Bringing Efficiency, Liquidity & a new VISION to syndicated loan processing.

About Us

The Business

Established in June 2000, Trade Settlement Inc. is the premier industry leader in automated loan closings. TSI introduced the first integrated, post-trade loan settlement platform serving the $4.0 trillion Primary and Secondary syndicated loan markets. The Company supports all of the major Agent banks and well over 660 buy-side firms. TSI's secure cloud-based platform brings speed, seamless data integration, and high-speed connectivity to the loan closing process.

On December 30, 2014, TSI was acquired by Virtus Partners and now operates as a wholly owned subsidiary, Virtus Trade Settlement, LLC ("VTS").

The Loan Market

The Loan Market is large and inefficient. The new issue global loan market approached $3.8 trillion and has grown at a rapid rate. The Loan Syndication Trading Association (LSTA) estimated the U.S. secondary par/near par loan trading market at approximately $634 billion in 2014 with secondary block trade counts over 200,000, on a one sided basis.

One of the greatest impediments to liquidity and growth in the secondary loan trading market is the exceedingly cumbersome trade closing process. It is manual, decentralized, telephone and email dependent and accordingly slow, costly and unpredictable. Although the industry promotes a T + 7 standard settlement period, it frequently stretches to T + 23 or more. The loan market's private market structure includes opaque market data for price discovery, thin operating capacity, and slow adoption of emerging technology.

The Virtus Trade Settlement Solution

VTS's Primary and Secondary web-based platform provides an automated and secure interface for all parties to the loan settlement market. With the combination of Virtus Partners' expansive database of loan market information and TSI's strong settlement capabilities, VTS creates substantial opportunities to reduce trade settlement times while providing more robust management reporting and a framework to enhance market liquidity.

VTS offers the highest standard of security and is compliant with SSAE 16 standards, utilize leading edge technology, and have first rate customer service and rapid-fire execution. VTS's programming interfaces offer the flexibility to integrate to virtually every downstream or upstream system, whether branded or proprietary.

The user dashboard allows users to easily self-manage the entire life cycle of an agreed upon trade to actual settlement from a single page. Users can track the process in detail with visible time stamps and intervene as appropriate.


Pat Loret de Mola President

Prior to founding Trade Settlement Inc. in June 2000, Pat was a former banker with 25 years of loan market experience. Pat previously held posts in loan sales at Merrill Lynch, origination and portfolio management at Mitsubishi Trust & Banking and in acquisition finance at Manufacturers Hanover. Pat is a past Treasurer and Member of the Board of Directors of the LSTA and currently holds several Board positions with public and private institutions. She is also a Springboard Enterprises alumna where she has been selected to present at several venture capital forums. Pat received her MBA and BA from Rollins College.

Jon Hoberman Vice President

Jon, a former team leader for Distressed Loan closings at Deutsche Bank, has more than 21 years of experience in the loan market. He is currently responsible for overseeing the closing of Primary transactions and works closely with the product development team. Jon also held positions at Bankers Trust, The Chase Manhattan Bank, N.A. and Skadden, Arps, Slate, Meager and Flom. Jon earned his MBA from the Fordham University Graduate School of Business and his BA from the University of Michigan.

Joylynn Jarvis Assistant Vice President

Joy has over 16 years of experience in the Loan Syndications Market. Joy previously held the team leader position in the Loan Agency Division at Credit Suisse, a supervisory position in the Bank Loans Division at Lehman Brothers, Inc. and a team leader position in the Commercial Lending Services Division at Commerzbank, AG. Joy currently oversees the closing process of all secondary settlements and works closely with the product development team. Joy recently received her Master's Certification in Business Analysis from Villanova University. She received her MSA from Central Michigan University Graduate School and her BA from Hunter College of the City University of New York.

Simone Bullard Training & Client Support Manager

Simone has more than 20 years of experience working within the financial industry. She currently manages the Client Support desk and is in charge of training customers on the VTS platform. Simone received her BS in Computer Information Systems from DeVry Institute of Technology.

John Brumfield, QA Manager

John has more than 20 years of experience in testing financial software, 13 of them in the loan market. He currently oversees all facets of Quality and Testing at VTS. A second, but equally important responsibility is interpreting customer needs and defining Use Cases with Senior Business Analysts. Lastly, John has extensive input into the development and implementation of Application Programming Interfaces (APIs) for VTS customers. Prior to joining TSI, John provided quality analysis for financial applications at Zurich Scudder and Deutsche Bank. John received his BS from the University of Houston.