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One Week Spanish FTT Configuration Turnaround With Our Partner GBST

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Summary

GBST, a Delta Capita partner, helped a client meet Spain’s new FTT requirement months ahead of time and with minimal effort. As an industry leader with cutting-edge technology in the post-trade management space, GBST completed the required configurations and data readiness for the Spanish FTT in less than a month, with no code changes, and deployed the general declaration after one week of reviewing the requirements. 

GBST utilised a ‘no code change’ approach to deliver full Spanish FTT processing and operations control, accounting and reconciliation requirements (including tax and exemption rules, netting and rebates).

The Challenge: Ambiguity Around Spain’s New FTT Law

In September 2020, Spain approved a new regulation on financial transaction tax. But with the fast-approaching enforcement date of January 18th, financial firms had to scramble to interpret the law and begin configuring their platforms to remain compliant.

For many organisations, this process has taken a significant amount of time to complete, and many are still working to get the output declarations formatted ready for April.

As a leader in post-trade management, GBST found a solution for their client that reduced their transition time while cutting operational costs. 

The GBST Solution: Divide, Conquer, and Automate

To better deal with evolving instructions and ambiguity around declaration structure, GBST split the process into two phases. The first phase would be geared to helping the client become fully compliant with the new regulation, while the second phase would allow GBST to build, test, and deliver the declaration formatting in time for the submission of the formatted declarations for January, February and March in April.

The first phase, which included Full FTT Processing and Generic Declaration, took only three weeks to complete. Two weeks were required to review the regulations. But with GBST’s expertise and automated FTT application meant that the client’s new FTT went live within a week of configuration, with no code changes.

Streamlined Operations Resulted in Significant Savings

As a result, the client was able to quickly and efficiently meet the deadline for the initial configuration and declaration.

GSBT’s clients benefit from having a fully compliant Spanish FTT processing and operations control including all accounting and reconciliation capabilities. In addition to saving months of time, the client was able to save capital and resources. Since no code changes were made, the client was able to reduce IT testing and deployment.

Stay FTT-Ready with Delta Capita and GBST

Delta Capita is a leader in post-trade management consulting and solutions. As a partner with GBST, we can leverage the expertise and technology of both firms to help clients meet their FTT requirements quickly and efficiently while reducing overall operational costs. The rumoured German FTT regime is expected to be announced this year and we are already supporting our clients get ahead of the curve. 

For more information you can contact us here.