Regulatory technology provider TRAction has announced that it has partnered with Duco, the AI platform for enterprise data automation, to provide end-to-end audit solutions for transaction reporting to assist its clients with compliance processes.
As part of TRAction’s updated service offerings starting in 2024, customers on the EMIR and MiFIR Premium and Assured plans will receive deals as part of their service. This will involve a three-way agreement that compares a client’s reported trade data (under EMIR or MiFIR), i.e. that submitted to the Trade Repository (TR) with the data actually held in the trade log, and finally with those held by the client.
Through the use of third-party software for this process, customers will have confidence that there is a distinction between TRAction as an authorized reporting provider and the reconciliation process. This will be done using Duco’s specialized data automation platform.
TRAction, which has its European headquarters in London, specializes in regulatory reporting and supports financial firms, stockbrokers, investment managers, banks and electricity suppliers with their ever-increasing daily reporting obligations. TRAction supports clients reporting under EMIR, MiFID II/MiFIR, SFTR, ASIC, MAS, Canada and Best Execution for MiFID II and MAS, as well as the new upcoming requirements for EMIR Refit and ASIC and MAS re-registrations .
Quinn Perrott, Co-CEO, TRAction, commented:
“This partnership strengthens our data solutions, aligning with our commitment to simplify trade reporting and streamline processes for clients. Working with Duco will reassure our customers of the distinction between TRAction as a reporting provider and the reconciliation process.”
James Maxfield, Chief Product Officer, Duco, commented:
“Duco looks forward to using our expertise and technology to improve TRAction’s data reconciliation process. Our platform is designed to empower finance and operations teams to automate their mission-critical data processes by leveraging artificial intelligence and a true self-service model. It will enable TRAction customers to manage the cost and complexity of vital regulatory reporting audits such as EMIR Refit.”
About TRAction
TRAction is a global regulatory reporting solutions provider, with over 700 companies in Europe, UK, Australia, Singapore and Canada already relying on its services. TRAction is a full-service regulatory trading reporting company, with the following core services: 1. Data extraction and conversion to trade log format. 2. Incorporating and submitting trades to an approved trade registry or Authorized Reporting Mechanism (ARM) and 3. Understanding trade reporting rules and how they apply practically for companies.
About Duco
Duco is the AI platform for enterprise data automation. Financial services companies spend tens of thousands of hours each year trying to solve data problems – our vision is to reduce this by 90%. We do this by empowering finance and operations teams to automate their mission-critical data with high accuracy with AI and no code.
Business users have an intuitive platform to automate the post-processing of all structured and unstructured data throughout its lifecycle, from data extraction and classification to data preparation, validation, reconciliation, exception management and publishing to downstream platforms.
Many of the world’s largest financial services institutions choose Duco’s no-code, cloud-based platform to build trust in their data, enabling them to reduce costs, streamline operations, reduce operational risk and create more agile businesses.
Duco is headquartered in London, with offices in New York, Boston, Wroclaw, Antwerp and Singapore.