UK SFTR Trade Repository Data
The Bank of England and the Financial Conduct Authority share supervisory responsibilities for the UK SFTR. The Bank is responsible for UK CCPs and central securities depositories (CSDs) meeting their reporting obligation. The FCA is responsible for the reporting framework for all other counterparties. Our objective is to keep the reporting framework identical for all UK reporting counterparties.
On a daily basis relevant UK firms report details of any securities financing transactions they have entered into. These include repo, reverse repo, securities and margin lending, across all currencies.
Information for reporting entities:
November 2023 Final UK Validation Rules and XML Schemas
On 3 November 2023, following feedback received from all relevant stakeholders on the draft UK SFTR Validation Rules and XML Schemas, we published the final versions of these documents that will go live on 25 November 2024.
Final UK SFTR Validation rules
Final XML Schemas under UK SFTR
August 2023 Updated UK Validation Rules and XML Schemas
On 1 August 2023, we published draft amendments to the Validation Rules and XML schemas to support the ongoing reporting of securities financing transactions under the UK Securities Financing Transactions Regulation (UK SFTR). The amendments are in response to industry feedback and to address data quality issues.
We invited comments on both documents from all relevant stakeholders by 15 September 2023.
October 2022 Reporting Legal Entity Identifiers (LEIs) of third country issuers under UK SFTR.
In March 2022, we extended a period of forbearance for the reporting of LEIs of third country issuers under UK SFTR. This was put in place to reduce potential market disruption resulting from the large number of third country issuers without an LEI. This forbearance is due to expire on 13 October 2022.
Industry has made some progress in wider LEI coverage; however, many third country issuers still have not acquired an LEI. This may impact reporting under UK SFTR after 13 October 2022. Our analysis of UK SFTR data shows that currently, where the security was issued in a third country jurisdiction, 29% of loaned security transaction records were not reported with an issuer LEI.
In recognition of this, we will not prioritise supervisory action in relation to the reporting of LEIs of third country issuers.
We will continue to monitor the evolution of the issuance of LEIs for third country issuers, the population of the field ‘LEI of the issuer’ for third country issuers, and the structural evolution of SFT markets in the UK and abroad, to continually assess developments in the use of LEIs of third country issuers. We will provide at least six months’ notice to industry should our position change.
We remain committed to the widespread adoption of LEIs. Those responsible should report an LEI for third country issuers where one is available and continue to engage with third country issuers to encourage them to acquire an LEI where one is not.
March 2022 End of Temporary Transitional Power (TTP)
The Temporary Transitional Power had been in effect since the end of the transition period and was applied in the case of the UK SFTR to securities financing transactions. For transactions where one of the counterparties is a member of the European System of Central Banks (ESCB), the status quo was retained, and financial counterparties did not need to report these transactions under UK SFTR for the duration of the TTP.
Following the expiration of the TTP for these purposes on 31 March 2022, UK counterparties subject to UK SFTR requirements are required to report these transactions under UK SFTR. We expect firms to review their reporting systems and make the necessary changes to ensure that any new and outstanding SFTs with members of the ESCB are reported as soon as possible after 1 April 2022.