18 October 2017

Xtrakter launches audit service for regulatory reporting

23 July 2009  |  1360 views  |  0 Source: Xtrakter

Xtrakter, the market utility, is pleased to announce the launch of TRAX ReportingPlus a new management information service for clients who transaction report to the UK's Financial Services Authority (FSA).

TRAX ReportingPlus is the first provision of its kind and will allow subscribers the unique ability to audit their transaction reports and reduce their operational risk.

"We have actively listened to members of the TRAX community who have reporting obligations. Firms no longer want to simply send transaction reports to competent authorities and hope there are no errors, they want to know - Has it been received? Is the report valid? Are there any errors? If there are errors, what are they? TRAX ReportingPlus provides them with these capabilities for the first time." commented Kevin Milne, Chief Executive, Xtrakter.

TRAX ReportingPlus is specifically designed for members of the TRAX community who send equity, fixed income, OTC and/or exchange traded derivative transaction reports to the FSA. The service has been designed to be accommodate future AII reporting requirements. TRAX ReportingPlus will allow clients to actively monitor their transaction reports thus improving their operational efficiency and reducing their level of associated risk.

Graeme Austin, Director of Product Management, Xtrakter says: "Everyday millions of transactions are reported to the FSA, at any stage an error could occur. This new service provides each customer with a unique ability to audit their transaction reports thus ensuring their firm remains totally compliant."

TRAX ReportingPlus provides clients with analysis on the following data items: reporting firm ID, sender's reference, internal reference number, Xtrakter reference, trade date, cancellation indicator, instrument type, venue of execution, underlying instrument type (for derivatives), date and time of transaction receipt by Xtrakter, Xtrakter rejection code, date and time the transaction is sent to the FSA, date and time a response file is obtained from the FSA, FSA rejection code and narrative.

TRAX ReportingPlus customers have the ability to submit their queries by selecting specific data ranges and obtain their reports in a flexible data format.

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