TRAction has launched a new solution to assist the UK and European investment managers with their MiFID II obligations to monitor and give clients the best possible execution outcomes.
According to an FOI request carried about consultancy Duff & Phelps, around a fifth of all investment firms in talks with the FCA about errors in their transaction reporting under MiFID II. As the industry looks for more sophisticated best execution analysis, TRAction launched Best Execution Monitor, which compares transaction reporting data against Refinitiv data from the relevant time a trade has been executed. The software then displays statistics about the quality and pricing of execution.
Craig Allison, Head of Europe, Middle-East and Africa at FP Markets, commented: “While well-intentioned and a step in the right direction, we found the MiFID II best execution legislation vague and lacking clear procedures. Using the TRAction fintech platform, the procedure and logic are clearly defined giving us the ability to view all transactions as compared to the equivalent Reuters data as well as being displayed in a graphical report.”
Quinn Perrott, co-CEO of TRAction, said: “With numerous firms still not getting their transaction reporting up to scratch two years on from MiFID II, there has never been a more pressing need to understand the quality of trades being executed. Our new solution leaves no stone unturned for investment managers. All trades will be required to be monitored, not just the ones required under the transaction reporting rules, but those trading on non-MiFID II trading venues.”
TRAction makes derivative transaction reporting a much easier task than it really is. The firm mostly markets its products to financial services firms spread across different regions around the world, with different reporting obligations. A cross-border business faces 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.
The third-party reporting service is able to reduce resources allocated to trade reporting so that firms can focus on core activities. TRAction assists clients in understanding trade reporting obligations around the world and provides the comfort of any protections under the law for using an agent.
Besides Quinn Perott, the other founder and co-CEO of TRAction is Sophie Gerber, a veteran in providing compliance and legal services to Australia’s financial services and credit participants. Gerber works in the Sydney office and focuses on assisting clients in Australia, Europe, and Asia to meet their regulatory requirements with trade and transaction reporting solutions as well as the development of the best execution platform.
