
ESMA announced that reports from trade repositories (TRs) indicated that the first day of reporting on 13 July 2020 by financial and non-financial market participants under the Securities Financing Transactions Regulation (SFTR), went smoothly. ESMA expects that (as with any new reporting regime) issues will be identified in the first months following go-live, in particular as reporting systems continue to be improved and stabilised. ESMA will supervise the implementation of any corrective and/or remediation measures by TRs as well as coordinating targeted actions by NCAs towards reporting entities.
ESMA held a consultation, which closed on 15 September 2020, on draft Guidelines on the calculation of positions by Trade Repositories (TRs) under SFTR. The aim of the Guidelines is to ensure consistency of position calculation across TRs, with regard to the time of calculations, the scope of the data used in calculations, the data preparation, the recordkeeping of data and the calculation methodologies. The proposed Guidelines cover two main types of aggregation – the named positions between counterparties and the sectorial positions for the purposes of FSB reporting.