Regulatory technology provider TRAction has announced that it has partnered with Duco, the AI platform for enterprise data automation, to provide complete control solutions for transaction reporting to assist its clients with their reconciliation processes.
As part of TRAction’s updated service offerings which commenced in 2024, clients on EMIR and MiFIR Premium and Assured plans will receive reconciliations as part of their service. This will involve a three-way reconciliation which compares a client’s reported trade data (under EMIR or MiFIR), i.e. what was submitted to the Trade Repository (TR) against the data actually held in the trade repository and finally against what is held by the client.
Through utilising third party software for this process, clients will have confidence that there is a distinction between TRAction as the delegated reporting provider and the reconciliation process. This will be done using Duco’s specialist data automation platform.
TRAction, which has its European headquarters in London, specialises in regulatory reporting and supports financial firms, brokers, investment managers, banks and electricity suppliers with their ever-growing 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 both the ASIC and MAS rewrites.
Quinn Perrott, co-CEO, TRAction, commented:
“This collaboration enhances our data solutions, aligning with our commitment to simplify trade reporting and streamlining processes for clients. The partnership with Duco will assure our clients of the distinction between TRAction as the reporting provider and the reconciliation process.”
James Maxfield, Chief Product Officer, Duco, commented:
“Duco is looking forward to using our expertise and technology to elevate TRAction’s data reconciliation process. Our platform is designed to empower finance and operations teams to automate their mission-critical data processes by leveraging AI and a true self-service model. It will enable TRAction customers to manage the cost and complexity of vital regulatory reporting controls like EMIR Refit.”
About TRAction
TRAction is a provider of regulatory reporting solutions globally, with over 700 firms across Europe, UK, Australia, Singapore and Canada already relying on its services. TRAction is a full-service regulatory trade reporting business, with the following core services: 1. Data extraction and conversion to the trade repository format. 2. On-boarding and submission of trades to an approved trade repository or Approved Reporting Mechanism (ARM) and 3. Understanding the trade reporting rules and how they practically apply for firms.
About Duco
Duco is the AI platform for enterprise data automation. Financial services firms spend tens of thousands of hours every year trying to solve data problems – our vision is to cut that by 90%. We do this by empowering finance and operations teams to automate their mission-critical data to a high accuracy with AI and without code.
Business users get one intuitive platform to automate the front-to-back processing of all structured and unstructured data throughout its lifecycle, from data extraction and classification, to data preparation, validation, reconciliation, exception management and publication to downstream platforms.
Many of the world’s largest financial services institutions choose Duco’s no-code, cloud-based platform to create trust in their data, which enables them to slash costs, streamline their operations, reduce operational risk and build more agile businesses.
Duco is headquartered in London, with offices in New York, Boston, Wroclaw, Antwerp and Singapore.
