Led by former AxiTrader General Manager Quinn Perrott, TRAction FinTech launches trade reporting in London

Following on from its growth in the FX, CFD and OTC derivatives reporting sector in Australia, TRAction Fintech has launched in the UK and Europe to meet the demand in the region for extra competition in service offerings to assist brokers with reporting trades under the EMIR and MiFID legislation. With regard to how TRAction […]

reporting

Following on from its growth in the FX, CFD and OTC derivatives reporting sector in Australia, TRAction Fintech has launched in the UK and Europe to meet the demand in the region for extra competition in service offerings to assist brokers with reporting trades under the EMIR and MiFID legislation.

With regard to how TRAction Fintech intends to differentiate itself in the highly competitive British market, Quinn Perrott, the company’s General Manager, explained “There are two key areas where we think TRAction Fintech really distinguishes itself from other services in this market.”

Firstly, in terms of pricing structure, Mr. Perrott explained “TRAction Fintech is unique in having a monthly fee cap.”

“It is quite common in the UK for brokers to be subject to high trade reporting fees but with a reasonable yearly cap. In effect brokers end up paying for a year’s worth of trade reporting in the first month and then get the subsequent 11 months for free. That is why TRAction Fintech listened to what was required in the industry and understood that there was a sense of frustration resulting from being locked into a provider” – Quinn Perrott, General Manager, TRAction Fintech.

The second aspect that the company considers important in terms of differentiation is service level and holistic understanding.

“The other thing that sets us apart is our holistic approach and specialization” said Mr. Perrott.

“There are plenty of companies that can provide trade reporting software or provide consulting on how to set things up, however there are a very select few that can take on the whole puzzle, end to end as their core business like TRAction Fintech does” he said.

Sophie Gerber, Director of TRAction Fintech, as well as a highly respected lawyer in the FinTech and OTC derivatives industry as a Director of Sophie Grace Legal Pty further explained “With MiFID II just around the corner we believe that we have entered the UK market at the right time when most brokers will be evaluating their trade reporting setups. We have also found that even as we come up to the 3 year anniversary of EMIR reporting having commenced, there is still a fair amount of confusion in the market place.”

“Here are two key examples we have come across” she explained.

1) – Brokers assuming FX is not reportable under EMIR due to the spot FX exemption.

Ms Gerber stated “FX derivatives, such as those traded on MetaTrader 4 or similar platforms, often do have their underlying price feed from spot FX, however they are not exempt because they do not ‘settle’ and do not meed the commercial purposes test.

2: Spread betting not being reportable because it is gambling.

“Yes, spread betting is gambling but it is also a reportable OTC derivative if it is based on a reportable financial product. Basically if it is reportable as a CFD it is also reportable as a spread bet.

Read this next

Inside View

Crypto Liquidity Providers: No Transaction, No Party!

One of the most integral parts of trading cryptocurrencies is ensuring seamless transactions; however, this is not always easy when you first start using cryptocurrency exchanges.

Digital Assets

Niftables launches white label NFT platform for content creators and brands

Niftables is the go-to platform for brands and creators looking to realize their NFT vision — whether they’re an individual or the biggest entertainment company in the world.

Retail FX

ACY Securities sponsors Table Tennis NSW as CFD broker bets in Australia’s youngest

ACY Securities has partnered with Table Tennis New South Wales (TTNSW) for a two-year sponsorship agreement intended to highlight the Chatswood-based multi-asset CFD broker’s brand in Australia, with a focus on the southeastern state.

Executive Moves

Peter Hetherington appointed CEO of Capital.com, Currency.com, and Shares.com

With his extensive experience driving strategy and growth for leading wealth and brokerage firms in highly regulated markets, Peter is the ideal CEO to lead the Group on its next chapter of growth and success.”

Digital Assets

Crypto platform Elwood raises $70m from Goldman Sachs, Dawn, Barclays, BlockFi, Flow, Galaxy, more

Elwood Technologies has closed a $70 million Series A funding round co-led by Europe’s largest B2B investor Dawn Capital and global investment bank, Goldman Sachs.

Industry News

Wilshire to launch Climate Change 1.5℃ Target Index with Nikkei and Hang Seng

Wilshire has announced a collective launch with Nikkei and Hang Seng to bring to market the first in a series of indexes empowering investors to transition their investments towards a low-carbon and climate resilient economy.

Industry News

Anne Boden’s Starling Bank bets big on UEFA Women’s EURO 2022 tournament

Starling Bank has launched a campaign ahead of the UEFA Women’s EURO 2022 tournament as part of its national sponsorship, the biggest ever for the bank.

Industry News

Older adults flock to financial apps as Revolut reports 215% more UK users aged 55-74 since pandemic

Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.

Industry News

Ripple replies to SEC’s last attempt and “shoves it down their throats pretty hard”

“The SEC really messed that up. How can Hinman receive legal advice from SEC lawyers for a personal opinion?”, attorney Hogan commented.

<