ICMA publishes analysis of the first year of data on repo from SFTR reporting
28 September 2021 Reporting under the EU’s Securities Financing Transactions Regulation (SFTR) went live on 13 July 2020. Based on the first full year of SFTR reported data, ICMA has published today an analysis of the key market features and trends in the European repo market.
The analysis relies on the summary statistics which authorised trade repositories (TRs) are required to provide under SFTR on a weekly basis. Since the start of reporting, ICMA has been collecting this data from the TRs, consolidating it and publishing the information in an aggregated form on the ICMA website.
The first part of the report looks at the initial six months of reporting for the whole EU-28 repo market, while part two focuses on the time period between January and July 2021, distinguishing between the EU-27 and the UK market segments. This reflects the split of SFTR reporting into separate EU and UK regimes following the end of the Brexit transition period. In addition, the report also reflects on some of the remaining issues with the quality of the SFTR public data, which are highlighted in the final chapter.
ICMA will continue to work with members of the ERCC SFTR Task Force, including reporting firms, TRs and the relevant service providers, to identify and address outstanding issues with SFTR reporting, helping to improve the quality of the reported data. At the same time, we will continue aggregating and publishing SFTR public data on a weekly basis, complemented by more detailed analysis on an ad-hoc basis, as part of our commitment to supporting an efficient and transparent repo market.
The report was authored by Richard Comotto, who also produces ICMA's semi-annual European repo market survey.