TRAction, a leading provider of trade reporting solutions, and FlexTrade Systems, a global leader in multi-asset execution and order management systems, announced a new integration between TRAction’s reporting platform and FlexTrade’s cloud-native EMS solution, Spark. The new integration comes as regulators focus on data quality in reporting submissions and is designed to alleviate the operational burden of existing and incoming reporting requirements.
TRAction, which specialises in regulatory reporting to simplify compliance for asset managers, offers its clients a range of pre-built integrations with trading platforms to help minimise the manual processes involved in their ever-growing daily reporting obligations, including new upcoming requirements such as the EMIR Refit, as well as the upcoming ASIC and MAS rewrites.
With this integration, Spark EMS clients can quickly and seamlessly carry out their daily transaction reporting processes by enabling teams to automatically extract, convert, enrich and report their data through the TRAction platform in the appropriate format. This approach, via direct feed, removes the need to manually pull together and send information meaning consistent data is processed and delivered, reducing errors and improving daily reporting quality.
Further, Spark EMS clients can use TRAction for EMIR, MiFIR, ASIC, MAS and Canadian reporting and feed into TRAction’s Best Execution Monitor, which is designed to collect, analyse and compare a broad sample of transaction data (across all asset classes) against market reference data to create representative benchmarks that enable consistent and fair evaluation of trading performance.
TRAction’s latest integration with FlexTrade’s cloud-native EMS, Spark, is now live and in production, with the first joint client of TRAction and Spark EMS deploying the solution in recent weeks.
Quinn Perrott, co-CEO, TRAction, commented: “With buy-side firms facing a large suite of changing regulatory obligations, it’s crucial to work with a partner who can alleviate the operational overhead they create. If you’re considering passing the burden of reporting to a delegated third party like TRAction, you’re probably wondering, “Can they connect to our current trading platform?” At TRAction, we understand that delegating your reporting should relieve your stress, not add to it. That’s why our team aims to integrate with as many platforms as possible, with FlexTrade’s Spark EMS being the latest example.”
Adi Prnjavorac, General Manager, Spark EMS, stated: “The new Spark-TRAction partnership is another important step to ensure our clients have access to the market-leading solutions they need to tackle the most pertinent challenges they face today – in this case, regulatory reporting. As our client base grows rapidly, so do the options for pre and post-trade integrations that we can now offer via Spark’s robust, flexible APIs. It means clients have the agility to choose and deploy the best solutions – at speed – to suit their business requirements as they arise.”
TRAction is already 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 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 Spark EMS
Combining the best of cloud, web, and desktop technology to give the power and flexibility that you need to trade your best even in the most challenging markets. Powered by FlexTrade’s first-class FIX network, Spark is the modern answer to trading.
More information on the FlexTrade integration for reporting is available by contacting either TRAction or FlexTrade directly.