Delta Capita's SFTR solution wins regulatory reporting award

01 June 2020 3 min. read
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One of Delta Capita's solutions for the financial services industry has been lauded by industry peers as a leading regulatory reporting solution.

Every year, the RegTech Insight Awards recognises the top solutions focused on regulatory compliance in the global financial services industry. Prizes are announced across 32 categories, including best solutions for among others operational risk, conduct risk, data management, KYC, Mifid, Dodd-Frank, FRTB and tax compliance. 

The category ‘Best Regulatory Reporting Solution’ was won by Delta Capita, a global consulting, solutions and managed services firm with five offices around the world. The London-headquartered firm works with many of the world’s top financial institutions to help them comply with regulations, alongside its other services.

Delta Capita won the award for its solution that enables Securities Financing Transactions Regulation (SFTR) compliance. This regulation by the European Commission aims to increase transparency on the use of collateralised transactions, and on the risks around entering collateral arrangements. SFTR obliges financial institutions such as banks, investment firms, insurance companies, reinsurance undertakings and pension funds to report such transactions to approved trade repositories.

SFTR solutionOver the past year, Delta Capita’s SFTR solution has “successfully improved firms’ ability to effectively adhere to the go-live of SFTR,” said the jury of the RegTech Insight Awards. As it stands, credit institutions and investment firms are going live this year, with other financial institutions set to go live early next year. After that, non-financial counterparties will also follow suit.

“This is an industry nominated award we are very proud of,” said Joe Channer, CEO of Delta Capita. 

SFTR track record

In April, Delta Capita announced that it is collaborating with UnaVista, London Stock Exchange Group’s regulatory reporting platform, to help firms meet the requirements of SFTR. Through the collaboration UnaVista customers are able to access Delta Capita’s SFTR data test pack – a comprehensive model of SFTR scenarios, events, reports and validation rules. 

“Our test pack provides full traceability to the European Commission’s regulatory technical standards (RTS), the European Securities and Markets Authority (ESMA)’s guidance, and best practices across repo, sell/buy-back and stock borrow/loan,” said David Field, head of Delta Capita’s Securities Finance practice. 

“It provide users with the test data, test instructions and expected results to conduct their user acceptance testing (UAT), and to test with their counterparts, trading venues, service providers, central counterparties (CCPs), tri-party agents and trade repositories. Users will be able to benchmark their testing run and pass rates to highlight any areas for review and remediation.” 

The Depository Trust & Clearing Corporation (DTCC) – an American post-trade financial services company providing clearing and settlement services to the financial markets – is also working with Delta Capita on SFTR compliance, and has begun user-acceptance testing (UAT) leveraging the firm’s SFTR data test pack.

Meanwhile, at the RegTech Insight Awards, a solution by IHS Markit and Pirum Systems was named the winner in the ‘Best Solution for Securities Financing Transactions Regulation’ category. IHS Markit and Pirum Systems have a partnership with Delta Capita, which sees them integrate Delta Capita’s SFTR data test pack into their offering to clients.