The International Capital Market Association (ICMA)'s European Repo and Collateral Council (ERCC) has today published its guide to reporting repo transactions under the EU Securities Financing Transactions Regulation (SFTR).

The new reporting regime introduced by SFTR will start its phased implementation in April 2020 and will require detailed reporting by EU-incorporated or located entities of all securities financing transactions (including repo and reverse repo) to authorized trade repositories.

ICMA notes that the regulation introduces granular daily reporting requirements for repos and other types of SFTs. Overall, SFTR defines 155 reporting fields (118 applicable to repo) and requires most of those fields to be matched between the two sides of the report.

In addition, reporting firms will have to report any modifications, terminations and corrections throughout the lifecycle of a trade and on a daily basis report on collateral market values, collateral re-use and margins.

ICMA says the guide aims to help members interpret the regulatory reporting framework specified by ESMA (European Securities and Market Authority) and sets out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance.

It is supplemented by a suite of sample reports and an overview of repo lifecycle event reporting, which have both been published today.

Martin Scheck, ICMA's Chief Executive, commented: "Intensive cross-industry collaboration through the task force coordinated by ICMA reflects the scale of the challenge that SFTR poses to repo and other SFT markets.

"It has succeeded in creating a clear and authoritative ‘how to' guide for anyone obliged to report under SFTR and will support the objective of the regulation by facilitating good data quality from the market to enhance transparency."

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The International Capital Market Association (ICMA)'s European Repo and Collateral Council (ERCC) has today published its guide to reporting repo transactions under the EU Securities Financing Transactions Regulation (SFTR).

The new reporting regime introduced by SFTR will start its phased implementation in April 2020 and will require detailed reporting by EU-incorporated or located entities of all securities financing transactions (including repo and reverse repo) to authorized trade repositories.

ICMA notes that the regulation introduces granular daily reporting requirements for repos and other types of SFTs. Overall, SFTR defines 155 reporting fields (118 applicable to repo) and requires most of those fields to be matched between the two sides of the report.

In addition, reporting firms will have to report any modifications, terminations and corrections throughout the lifecycle of a trade and on a daily basis report on collateral market values, collateral re-use and margins.

ICMA says the guide aims to help members interpret the regulatory reporting framework specified by ESMA (European Securities and Market Authority) and sets out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance.

It is supplemented by a suite of sample reports and an overview of repo lifecycle event reporting, which have both been published today.

Martin Scheck, ICMA's Chief Executive, commented: "Intensive cross-industry collaboration through the task force coordinated by ICMA reflects the scale of the challenge that SFTR poses to repo and other SFT markets.

"It has succeeded in creating a clear and authoritative ‘how to' guide for anyone obliged to report under SFTR and will support the objective of the regulation by facilitating good data quality from the market to enhance transparency."