Derivative transaction reporting can be complex and unwieldy. It ties 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 EMIR and MiFIR in Europe, ASIC Rules in Australia 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 around the world
- allow you to gain comfort of any 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 the required authority 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 the relevant regulatory body
- 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 to delegating your reporting to TRAction Fintech is that we do all the necessary and complicated on-boarding and upload your trade/transaction information to the relevant body (e.g. trade repository (“TR”), approved reporting mechanism (“ARM”)).
We also perform the testing to confirm that your data meets the requirements of lodgment with the relevant regulatory body.
Specialist Advisory and Consultation
Understanding the legislation is the first step, and then applying it 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, TRs and ARMs, TRAction Fintech is well-placed to help you navigate the complexities of complying with the trade/transaction reporting rules 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/ARM. However, we will bill you and manage your relationship with the TR/ARM to ensure it runs smoothly.
If you think we could help in simplifying your trade reporting requirements in one or more jurisdictions around the world, feel free to get in touch through one of our international offices and we’d be happy to have a conversation.