The demand for risk management and MiFID II compliant services has never been higher with the new regime coming into effect in just three weeks. Ahead of the January 3 deadline, oneZero and TRAction Fintech have teamed up to offer a strengthened MiFID II and EMIR transaction reporting solutions suite.
In a few weeks, MiFID II and EMIR will constitute the two most pertinent compliance regimes in Europe. Given the implementation of MiFID II, firms have an extraordinary demand for new solutions, many of which are at a premium ahead of the deadline.
Laws of the land
MiFID II will dramatically reshape the financial services industry. Its growing scope of asset classes reflects a major hurdle for firms who are looking to maintain compliance under the new legislation. The new alliance between TRAction Fintech and oneZero Financial Systems will look to simplify transaction reporting for both FX and CFD brokers.
Andrew Ralich, CEO of oneZero, commented on the partnership: “The complementary nature of our business offerings and large overlap of client base meant that this partnership was a natural move for us. We see regulatory reporting and data transparency as a major defining aspect of the electronic trading industry in 2018 and beyond. Efficiency in compliance will be a major factor to maintain the status quo in financial markets during this time of immense regulatory change.”
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The partnership will draw on both groups’ combined services suites that are together central for FX and CFD brokers under both MiFID II and EMIR. MiFID II isn’t the only regulatory regime slated for change – EMIR RTS2 also looms as a huge cost and resource challenge for investment firms.
Both groups will look to facilitate streamlined compliance under both MiFID II and EMIR. This includes the easy integration of trading platforms with regulatory reporting systems, which will attempt to displace legacy reporting techniques. Indeed, data extraction, conversion, and overall enrichment can result in complicated processes that are both risky and expensive.
The accord will see oneZero’s execution and connectivity services combined with TRAction Fintech’s reporting solutions. An underlying attribute of the integration will be the unified trade reporting model that oneZero currently offers as its ‘Rosetta Stone’ of trade information for global regulatory reporting.
By extension, TRAction Fintech has already coupled this interface with its existing, vetted translations to a variety of global trade repositories. “TRAction Fintech is excited to be teaming up with oneZero to deliver the most efficient and simple regulatory reporting process available,” explained Quinn Perrott, General Manager of TRAction Fintech.
Moreover: “The introduction of MiFID II/ MiFIR and the updated EMIR RTS2 pose a huge cost and resource challenge for investment firms, and we are proud to be providing a simple means of reporting the relevant data while ensuring minimal disruption to businesses during this critical time,” he added.