ICBC Singapore Selects Catena TRACE for OTC Derivatives Regulatory Reporting
12th Mar 2015 - Catena Technologies Pte Ltd today announced that Industrial and Commercial Bank of China Limited, Singapore branch has selected its TRACE™ trade repository gateway product to report OTC derivatives trades to the Monetary Authority of Singapore.
"Catena's TRACE gateway will enable us to meet the regulator's trade reporting requirements quickly and easily as our business expands," said Zhang Yi, Head of Operation Management at ICBC Singapore. "TRACE addresses the immediate reporting needs for our clearing and commercial banking businesses, and it will scale to handle future regulatory requirements. Two important factors in our decision to select TRACE are the system's ease-of-use coupled with its comprehensive functionality. These features will help us to streamline the operational effort associated with trade reporting."
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 trades, automatically submits the required information to trade repositories, and manages the end-to-end workflow and reconciliation between trade repositories and the firm's trading systems. TRACE aligns with the major trade reporting initiatives in Asia, including those in Japan, Hong Kong, Singapore, and Australia.
"ICBC Singapore selected TRACE because of its demonstrated capability to meet compliance requirements quickly and to be extended easily to meet future regulatory requirements," said Aaron Hallmark, Catena's CEO. "As additional reporting requirements are introduced by the regulators, financial institutions are embracing new technologies to deal with the challenges associated with manual reporting processes. Catena's TRACE solution helps to address these challenges and support clients' current and future reporting needs, both tactically and strategically."
About ICBC Singapore
ICBC Singapore was set up in 1993 as the first overseas branch established by ICBC headquartered in China, outside Greater China, and the only authorised RMB Clearing Bank in Singapore since 2013. Today, Singapore is the largest offshore RMB hub outside of Greater China. As the sole RMB Clearing Bank in Singapore, it has been expanding the RMB business and developing RMB products, providing various customised solutions to Singapore firms seeking to invest in China using RMB and Chinese companies seeking to internationalise their business. ICBC Singapore offers comprehensive RMB cross-border products such as RMB deposits & loans, RMB cross-border trade settlement, capital settlement, trade financing, global cash management, RMB bond issuance and special customer-tailored RMB services. ICBC Singapore is committed to being "the Preferred RMB Bank in Singapore". For more information on ICBC Singapore, please visit www.icbc.com.sg .
About Catena Technologies Pte Ltd
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 helped customers around 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.
For more information, contact:
Catena Technologies Pte Ltd
3 Phillip Street
#10-01 Royal Group Building
Republic of Singapore
Phone: +65 6100 0881
Fax: +65 6399 0881