Catena Technologies Awarded Best Cloud-based Services Provider by Asia Risk

28 November 2017

Catena Technologies has been selected as the best cloud-based services provider in the Asia Risk Technology Rankings 2017 for its TRACE reporting platform. To determine the rankings, Asia Risk surveyed market participants about the derivatives-related technology products and services they use. Over the past several years, Catena has steadily increased its ranking, coming in sixth overall this year with top three rankings within a number of specific technology and support services categories.

“We are seeing greater interest from financial institutions in products and services that are related to regulatory compliance. Overall focus has been on improving efficiency, reducing cost, and rationalizing IT infrastructure spend,” said Aaron Hallmark, CEO of Catena. “We expect that the need to streamline existing regulatory reporting capabilities will grow as global regulators continue to roll out new regulations, such as the second Markets in Financial Instruments Directive (MiFID II), as well as reporting requirements in the emerging markets. Catena’s TRACE platform is designed to help banks and buy-side firms of all sizes to consolidate and streamline their trade reporting process, so that they can reduce operational cost and better manage regulatory change.”

Catena rolled out its first version of the TRACE Reporting platform in 2013 to address requirements by the Monetary Authority of Singapore (MAS) for financial firms to report OTC derivatives trades. The platform further evolved to become a global trade reporting platform that supports a wide range of reporting regimes, including Australia (ASIC), Hong Kong (HKMA), the European Union (EMIR), the U.S. (CFTC), Canada, and MiFID II. TRACE has a “plug and play” design that enables it to integrate with a wide variety of source systems and downstream trade repositories, which reduces the complexity and cost of supporting multiple regimes. Additionally, as more regulations are implemented that govern data privacy and personal data protection, such as General Data Protection Regulation (GDPR), the robust security controls of the TRACE hosted platform are helping firms address these data privacy concerns. 

“Now that the initial phase of reporting has been completed in many jurisdictions, regulators have begun focusing more on data quality and accuracy,” said Randall Duran, chairman of Catena. “The TRACE platform has a number of data quality features that help our customers avoid regulatory scrutiny and potential fines for noncompliance. In particular, TRACE’s pre-submission validation and post-submission reconciliation help to ensure the completeness and accuracy of reporting. We are continuing to enhance TRACE’s data quality monitoring capabilities to further address the needs of TRACE customers, as well as to support financial institutions that want to use TRACE’s data quality modules to augment other in-house trade reporting processes and systems.”

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