Fortune Prime Global, a CFD and forex broker holding an AFSL, has partnered with TRAction, a leading regulatory technology provider for trade reporting solutions to assist its compliance with Australian ASIC OTC derivative reporting regulations.
Under ASIC, entities dealing in OTC derivatives are required to report transactions to a registered Australian Derivatives Trade Repository (ADTR). Through leveraging TRAction’s reporting solution for their Australian Securities and Investments Commission (ASIC) requirements, Fortune Prime Global can consolidate their internal resources dedicated to trade reporting and ensure accurate compliance with their reporting requirements.
TRAction specialises in regulatory reporting and supports financial firms, brokers, investment managers, banks and electricity suppliers with their ever-growing daily reporting obligations. At present, TRAction supports clients reporting under EMIR, MiFID II/MiFIR, SFTR, ASIC, MAS, Canada and Best Execution for MiFID II and MAS, as well as the new upcoming requirements for EMIR Refit and both the ASIC and MAS rewrites.
The partnership is now live and in production, with Fortune Prime Global deploying TRAction’s solution in recent weeks.
Quinn Perrott, co-CEO, TRAction, commented:
“TRAction is pleased to be assisting with Fortune Prime Global for their regulatory reporting ASIC requirements. By integrating this solution, Fortune Prime Global streamlines their trade reporting processes, ensuring not only compliance but also freeing resources to drive innovation and enhance client experiences.”
Fortune Prime Global, commented:
“Fortune Prime Global is pleased to partner with TRAction to streamline our ASIC OTC derivative reporting process. This partnership allows us to prioritise other vital areas of our operations, freeing up our resources for enhanced service and provides a strong foundation for us to stay compliant with our reporting regulations.”
TRAction is a major provider of regulatory reporting solutions globally, with over 400 firms across Europe, UK, Australia, Singapore and Canada already relying on its services.
TRAction is a full-service regulatory trade reporting business, with the following core services: 1. Data extraction and conversion to the trade repository format. 2. On-boarding and submission of trades to an approved trade repository or Approved Reporting Mechanism (ARM) and 3. Understanding the trade reporting rules and how they practically apply for firms.
About Fortune Prime Global
Fortune Prime Global headquartered in Melbourne, Australia, is a fast-growing online broker in the industry connecting traders to tier-1 liquidity. With over 30 years of industry experience, Fortune Prime Global is constantly evolving to ensure retail and institutional clients receive good trading conditions which include tight spreads, fast execution, and quick deposit/ withdrawal.