TRAction Fintech has revealed exclusively to Finance Magnates this Thursday that it has expanded its partnership with UnaVista, the regulatory reporting platform of the London Stock Exchange Group (LSEG).
In particular, the two regulatory firms have gone into an expanded collaborative partnership, which is aimed at simplifying MiFID II, EMIR and SFTR reporting for forex and CFD brokers.
Commenting on the partnership, Quinn Perrott, co-CEO of TRAction Fintech said in the statement seen by Finance Magnates: “Having used multiple different trade repositories we have a variety of experience and consider that UnaVista are of the highest standard in the market for usability and customer service. They combine the backing and foundation of London Stock Exchange Group with the agility and hands on approach of a fintech start-up.”
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TRAction Fintech advanced due to CME closing Trade Repositories
Although the expanded partnership between TRAction and UnaVista was in the works before CME Group announced that it was closing down its European and Australian Trade Repositories, TRAction Fintech confirmed to Finance Magnates that the exit of CME Group did push the deal forward between the two companies, as the need for regulatory reporting services is even greater now.
Not only is CME closing down its Trade Repositories, but it will be winding down its Abide Financial and NEX Regulatory Reporting businesses, with all of the services to be closed by the 30th of November, 2020.
“We have worked with TRAction since the implementation of MiFID II in January 2018 as an aggregator through our partnerships offering for our ARM,” added Michael Leach, MD of Sales UnaVista.
“They have been straightforward and easy to deal with, showing great skill in handling the reporting process for a large number of clients and transaction volumes. We look forward to now also providing TRAction Fintech and their clients with EMIR and SFTR trade repository services.”