Virtus, the premier provider of tailored fixed-income services, today announced the launch of Virtus Trade Settlement (VTS).
VTS delivers unprecedented settlement times for primary/secondary trades in the four trillion dollar loan market. The launch of VTS follows on the acquisition of Trade Settlement Inc.
Virtus is launching VTS to meet a dramatic need in the market for efficient loan trade settlements, most evidently shown through the reduction of settlement times. VTS represents the powerful combination of Virtus’ advanced technology and TSI’s unique loan settlement capabilities. Through this new synergy, VTS provides market participants with unprecedented settlement times through speed and efficiency in settling primary/secondary trades. VTS is a comprehensive solution for all market participants, delivering substantial ROI to sell-side firms and offered as a complimentary service to the buy-side. The new VTS platform features a streamlined, intuitive interface and tight integration with the overall Virtus platform for enhanced straight-through-processing.
“Agent banks, originators and other market participants historically have not had a choice when it comes to loan settlements,” comments Rob Tomicic, Partner and Co-Founder of Virtus Partners. “Virtus Trade Settlement is breaking new ground by providing the advanced settlement capabilities and speeds that participants have been actively searching for.”
Leveraging high-performing and innovative technology, VTS delivers:
- Primary syndications – Geared towards bringing all new lenders into a deal as quickly and efficiently as possible
- Par and distressed trade settlements – Fully automated functionality for par and distressed trading, resulting in faster speeds for secondary trading
- Portfolio and transfer sales – Facilitate transfers and confirm settlement specifics with relevant parties
- Outsourced settlements – Rapid white glove closing speeds for primary and secondary loans to reduce exposure risk and transaction cost
- FATCA compliance – Fully automated FATCA, AML and KYC compliance and an investor portal with access to IRS and IGA-approved W8/W9 and more
- AML and KYC investor document repository – Seamless integration with back-office systems, reducing errors and redundancy
Tomicic adds, “Virtus has always pioneered new standards in the credit markets. With the introduction of VTS, we are changing the game by dramatically reducing loan settlement times.”