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The grandly-titled {{tag|EU}} [[Regulation on Transparency of Securities Financing Transactions and of Reuse]] ({{eureg|2015|2365|EC}}) — to its friends the [[securities financing transactions regulation]] and around the kitchen table {{tag|SFTR}}, is a large and pointless {{tag|EU Regulation}} which causes unassuageable excitement among [[Mediocre lawyer|lawyers]] and profound ''[[ennui]]'' among everyone else.
The grandly-titled {{tag|EU}} [[Regulation on Transparency of Securities Financing Transactions and of Reuse]] ({{eureg|2015|2365|EC}}) — to its friends the [[securities financing transactions regulation]] and around the kitchen table {{tag|SFTR}}, is a large and pointless {{tag|EU Regulation}} which causes unassuageable excitement among [[Mediocre lawyer|lawyers]] and profound ''[[ennui]]'' among everyone else.
===Near-[[apocalypse]] caused by Art 15 [[title transfer]] disclosure statement===
{{{Art 15 SFTR disclosure document}}
This is the regulatory initiative that, so say some commentators, nearly caused the [[boredom heat death]] of the universe when a well-meaning [[torpidity]]<ref>A [[torpidity]] is the [[collective noun]] for a group of [[industry association]]s. True.</ref> of [[industry association]]s produced a [[Media:SFTR-information-statement.pdf|5,000 word disclosure document]] explaining to seasoned industry professionals (whom you would think would know) what was meant by “[[title transfer]]”. This is mandated by Article 15 of SFTR to be sent wherever there is a [[title transfer collateral arrangement]]. Where, as in [[stock lending]] and [[derivatives]] trading, there is a ''mutual'' [[title transfer collateral arrangement]] (sometimes ''I'' have to post ''you'' collateral; sometimes ''you'' have to post ''me'' collateral), this leads to the faintly<ref>There goes that British understatement again: I’m learning, after thirty years in these isles.</ref> absurd requirement for the counterparties to send each other the identical risk notification. WAY TO GO, ESMA.


===[[Transaction reporting]]===
===[[Transaction reporting]]===
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