Catena Technologies Pte Ltd today announced that DZ Bank AG, Singapore Branch has selected Catena’s TRACE™ trade repository gateway product to report OTC derivatives trades to the Monetary Authority of Singapore.
The 2008 global financial crisis triggered widespread calls to improve transparency and reduce counterparty risk in the OTC derivatives markets. The G20 Summit in September 2009 made a global commitment to financial transparency. Since then, many countries have enacted new laws and regulations governing the trading of OTC derivatives. A common theme of these changes has been to require reporting of OTC swap transactions to public trade repositories.
Catena Technologies’ TRACE product enables financial institutions and corporates to report OTC derivatives trades to regulators via trade repositories. The system captures, enriches and transforms derivatives trade information from trading systems, 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, including those in Japan, Hong Kong, Singapore, and Australia.