PGGM, one of Europe’s largest pension funds with €252 billion in assets, has gone live with SimCorp’s cloud-based Securities Financing Transaction Regulation (SFTR) reporting solution.
In the first month of using SimCorp’s SFTR cloud solution, PGGM has processed over 320 trades and over 590 valuations. All reporting has also been fully-automated, submitted and accepted by its trade repository with no manual intervention required.
“We’re extremely pleased with the first month of the SFTR go live. So far, we have been able to report to T+1 requirements by 12pm each day, with 100% TR acceptance rates and without any additional manual work. As regulations go, the collaboration with SimCorp has made SFTR compliance a much simpler process and almost a non-event of going live,” said Barry Vrijssen, manager operations, PGGM.
Through SimCorp Dimension’s integrated investment book of record (IBOR), it delivers PGGM a golden source of all reporting data, which can be used to complete validation of trade data against the regulatory rule set, and to provide a consistent overview across all business processes.
PGGM will utilise the SFTR solution from SimCorp across all securities financing instruments including repo and securities lending. The pension fund is also working with the vendor for customising the coverage of its cleared repo business.
“By delivering the solution through a highly automated and consolidated platform, with one source of data that serves both operations and reporting, we effectively enable clients like PGGM, to stay ahead of the game,” added Carsten Kunkel, head of SimCorp Global Centre of Regulatory Excellence. “Additionally, we can now see in action, the value of fusing together cloud technologies and managed services. This goes beyond cost efficiencies, enabling firms to concentrate on achieving alpha. A vital advantage in today’s buy-side industry”.
The first phase of SFTR, one of the most complex trade reporting regimes enacted by European regulators, for sell-side firms went live last month requiring them to provide information on 155 data fields. Buy-side firms will become swept under the regulation from October.