Catena Technologies Pte Ltd today announced that it has integrated its Catena Trace trade repository gateway product to DTCC's Global Trade Repository (GTR), becoming the first Asia-focused GTR Service Provider.
The 2008 global financial crisis led to regulatory initiatives to improve transparency and reduce counterparty risk in the over-the-counter (OTC) derivatives markets around the world. In the US, Title VII of the Dodd-Frank Act obligated market participants to report derivative trade details to the regulated market entities defined as Swap Data Repositories (SDRs). In Asia, regulators are mandating similar requirements across the region, with compliance deadlines ranging from April 2013 to early 2015.
TRACE captures, consolidates, transforms, and provides reporting for OTC derivatives trade information, enabling banks to quickly address regulatory requirements related to trade reporting. It serves as a gateway that manages the flow of information between trading systems and DTCC-based trade repositories. TRACE integrates with the major trade reporting initiatives in Asia, including those in Japan, Hong Kong, Singapore, and Australia.
"TRACE provides straight-through processing from trade origination in banks' trading systems all the way to the DTCC's trade submission acknowledgment," said Aaron Hallmark, COO of Catena. "DTCC's addition of Catena Technologies to its GTR Service Providers directory underlines Catena's capability and focus in the reporting and compliance area. Catena provides off-the-shelf solutions for trade reporting integration requirements to market participants across Asia."