Catena Technologies today announced that its customers have successfully mobilized its TRACE platform for HKMA Phase 2 trade reporting. This latest TRACE launch aligns with the Hong Kong Monetary Authority’s July 1st deadline for reporting OTC derivative trades and their valuations. Catena's customers achieved an unprecedented submission success rate of greater than 99% during the first four weeks of operation. Their transactions span a broad range of asset classes including interest rate, credit, foreign exchange, equity, and commodity derivatives.
“We are thrilled to have achieved this major milestone in TRACE’s growth while continuing to provide the highest quality of service to our customers,” said Aaron Hallmark, Catena Technologies’ CEO. “Catena’s proven capability to support multi-jurisdiction reporting laid a solid foundation for our expansion to cover the Hong Kong Trade Repository. Further, our product’s standard features, like flexible integration with diverse data sources, robust data enrichment rules, and preemptive submission validation, have all helped our customers achieve an extraordinary rate of success while significantly reducing their operational risk and cost.”
Catena’s TRACE Reporting 1.5 introduces powerful features to support HKTR reporting, including real-time submissions, message-level trade reporting determination, and advanced post-submission workflow for back-loading, withdrawals, and replays. Catena has also enhanced TRACE’s reconciliation, exception management, and alerting tools, in order to help its customers further reduce the operational effort of reporting. Said Hallmark, “These latest advancements in TRACE are not only valuable for APAC trade reporting, but are also essential for MiFID II reporting.”
The European Commission’s revised Markets in Financial Instruments Directive (MiFID II), with a go-live deadline of January 3rd, 2018, establishes major new regulatory requirements with global implications. These new requirements include daily transaction reporting, real-time transparency reporting, and mandated reconciliation. MiFID II also ushers in new reporting mechanisms, including Approved Publication Arrangements (APAs), besides the existing Approved Reporting Mechanisms (ARMs) inherited from MiFID I. As a dedicated regulatory reporting platform, Catena’s TRACE Reporting solution caters to the advanced business and technology requirements for MiFID II.
Catena Technologies Pte Ltd specializes in architecture, design, and delivery of advanced technology solutions for the financial services industry. Based in Singapore, the company has worked with customers across the world, including the U.S., U.K., Japan, Hong Kong, Australia, Singapore, and China. Catena Technologies combines in-depth knowledge of the financial markets with expertise implementing cutting-edge solutions.