Trade Settlement Inc (TSI) today announced that it has established European headquarters in London and hired a new Executive Director of sales for its expanding European business.
Effective immediately, TSI is serving European clients out of London, providing hands-on support with all aspects of its settlement system. In addition, Ronnie Glenn has joined in a new sales position and will focus on building existing client relationships as well as expanding the firm's business overall.
"This is a very important time in the development of our business and for the market," said Pat Loret de Mola, President of TSI. "There is increased need by market participants to make further inroads in achieving better efficiencies in post-trade processing of syndicated loans, and our move to London and the addition of Ronnie Glenn mark the next stages in achieving these goals."
Glenn joins TSI from Barclay's Capital where, most recently, she served as Associate Director in the European Leveraged Finance Team. Earlier in her career, she held various positions related to the loan business at Goldman Sachs International and Bank of Tokyo Mitsubishi.
The new London presence follows on the heels of the October launch of TSI's automated settlement services for the European primary and secondary syndicated loan market as well as the introduction of numerous new capabilities aimed at improving the speed and efficiency of post-trade processing. Owing to the growth and needs of the market in Europe, TSI enhanced its platform, which brings dealers and their customers a scalable and secure solution for the post-trade, syndicated loan environment.
"The launch of the European platform earlier this fall was a very exciting step in our quest to be the premier provider of post-trade processing for the global primary and secondary syndicated loan market," said Loret de Mola. "Given the expansion of the market and the industry's desire to achieve greater operational efficiencies, we believe this is an opportune time to automate post-trade loan processing. We are continuing to work closely with European market participants to identify ways to bring greater efficiencies and straight-through-processing to the settlement process."
TSI's primary and secondary online loan closing systems substitute the manual elements of the loan closing process with automated functionality. Using the system, documents and information can be shared electronically in a secure and efficient web-based environment. The electronic workflows allow organizations to sign documents electronically and instantaneously, move them forward and monitor the process on a real-time basis. TSI handles all routing for approvals and signatures as well as stores documents and aids trade parties in their "Know-Your-Client" requirements. The platform provides dynamic, bi-directional live interfaces with back-office accounting systems, eliminating double entry and maximizing the benefits of straight-through-processing (STP).
Among some of the new features introduced on TSI's European platform is the ability to generate LMA trade confirmations, transfer certificates and pricing letters. In addition, several tools including a break-funding calculator, European date formatting, and ability to have multiple bank accounts per currency were launched as well.