
Chris Childs, managing director and head of repository and derivatives services, adds: “DTCC is committed to helping establish a robust, comprehensive reporting infrastructure for the global derivatives market.”
“We welcome the opportunity to work with innovative third-party service providers like Fund Recs to build connectivity to our repository services and help our mutual clients meet regulatory mandates in Europe and beyond.”
