ASIC Derivative transaction reporting can be complex and unwieldy. Regulatory compliance can tie up firm resources that could be otherwise used in the delivery of your products and services. Different regions around the world have different reporting obligations so if you’re a cross-border business or aspire to be one, you face multiple sets of regulatory regimes to get on top of. These include ASIC Rules in Australia, EMIR and MiFIR in Europe and MAS Requirements in Singapore.
This is where a third-party reporting service such as TRAction Fintech can help. Using a delegated reporting provider can have the following benefits:
- reduce resources allocated to trade reporting so that you can focus on your core activities
- assist you in understanding your trade reporting obligations in Australia and around the world
- allow you to gain comfort of the protections under the law for using an agent
- know that you are reporting in-line with industry peers
What’s more, TRAction Fintech don’t charge fees beyond what you would pay for reporting directly to a Trade Repository (“TR”), so we can save you both time and money.
TRAction Fintech’s offering to clients revolves around three core services:
- Specialist advisory and consultation
- Data extraction, conversion and enrichment
- Reporting trades on your behalf
For example, TRAction Fintech will:
- Register your entity for a Legal Entity Identifier (“LEI”)
- Extract trade/transaction data from your platforms
- Convert trade/transaction data into the required formats
- Submit trade/transaction data to an ASIC-licensed TR
- Provide a point of contact for any questions or concerns
TRAction Fintech will make it a whole lot easier to report rather than devoting internal resources to dealing with trade/transaction reporting obligations.
Trade/Transaction Data Extraction, Conversion and Enrichment
Our solution covers the most commonly used trading platforms as well as platforms which have been self-developed or customised. These include:
- MetaTrader 4 / MetaTrader 5
- Market Pulse
For brokers running multiple platforms through a back office, we can review whether extracting the trading information from the back office or the platforms is the most appropriate method.
Reporting Trades On Your Behalf
A major benefit of delegating your reporting to TRAction Fintech is that we do all the necessary and complicated on-boarding and upload your trade/transaction information to a licensed TR. We also perform the testing and confirm that your data meets the requirements of lodgment.
Specialist Advisory and Consultation
Understanding the ASIC Derivative Transaction Rules (Reporting) 2013 is the first step, and then applying them to your business creates an added layer of difficulty. The benefit of reporting through TRAction Fintech is that we make it a whole lot easier and more cost-efficient than devoting your internal compliance, legal and management resources (or in some cases external compliance and legal resources) to dealing with the trade/ transaction reporting obligations.
Through the industry experience of TRAction Fintech’s principals and the knowledge gathered engaging with regulators and repositories, TRAction Fintech is well-placed to help you navigate the complexities of complying with the trade/transaction reporting rules in Australia and around the world.
Costs of TRAction Services
All of our services which add a lot of value to your business come at the same cost or less that you would otherwise pay if you went directly to a TR. However, we will bill you and manage your relationship with the TR to ensure it runs smoothly.
If you think we could help in simplifying your trade reporting requirements in Australia or in one or more jurisdictions around the world, feel free to get in touch on +61 2 8960 7248 and we’d be happy to have a conversation.