In a recent article published in the Securities Lending Times SFTR 2019 Annual, Jonathan Adams (Managing Principal, Delta Capita) questions whether SFTR will ultimately deliver more efficiency and transparency to the securities finance market.

When the first Securities Financing Transactions Regulation regulatory technical standard (RTS) was released to market participants for consultation, it was met with dubious distain. Of the 153 fields, few could imagine how it would be possible to report more than 30 fields. Settlement matching had been on dates, security identifiers, counterparty information and economic terms.

It begs the question, how can a reporting regime of this complexity, fraught with the risk of matching failure, serve the regulator in determining the potential for systemic failure? Moreover, how can it benefit market participants?

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