London, 12th June 2019 – Delta Capita, the international Financial Services consulting and managed services firm, has appointed Emerson Boix to lead the Securities Financing Transactions Regulation (SFTR) Test Consortium technical implementation. He will be based at Delta Capita’s global headquarters in Canary Wharf, London.
Emerson brings more than 20 years’ banking experience ranging from the design of collateralised repo obligations for Barclays Capital to operational experience across corporate actions, dividends, recalls and collateral re-use at Citibank. Emerson most recently worked on securities finance projects, defining target operating models in preparation for BREXIT and performing SFTR impact assessments. In the last decade Emerson has worked on almost all regulatory changes from Basel II, EMIR and MiFID I to a global implementation of MiFID II for Bank of America Merrill Lynch (BAML) as their regulatory subject matter expert.
Emerson is not new to complex transaction reporting related projects having successfully implemented a control solution for Deutsche Bank in response to a transaction reporting regulatory fine. He also worked across the Atlantic designing and implementing complex solutions to manage fixed income portfolios and repos and the use of collateral for the US Federal Reserve and US Treasury.
Delta Capita previously announced that it has formed an industry consortium to mutualise the costs of preparing for SFTR – due to come in force in April 2020. Emerson recognised the unique opportunity to use his experience to help the primary industry working group in order to innovate its approach to regulatory testing.
Emerson Boix commented: “I am very pleased to be joining Delta Capita at such an exciting time. They have successfully created an industry consortium of top tier firms to address challenges created by SFTR. The mutualised-cost approach is unique and will allow banks to test the SFTR requirements robustly in a cost effective and standardised manner. Sharing regulatory interpretation and test results that are traceable to RTS/ITS and ESMA will help the industry align more closely around the challenging requirements imposed by the new regulation and, ultimately, for investors.”
David Field, Head Of Delta Capita’s Prime Services and Securities Finance practice, added: “Market participants should no longer define their test strategy in isolation for large regulatory changes. Agreeing the best approach amongst peers as they perform testing end-to-end is a smart way to ensure a quality deliverable at substantially reduced costs, whilst producing a common industry approach that addresses regulators’ concerns.”