Considering switching service providers? TRAction’s Guide.
Considering switching service providers
Since the recent global updates to trade reporting regulations, have you considered switching service providers? If your existing delegate reporting service provider is not as responsive as you need or perhaps is unable to deal with all the regulatory upgrades and complexities, then it may be time to consider using a new service provider.
TRAction’s Guide
TRAction has compiled a set of questions and factors to use as an initial framework if you are considering a move to another trade reporting service provider.
| Criteria | Points to Consider |
|---|---|
| Contract expiration | • Is your contract soon to expire? If you are near the end of your contract then switching service providers may be feasible. If you recently signed up and still are in a commitment period with your reporting delegate, then the break cost may not be worth it unless the provider is in breach of the agreement. • Other considerations such as whether early exit fees applicable? |
| Contract terms | • What is the minimum term? • How much notice do you need to give to terminate? • Does your contract renew monthly or automatically renew annually? |
| Pricing | • Are there hidden fees? • Is there an onboarding fee? • Are there additional fees for adding different file formats or using extra platforms? Is your service provider equipped with the appropriate technology and including additional features as part of your package? • Are professional services costs charged at an hourly rate or included in your package? • Does your package include implementation of regulatory updates? |
| Multiple regime reporting coverage | • Does your firm require trade reporting under multiple regimes and if so, does your service provider cater to these needs? |
| Reputation | • Has your service provider reported for companies that have received penalties or been in the headlines for poor trade reporting? Does the service provider have a history of serving their clients well? • Is your service provider a company with a solid and strong reputation in the market? Is it a start-up in trade reporting? |
| Service level agreements | • Does the service provider comply with DORA, understand DORA and assist in compliance with DORA? |
| Geopolitical risks | • If your service provider is registered or operating primarily under another jurisdiction, could this potentially cause an issue for your business e.g. is it registered or operating in a sanctioned or unstable country? |
| Strength of network | • Does your firm have direct access to the trade repositories simply through signing up with your service provider? This could eliminate the need for having separate arrangements with the various trade repositories (see row below). |
| Bundled services – reconciliation | • Can you achieve all your trade repository needs under the one service provider? • Do you need to have separate arrangements with the various trade repositories and Approved Reporting Mechanisms (ARMs) you may need to report to e.g. ARM for MiFID and TR for EMIR? |
| Regulatory Assistance | • Do you get regulatory assistance on trade reporting? If you do not have a delegated service provider (DSP) then the chances are that your direct relationship with your trade repository does not give you regulatory guidance and assistance. DSPs generally have staff to direct your firm to the relevant rules or provide assistance for your general trade reporting queries or material on their website as updates come along. • Does your service provider provide you with regulatory updates or templates to assist you with trade reporting issues? |
| Size of provider | • Are you a small to medium sized business and therefore does your service provider match your size? Depending on your entity size you may require a service provider that is also compatible in size e.g. banks may require larger service providers who can deal with high volume transaction reporting. |
We have also prepared an article on how easy a process it is if you need to port over your existing services to TRAction.
How can TRAction assist?
Please refer to our website here for information on pricing and plans and here for information on TRAction’s services. Do not hesitate to contact us if you have any questions or are interested in getting more information.
Pricing Packages
Choose the best plan for your reporting requirements
MiFIR Reporting
Monthly Account Fee^
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Standard CSV template
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Field mapping logic
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£200 Delegated reporting (per LEI)
ASIC Reporting Delegated
Monthly Account Fee^
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$0 Initial set up cost
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From $2.25 Open positions
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Add-on Fees (optional)
EMIR Reporting
Monthly Account Fee^
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Field mapping logic
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Portal access
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Product/symbols setup
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Industry Updates
Check out our blog for the latest updates on regulatory changes and issues regarding trade/transaction reporting under ASIC, EMIR, MiFIR, SFTR, MAS, Canada and other regimes around the world.
TRAction's articles
Why Choose Us
Transition to TRAction
Thinking of changing your current regulatory reporting service?
TRAction is here to make the process as smooth as possible.
Transitioning to a new regulatory reporting service can seem daunting and we understand the stress firms may face when switching to another reporting delegate, TR or ARM.
TRAction’s core business purpose is to provide seamless reporting services to simplify the daily reporting requirements for our clients. Stress-free.
Trade reporting is at the core of TRAction’s business operations, which means our expertise lies in reporting and regulation. Our team invests significant time and energy in developing innovative and streamlined methods to report your trades.
We have an enthusiastic team with a client-focused mindset. We listen to our clients and consistently try to improve our services and solutions for them as well as reduce any gaps in communication. Our talented staff can also provide services in multiple languages if required.
