The SFTR Breathing Space

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For months, the European securities finance industry has been pre-occupied with the implementation of the Securities Finance Transaction Regulation (SFTR). Though for some firms the work had largely been completed in time for the April 13, 2020 deadline, for others, things were looking extremely tight. For many the COVID-19 pandemic changed a tight deadline into a potentially unachievable nightmare.  The major industry bodies such as ISLA (International Securities Lending Association) and ICMA (International Capital Markets Association) canvassed the European regulator and a delay was granted until July 13, 2020, but what does the delay really mean for securities finance in Europe?

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