TRAction Introduces Trade Reporting Suite for Australian FX, CFD Brokers

TRAction, the Australian Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startup, has introduced a trade reporting and monitoring suite of services for foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and contracts for difference (CFD) brokers in the country, in accordance with the latest over-the-counter trade reporting legislation in the industry.

New Law Covers More Brokers

The law came into effect on December 4 and will cover some 35 retail brokers regulated by the Australian Securities and Investment Commission (ASIC), which were until recently outside the scope of any reporting rules. Most of these have already taken TRAction’s solution on board, the fintech startup said.

Automation Facilitates Compliance

In August, Finance Magnates reported about TRAction’s solution, developed ahead of the coming into effect of the new legislation, citing the fintech service provider’s co-chief Sophie Gerber as saying that the solution will automatically reconcile and submit relevant information about OTC derivatives trades conducted via the MetaTrader system, and for brokers using other systems the company will provide customized solutions.

The solution automates data processing and interpretation

Following the latest news regarding TRAction’s suite of reporting services, co-founder Quinn Perrott commented: "If a broker works on their own, they need to extract data from MT4 or other platforms and convert it into the format for the ADTR they are reporting to and interpret the legislation in the process. There are currently only two firms who have received an ADTR [Australian derivative trade repositories] licence from ASIC, being a portal which receives trades from brokers, DTCC and CME."

Expansion in the Future

TRAction is planning to expand its services to other jurisdictions as well, starting with Singapore, where the Monetary Authority Service is currently in the process of launching new trade reporting requirements, with whose adoption the Australian firm is already helping brokers.