Catena Technologies today announced a strategic alliance with USAM Group that expands availability of Catena’s flagship derivatives compliance solution to financial institutions in North America and Europe.
Under the agreement, USAM will provide marketing and sales strategy and execution for the TRACE Reporting solution, which automates reporting of derivatives trades to global regulators.
"Regulatory and trade repository changes coming up in 2019 will require major changes to trade reporting systems, creating a compelling opportunity for banks, asset managers and brokers to review the accuracy, completeness and scalability of their existing processes,” said Aaron Hallmark, CEO of Catena Technologies. “Our partnership with USAM means that we are in position to support firms in Europe and North America with an efficient, comprehensive and cost-effective solution for derivatives reporting to multiple regulators."
TRACE Reporting automates collection of OTC derivatives data from internal systems and third-party trading platforms. It enriches trade data and transforms it to meet the exact specifications of global regulators. It also reconciles the responses received from trade repositories, providing real-time status information via an integrated dashboard that provides timely alerts and enables rapid remediation of potential reporting concerns.
“TRACE Reporting is a proven solution that improves compliance and reduces cost by automating derivatives trade reporting across all asset classes under regimes in the US and Canada, as well as the EU, Australia, Hong Kong, and Singapore,” said Feargal O’Sullivan, USAM Group’s CEO. “Clients around the world also benefit by working with Catena’s subject matter experts, who proactively monitor the global regulatory landscape to anticipate, thoroughly understand, and provide early support for upcoming regulations, such as Securities Financing Transactions Regulation (SFTR).”
The partnership leverages USAM’s presence in New York, Chicago, Toronto, London, Amsterdam, and Milan to augment Catena’s own operations based in Singapore and San Francisco.