Market Participants Worried about Trade Reporting Data Quality
30 Jan 2018 – A recent Catena Technology survey of twenty four market participants found that data quality for trade reporting is a major concern. Two thirds of the respondents were either very concerned about data quality or consider it as top priority. The same percentage had experienced data quality issues related to trade reporting in the past year. The top areas of concern were related to the data received from source systems being incomplete, unreliable, or inconsistent between different sources.
“The results of the survey highlight the need for trade reporting solutions to extend to source systems to help ensure data quality,” said Dr. Zhang Li, Head of Trading and Risk Management. “Catena’s TRACE solution can be tightly linked with source systems to help address these concerns. Likewise, presubmission validation and postsubmission reconciliation checks ensure that the information reported to regulators is complete and accurate. We are continuing to enhance the product to address industry concerns about the quality of data being reported.”
As the initial phase of reporting has been completed in many jurisdictions, regulators have started focusing more on the accuracy of trade reporting information and begun imposing fines for noncompliance. To this point, seventy five percent of the survey respondents said that their regulators were currently imposing fines for noncompliance or were expected to going forward.
About Catena Technologies Pte Ltd
Catena Technologies Pte Ltd is a Fintech company that specializes in architecture, design, and delivery of advanced technology solutions for the financial services industry. Headquartered in Singapore, the company has provided products and services to customers across the world, including the U.S., U.K., Europe, and Asia. Catena Technologies combines in-depth knowledge of the financial markets with expertise implementing cutting-edge solutions.
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