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TRAction Fintech - Regulatory Reporting Services for Financial Institutions

TRAction exists to make it easy and cost effective for you to report transactions and positions across all asset classes. With built-in reconciliation and monitoring capabilities, we help you to comply with MiFIR, EMIR, Best Execution, ASIC, MAS and other regulatory reporting obligations. TRAction is a provider of regulatory trade reporting solutions to financial services businesses dealing in OTC derivatives and other financial products which require transaction reporting. 

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Australia (ASIC)

What is ASIC?

Australian entities dealing in OTC derivatives are required to report transactions to an Australian Derivatives Trade Repository (“ADTR”) licensed by the Australian Securities and Investments Commission (“ASIC”).

Under ASIC’s Derivative Transaction Rules (Reporting) 2013 (“ASIC’s Rules”), Australian issuers of OTC derivatives need to report their reportable transactions.

ASIC’s Rules provide a framework for the regulation of OTC derivatives reporting, clearing and trade execution.

Europe (EMIR / MiFID II)

What are EMIR and MiFIR/ MiFID II?

Best Execution

What is HKMA?

The Hong Kong Monetary Authority (HKMA) requires specified OTC derivative transactions to be reported to HKTR.

HKMA reporting obligations in relation to retail OTC Derivatives will come into effect from 1 July 2017.

Financial entities that deal in interest rate swaps and non-deliverable forwards should already be meeting their reporting obligations under HKMA.

Global Reporting

Singapore - MAS

The Monetary Authority of Singapore (MAS) requires parties to a Specified Derivatives Contract (SDC) to report to a licensed trade repository or licensed foreign trade repository.

What is ASIC?

Australian entities dealing in OTC derivatives are required to report transactions to an Australian Derivatives Trade Repository (“ADTR”) licensed by the Australian Securities and Investments Commission (“ASIC”).

Under ASIC’s Derivative Transaction Rules (Reporting) 2013 (“ASIC’s Rules”), Australian issuers of OTC derivatives need to report their reportable transactions.

ASIC’s Rules provide a framework for the regulation of OTC derivatives reporting, clearing and trade execution.

What are EMIR and MiFIR/ MiFID II?

What is HKMA?

The Hong Kong Monetary Authority (HKMA) requires specified OTC derivative transactions to be reported to HKTR.

HKMA reporting obligations in relation to retail OTC Derivatives will come into effect from 1 July 2017.

Financial entities that deal in interest rate swaps and non-deliverable forwards should already be meeting their reporting obligations under HKMA.

Singapore - MAS

The Monetary Authority of Singapore (MAS) requires parties to a Specified Derivatives Contract (SDC) to report to a licensed trade repository or licensed foreign trade repository.

WHAT WE DO

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TRAction Fintech

Regulatory Reporting Services for Financial Institutions. TRAction exists to make it easy and cost effective for you to report transactions and positions across all asset classes.

News & Updates

From the Blog

Are Rolling Spot FX and Spot Precious Metals Reportable Under MiFIR?

Just over one year since MiFID II came into effect, TRAction still gets asked whether Rolling Spot FX and Spot Precious Metals are reportable under MiFIR.  Here we explain why we consider Rolling Spot FX and Spot Precious Metals are not reportable under MiFIR. Financial instruments that are subject to MiFIR Article 26 of MiFIR sets out the reporting obligations that apply where one of the following is traded, irrespective of whether or not such transactions are carried out on a Trad...

TRAction Fintech

Regulatory Reporting Services for Financial Institutions. TRAction exists to make it easy and cost effective for you to report transactions and positions across all asset classes.

Client Testimonials

Testimonials

about us

The Team

Quinn Perrott

Co-CEO

With an extensive background in IT, Quinn started in the financial markets as IT Manager for City Index. He then went on to be co-founder and General Manager of AxiTrader, one of Australia's largest Margin FX providers.

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Sophie Gerber

Co-CEO

Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions

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Martin Kloosterman

Head of Operations

Martin has over 17 years experience in the IT industry having all round IT experience focusing on sensitive large volume data in the areas of maintenance and operational support, development, testing and reporting.

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Justin Blake

Senior Developer

Justin has over 17 years experience in the IT Industry including almost a decade working in derivatives and foreign exchange. His competencies encompass a wide range of disciplines from software design and development.

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Nahid Tahmasebi

Developer

Nahid is a SQL Developer with over 5 years of experience in database development, database objects and business intelligence technologies.  She previously worked as the developer for a pharmaceutical distributor with multiple databases with large-scale data.

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Emma Ladlow

Regulatory Reporting Manager

Emma is TRAction’s Regulatory Reporting Manager with 3 years’ experience in transaction reporting and 6 years’ experience in the finance industry.  She worked for one of the largest financial services organisations Emma moved to Australia in November 2018 to join Traction.

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Leo Li

Developer

Leo is an all-rounder developer who has 10 years' experience in the IT industry, primarily focusing on web development and data migration. He previously worked as a developer for a European-based software corporation.Leo possesses strong programming skills.

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Tom Flack

Transaction Reporting Officer

Tom is TRAction’s Transaction Reporting Officer having joined us with experience in transaction reporting at a large asset management firm. He ensures all transaction reporting for our European clients, for both EMIR and MiFIR is completed in accordance.

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Natalia Barwell

Legal Officer

Natalia is a legal professional with several years of experience in business and corporate law. After moving to the UK over 10 years ago, Natalia has focused her experience in the financial markets working with an array of institutions.

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Russell Nethercot

Relationship Manager

Russell has 15 years’ experience in the exchange-traded and over-the-counter derivatives markets. He has worked for some of the biggest investment organisations in London. Russell has a strong client-facing outlook.

