TraderEvolution has connected its trading platform to TRAction's regulatory reporting service, giving brokers a route to file EMIR and MiFIR transaction reports without exporting data by hand.

The two companies announced the integration today (Monday), the latest in a run of platform tie-ups for the reporting provider.

TRAction Stacks Up Another Platform Hookup

TRAction pitches the setup as a way to cut the manual work in daily reporting, pulling trade data directly from the platform and converting it for submission to trade repositories and approved reporting mechanisms.

The company says the option will be available to any broker running TraderEvolution's technology as its core infrastructure.

Quinn Perrott, co-CEO at TRAction, said the integration is "...designed to help firms streamline their EMIR and MiFIR reporting processes for increased efficiency."

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The deal extends a pattern for TRAction, which has spent years wiring its reporting engine into the platforms brokers already run rather than asking them to bolt on a separate system.

Tools for Brokers embedded the service inside its Trade Processor bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term, covering EMIR, MiFIR and ASIC reporting along with best execution monitoring. Years earlier, the firm paired with oneZero ahead of the January 2018 MiFID II deadline, and it has since added integrations for cTrader and the MetaTrader line.

Rivals are chasing the same compliance budgets. Kaizen Reporting markets data-quality checks to banks and brokers and runs an annual MiFIR and EMIR Refit conference, while a cluster of smaller regtech vendors compete on delegated reporting and error remediation.

Regulators Move to Shrink the Reporting Overlap

The integration arrives as European authorities push to make some of this reporting redundant.

The European Securities and Markets Authority is consulting on EMIR 3 rules built around a "report once" principle, after estimating that about a third of EMIR reports overlap with MiFIR and that the duplication costs the industry between €1 billion and €4 billion a year.

For now the obligations stand, and the workload has if anything grown. Earlier overhauls under the EU and UK EMIR Refit and the ASIC and MAS rewrites tightened the rules on unique transaction identifiers, pairing and matching, and lapsed entity identifiers, all of which raise the cost of getting a report wrong.

That mismatch, more rules to comply with now, fewer expected later, is the backdrop against which vendors keep selling automation.

TraderEvolution Keeps Bolting On Partners

For TraderEvolution, the TRAction deal is one more addition to a platform it has widened steadily through partnerships.

In December the vendor signed Dubai-based Equiti Group as a platform client, and it has previously plugged in TradingView's trading interface and supplied its back end to Exinity's brands, including FX broker FXTM.

TraderEvolution Global CEO Roman Nalivayko said the integration means "brokers need to spend significantly less time managing reporting obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term."

Neither company disclosed financial terms or named any brokers signed up to use the combined service.