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