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Know More

Information

Information on specified transactions in financial instruments is required to be reported to regulators in many regions around the world.  Compliance with trade reporting regimes can result in costs and resource expenditure for firms. TRAction Fintech was founded to reduce the compliance burden by taking care of your trade reporting.

The requirements vary by jurisdiction and the following information may need to be reported:

  • The type of financial instrument (e.g. derivative, bond)
  • The counterparties to the trade
  • Any intra-day modifications
  • Legal Entity Identifier (“LEI”) and transaction and product identifiers

The data needs to be reported to the relevant regulator through a Trade Repository (“TR”) or other body nominated by the regulator.

The Objectives of Trade Reporting Requirements for OTC derivatives

The overarching objectives of the regulatory trade reporting requirements for financial products are to:

  • Enhance the transparency of trade information available to relevant authorities and the public.
  • Promote financial stability.
  • Support the detection and prevention of market abuse.

OTC derivative information is reportable under the Derivative Transaction Rules (Reporting) 2013 to a Trade Repository that is licensed in Australia as an Australian Derivative Trade Repository (“ADTR”).  The entities that are required to report include foreign entities with branches and subsidiaries in Australia.  In the case of hedge trades, relief may be available where the hedging counterparty is reporting.

The Markets in Financial Instruments Directive (“MiFID II”) and its related regulation the Markets in Financial Instruments Regulation (“MiFIR”) is European legislation which covers reporting requirements for monitoring and market abuse purposes.  The reporting regime in MiFIR effectively covers many financial instrument transactions in Europe.  MiFIR requires transactions to be reported to an Approved Reporting Mechanism (“ARM”) and has 65 information fields which need to be populated.

The European Market Infrastructure Regulation (“EMIR”) is a separate regulatory regime requiring reporting of information related to  derivatives trades.  It has applied since early 2013 and requires reporting for financial system risk reduction purposes.  Some of the requirements are different to those contained in MiFID II/MiFIR and the reports are sent to ESMA approved TRs.  However, parts of the requirements overlap, making it possible to seamlessly report trades for both MiFIR and EMIR.

The Monetary Authority of Singapore (“MAS”) requires parties to a Specified Derivatives Contract (“SDC”) to report to a licensed Trade Repository or licensed foreign Trade Repository.

Currently, only interest rate, credit and foreign exchange derivatives contracts are required to be reported to a licensed TR in Singapore and only when traded by certain entities.  Equity and commodity derivatives are expected to be reportable from 1 October 2018.

Global commitment to derivatives reform arose out of the Global Financial Crisis (“GFC”) in 2008.  The GFC highlighted structural deficiencies in the global derivatives markets and the systemic risk that those deficiencies posed to wider financial markets and the real economy.

In the lead-up to the GFC, those structural deficiencies contributed to the build-up of large counterparty exposures for which the risks were not appropriately managed.  With details of derivative transactions generally held only between the counterparties, in many cases those exposures were not transparent to other market participants and regulators.

The regulatory response, in the form of commitments by regulators around the world to implement derivatives reform, was made at the Group of Twenty (“G20”) Summit in Pittsburgh in 2009.  Since then, transaction reporting regimes have been introduced in multiple jurisdictions and are continuing to be amended and updated.

Trade Reporting Regimes

Information on specified transactions in financial instruments is required to be reported to regulators in many regions around the world.  Compliance with trade reporting regimes can result in costs and resource expenditure for firms. TRAction Fintech was founded to reduce the compliance burden by taking care of your trade reporting.

The requirements vary by jurisdiction and the following information may need to be reported:

  • The type of financial instrument (e.g. derivative, bond)
  • The counterparties to the trade
  • Any intra-day modifications
  • Legal Entity Identifier (“LEI”) and transaction and product identifiers

The data needs to be reported to the relevant regulator through a Trade Repository (“TR”) or other body nominated by the regulator.

The Objectives of Trade Reporting Requirements for OTC derivatives

The overarching objectives of the regulatory trade reporting requirements for financial products are to:

  • Enhance the transparency of trade information available to relevant authorities and the public.
  • Promote financial stability.
  • Support the detection and prevention of market abuse.
Australia – ASIC

OTC derivative information is reportable under the Derivative Transaction Rules (Reporting) 2013 to a Trade Repository that is licensed in Australia as an Australian Derivative Trade Repository (“ADTR”).  The entities that are required to report include foreign entities with branches and subsidiaries in Australia.  In the case of hedge trades, relief may be available where the hedging counterparty is reporting.

Europe - MiFIR and EMIR

The Markets in Financial Instruments Directive (“MiFID II”) and its related regulation the Markets in Financial Instruments Regulation (“MiFIR”) is European legislation which covers reporting requirements for monitoring and market abuse purposes.  The reporting regime in MiFIR effectively covers many financial instrument transactions in Europe.  MiFIR requires transactions to be reported to an Approved Reporting Mechanism (“ARM”) and has 65 information fields which need to be populated.

The European Market Infrastructure Regulation (“EMIR”) is a separate regulatory regime requiring reporting of information related to  derivatives trades.  It has applied since early 2013 and requires reporting for financial system risk reduction purposes.  Some of the requirements are different to those contained in MiFID II/MiFIR and the reports are sent to ESMA approved TRs.  However, parts of the requirements overlap, making it possible to seamlessly report trades for both MiFIR and EMIR.

Singapore – MAS

The Monetary Authority of Singapore (“MAS”) requires parties to a Specified Derivatives Contract (“SDC”) to report to a licensed Trade Repository or licensed foreign Trade Repository.

Currently, only interest rate, credit and foreign exchange derivatives contracts are required to be reported to a licensed TR in Singapore and only when traded by certain entities.  Equity and commodity derivatives are expected to be reportable from 1 October 2018.

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