Trade Repository Reporting with SAP: Solutions for EMIR and SFTR

TRR adjustments in your SAP systems done professionally

Solutions that enable you to reliably and rigorously meet your reporting requirements

Following the financial crisis of 2008, regulations were passed on the initiative of the Financial Stability Board (FSB) that required, among other things, that companies report their financial transactions to a trade repository.

EMIR: European Market Infrastructure Regulation

After the successful start of the EMIR reporting system of the European Securities and Markets Authority (ESMA), in January 2014 the reporting parties from the financial services sector and industry, as well as the trade repositories, have increasingly focused on more extensive adjustments and on implementation of new specialist and technical specifications – with minimum use of resources and maximum efficiency.

Although there are frequent reports of the anticipated end of the reporting requirement for derivative financial instruments, as yet there are no concrete dates or measures for relief.

On the contrary, in April 2017 the ESMA extended the reporting requirements with the technical regulatory standards for the "Level III Validation Rules": As of November 2017, 40 additional data fields have to be reported. Changes were also made in the values of existing fields and their derivation rules. SAP users who have not migrated their EMIR solution for trade repository reporting to the cloud of a third-party provider must make all the required adjustments themselves.

Our Offer to you

COMPIRICUS has already connected many SAP systems to reporting repositories and therefore has extensive experience with the relevant capabilities in SAP. We assist you with all the adjustments required under the new regulatory requirements and will of course also help you with your initial implementation of an SAP EMIR solution.

SFTR: Securities Financing Transactions Regulation

In January 2014, the European Commission published a proposal on the regulation of securities financing transactions in line with the reporting regulations governing OTC derivatives in accordance with EMIR – the first step towards the “Securities Financing Transactions Regulation” (SFTR). The Regulation would require companies to report their relevant items to the trade repository.

After publication of EU Regulation no. 2015/2365 in November 2015 in the official journal of the European Parliament and drafting of the regulatory standards in March 2017, the EU Commission submitted its final report on the subject to the European Union in October 2017. A reporting obligation is to come into force 12 months after official publication in the journal of the European Union and is currently expected in 2019.

According to the latest information, the report is to include field structures and rules that are very similar to EMIR reporting (particularly with respect to the file structures and file formats such as xml and csv). In this process, ESMA hopes to benefit from the practical experience gained via the introduction of EMIR.

COMPIRICUS combines technical know-how on the representation of securities financing transactions (e.g. repos) in the SAP system with experience in making the technical connection to DTCC and REGIS TR. We will support you in all areas, from interpretation of the SFTR requirements to the creation and testing of an appropriate reporting solution in your SAP system.

What are you waiting for?

Contact us – we'll be happy to assist you in preparing for the forthcoming regulatory challenges.

Documents with additional information:

EU Regulation on transparency of securities financing transactions
(source: © European Union, , 1998–2018, updated November 2015)

Final Report – Technical standards under SFTR and certain amendments to EMIR
(source: © European Union, 1995-2018, updated April 2017)

Report of the Commission to the European Parliament and the Council
(source: © European Union, 1995-2018, updated October 2017)