Source: Catena Technologies
Catena Technologies today announced that Sydney-based brokerage firm Invast Financial Services Australia has selected its TRACE trade repository gateway product to report OTC derivatives trades to the Australian Securities and Investments Commission.
"We selected TRACE because of the system's demonstrated capability to meet our immediate trade reporting requirements as well as its ability to grow with the firm as requirements change," said Brendan Gunn, Chief Executive Officer for Invast. "As a premium global brokerage firm, Invast offers a unique selection of financial product types to sophisticated individuals, corporations and institutional clients, and it was important to us that TRACE could assist with the derivative trade reporting of all our current and planned product offerings, and provide the solution for data mapping and transformation. Additionally, it was important to Invast that TRACE would support reporting of valuation and collateral as and when those reporting requirements come into effect. Most importantly, Catena demonstrated expertise in OTC reform that gave us confidence that they will be able to guide us through future OTC derivatives reporting reform."
Catena Technologies' TRACE product enables financial institutions to report OTC derivatives trades to regulators via trade repositories. The system captures, enriches and transforms derivatives trade information, automatically submits the required information to the trade repositories, and manages the end-to-end workflow and reconciliation between the trade repositories and a firm's trading systems. TRACE aligns with the major trade reporting initiatives in Asia Pacific, including those in Japan, Hong Kong, Singapore, and Australia.
"We are excited to be working with Invast to help the firm meet its regulatory reporting obligations for OTC derivatives," said Aaron Hallmark, CEO of Catena Technologies. "As a brokerage firm with a high volume of client-driven trading activity underlying its OTC derivatives transactions, Invast's trade reporting requirements span a unique combination of financial product types, transaction volume, and position netting requirements. We are pleased to have demonstrated that TRACE can satisfy Invast's requirements, and we look forward to helping other brokerages throughout Asia Pacific to meet similar requirements as regulations evolve."