Global information and analytics giant IHS Markit has acquired Singapore-based Catena Technologies, a regulatory trade reporting provider, in a bid to boost its regulatory compliance offering worldwide.
Founded in 2002 as a FinTech consultancy and transformed to become a software-as-a-service (SaaS) provider of trade reporting solutions in 2014. Its flagship TRACE Reporting platform automates and manages trade reporting, providing cross-asset coverage, valuation and collateral reporting, and reconciliation across G20 jurisdictions, including Australia, Singapore, and Hong Kong, and covers regulations including EMIR and MiFID II reporting.
The deal will result in “a seamless, single-vendor solution that integrates transaction reporting with other post-trade and compliance workflows,” says Aaron Hallmark, CEO of Catena. “This capability will enable customers to streamline their trade-reporting processes, reduce costs, and focus on strategic initiatives.”
The firm’s TRACE platform will integrate with IHS Markit’s MarkitSERV offering, which provides end-to-end trade processing and workflow solutions that support all participants in OTC trading, from post-trade notices of execution, trade confirmation and allocations to clearing and reporting. The two firms are no strangers to each other, with a history of collaboration within the Asia Pacific region. “The MarkitSERV team has been working closely with Catena for several years to help investment firms and banks overcome the numerous data and technology hurdles they face in trade reporting,” confirms Julian Chesser, head of Asia Pacific for MarkitSERV at IHS Markit.
Although terms of the deal were not disclosed, IHS Markit has stated that the acquisition will not impact its earnings.