TRAction Fintech
TRAction Fintech is a financial technology service provider specialising in regulatory OTC Derivatives transaction reporting.
Etymology
The company name is an abbreviation of Trade Repository Action Financial Technology.
History
The company is headquartered in Sydney, Australia and also maintains offices in London, Singapore and Cyprus. It provides services as an intermediary between regulated financial services businesses and licensed Trade Repositories / Approved Reporting Mechanisms.
TRAction Fintech offers data extraction, conversion and enrichment, specialist advisory services and reporting of its customers’ transactions to a licensed trade repository or approved reporting mechanism in jurisdictions where this is a requirement of derivatives issuers and market participants.
In 2013, the Australian Securities and Investments Commission (“ASIC”) brought new laws into effect requiring OTC derivatives (Including forex and contracts for difference (“CFDs”)) to be reported to a licensed Australian Derivatives Trade Repository (“ADTR”). In December 2015, the 3B phase of the trade reporting legislation (covering firms with less than AUD 50 billion in outstanding positions) came into effect. This phase of the legislation was when most retail Forex and CFD brokers commenced their trade reporting. TRAction Fintech went live on this date, reporting its customers’ trades to the first ADTR which was registered by ASIC, the Depository Trust & Clearing Corporation (“DTCC”).
In February 2016, TRAction opened offices in London to provide services to brokers to assist in meeting their reporting obligations under the European Markets and Infrastructure Regulation (“EMIR”) reporting legislation. The same month, the company opened offices in Singapore to provide OTC derivative reporting services in respect of the Monetary Authority of Singapore (“MAS”) reporting regime.
On 1 November 2017, the revised Regulatory Technical Standards (“RTS”) and Implementing Technical Standards (“ITS”) were implemented, adding further requirements to EMIR reporting.
On 3 January 2018, the second Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) are scheduled to be implemented. MiFIR expands the reporting obligations for OTC derivatives.
TRAction Fintech does the delegated reporting in respect of the EMIR revised RTS and MiFIR reporting regimes.