TRAction, the Australian fintech startup, has introduced a trade reporting and monitoring suite of services for foreign exchange and contracts for difference (CFD) brokers in the country, in accordance with the latest over-the-counter trade reporting legislation in the industry.
New Law Covers More Brokers
The law came into effect on December 4 and will cover some 35 retail brokers regulated by the Australian Securities and Investment Commission (ASIC), which were until recently outside the scope of any reporting rules. Most of these have already taken TRAction’s solution on board, the fintech startup said.
Automation Facilitates Compliance
In August, Finance Magnates reported about TRAction’s solution, developed ahead of the coming into effect of the new legislation, citing the fintech service provider’s co-chief Sophie Gerber as saying that the solution will automatically reconcile and submit relevant information about OTC derivatives trades conducted via the MetaTrader system, and for brokers using other systems the company will provide customized solutions.
Read the rest of this article on Finance Magnates.