Singapore-based Catena Technologies, a provider of technology solutions for the financial services industry, announced this Thursday that it has expanded the capabilities of its TRACE Reporting solution by integrating with CME Group’s trade repositories in North America and Europe.
TRACE customers can now report derivative trades to regulators within Europe, the United States, and Canada through CME Group. This builds upon the relationship between TRACE and CME Group, which, together, offer the same capabilities in Australia.
According to the statement released today, with CME Group, Catena can now provide a solution which can automate G20 trade submissions, as well as perform post-submission reconciliation for clients, complete with global trade reporting requirements.
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Commenting on the announcement, Randall Duran, the Chairman of Catena Technologies said: “We see a major opportunity to help financial firms in North America and Europe fulfil their global regulatory trade reporting obligations and address upcoming reporting changes. Many of these firms have issues with delegated reporting and third-party trade reporting services that have limited capabilities.”
“Working together with CME Group, Catena is able [to] provide a solution that improves customers’ operational workflows and provides an end-to-end solution that addresses the full range of regulatory compliance needs.”
The TRACE Reporting solution
The TRACE Reporting solution allows financial firms to report over-the-counter (OTC) derivative trades to regulators through trade repositories around the world. The platform handles trade reporting requirements related to cross-asset coverage, valuation, collateral reporting, reconciliation, and other data that trade-repositories receive from financial institutions – and which are relayed to regulators under relevant compliance rules.
“Working together with leaders like Catena to improve the accuracy of trade reporting and reduce operational costs will bring clear benefits to our customers. As a global leader and operator of trade repository licenses, spanning Australia, Canada, European Union and the United States, CME Group can offer a common experience and broad expertise to optimize trade reporting,” added Jonathan Thursby, Head of Global Repository Services at CME Group.