Regulatory and reporting solutions provider TRAction Fintech and trading software company oneZero Financial Systems have announced a collaborative partnership aimed at simplifying MiFID II and EMIR transaction reporting for FX and CFD brokers.
TRAction Fintech is a specialist in regulatory reporting, offering transaction reporting services for MiFID II/ MiFIR and EMIR. oneZero provides execution software and infrastructure to institutional and retail brokers including connectivity, price aggregation, and risk management for electronic trading of OTC and Exchange products.
Together, TRAction Fintech and oneZero are allowing easy integration of trading platforms with regulatory reporting systems so that compliance can be undertaken efficiently and automatically. Data extraction, conversion and enrichment can be a complicated, expensive and risky process, the extent of which can be significantly minimised when utilising oneZero services integrated with TRAction Fintech’s reporting solutions.
The basis of the TRAction Fintech and oneZero integration is a unified trade reporting model which oneZero offers as its ‘Rosetta Stone’ of trade information for global regulatory reporting. TRAction Fintech has coupled this format with its existing, vetted translations to a variety of global trade repositories. This single point of connectivity ensures consistency and accuracy of data, while maintaining flexibility to a broad range of regulatory environments.
Quinn Perrott, General Manager of TRAction Fintech said:
TRAction Fintech is excited to be teaming up with oneZero to deliver the most efficient and simple regulatory reporting process available. The introduction of MiFID II/ MiFIR and the updated EMIR RTS2 pose a huge cost and resource challenge for investment firms, and we are proud to be providing a simple means of reporting the relevant data while ensuring minimal disruption to businesses during this critical time.
Andrew Ralich, CEO of oneZero, continued:
The complementary nature of our business offerings and large overlap of client base meant that this partnership was a natural move for us. We see regulatory reporting and data transparency as a major defining aspect of the electronic trading industry in 2018 and beyond. Efficiency in compliance will be a major factor to maintain the status quo in financial markets during this time of immense regulatory change.