The business process management (BPM), enterprise integration, and enterprise content management solutions provider has designed TRACE to help financial institutions fulfill global regulatory obligations for derivative trade reporting.
The integration with CME Group‘s trade repositories allows customers in Europe, United States, Canada, and Australia, to benefit from automated G20 trade submission and post-submission reconciliation for customers with global trade reporting requirements.
Randall Duran, Chairman of Catena Technologies, commented:
“We see a major opportunity to help financial firms in North America and Europe fulfill their global regulatory trade reporting obligations and address upcoming reporting changes. Many of these firms have issues with delegated reporting and third-party trade reporting services that have limited capabilities. Working together with CME Group, Catena is able provide a solution that improves customers’ operational workflows and provides an end-to-end solution that addresses the full range of regulatory compliance needs.”
Jonathan Thursby, Head of Global Repository Services at CME Group, said:
“CME Group is pleased to work with Catena in extending their success with customers in APAC and providing comprehensive trade reporting solutions to customers globally. Working together with leaders like Catena to improve the accuracy of trade reporting and reduce operational costs will bring clear benefits to our customers. As a global leader and operator of trade repository licenses, spanning Australia, Canada, European Union and the United States, CME Group can offer a common experience and broad expertise to optimize trade reporting.”
Aaron Hallmark, Chief Executive Officer of Catena Technologies, added:
“Many firms have implemented tactical solutions for G20 and MiFID II reporting that rely on manual processing, are costly to maintain, and are difficult to manage and monitor. TRACE’s automated reconciliation, in-line data quality controls, and dashboard monitoring capabilities, together with CME Groups’ strong technology and operations, can help customers overcome these challenges.”
TRACE manages the end-to-end reporting and reconciliation workflow by automatically capturing, calculating, enriching, transforming, and submitting the required information to trade repositories. The system also reconciles trade repository data with a firm’s in-house and external data sources.
Catena’s system lowers operational costs through extensive pre-submission data validations and up-front error reporting which minimize costly re-submissions. Its centralised reporting mechanics mean operational economies of scale, and users can query consolidated data on demand, from Excel or from online and mobile devices.