Australia-headquartered TRAction, a provider of trade reporting solutions, announced today (Tuesday) the integration of Spotware's cTrader trading platform into its reporting platform.
A Direct Link between TRAction and cTrader
According to the press release shared with Finance Magnates, the integration is aimed at streamlining the reporting process, ensuring data submission accuracy, and reducing the operational burden of existing and incoming reporting requirements. The integration coincides with increased attention from regulatory bodies, including ESMA, CySEC, FCA, ASIC, and MAS, towards enhancing data quality in T+1 trade reporting submissions.
"To meet regulatory obligations, it is now crucial for firms to work with specialized technology partners to share the burden of implementing complex requirements," said Quinn Perrott, the Co-CEO at TRAction.
"If you're considering outsourcing your transaction reporting to TRAction, you may be wondering if they can integrate with your trading platform. At TRAction, we understand that delegating your transaction reporting should relieve your stress, not add to it. TRAction works to integrate with as many platforms as possible, including Spotware's cTrader."
Earlier this year, TRAction integrated FlexTrade Systems' Spark, a cloud-native EMS solution, into its platform to enhance reporting capabilities.
Automation Is the Key
cTrader is one of the popular third-party trading platforms that facilitates trading with forex and contracts for differences (CFDs) instruments. It is used by dozens of brokers for offering trading services.
The announcement detailed that Spotware's Reporting APl helps to capture and transmit raw trading platform data. Now, TRAction will allow brokers to automatically generate regulatory reports based on raw data captured on their system.
The direct connection between TRAction and cTrader eliminates the necessity of manual data collection, which is prone to many errors. Brokers using TRAction's service can automatically extract, convert, enrich, and report their data in the appropriate format.
"When it comes to our brokers, we fully acknowledge the importance of reporting," said Spotware's CEO, Ilia Iarovitcyn. "This is exactly why we are happy to provide our Reporting API to all clients free of charge. We also remain open to integrations and development work with other solution providers like TRAction that help make brokerage operations more convenient."
