The Trax ReportingPlus system will allow subscribers to audit transaction reports to the Financial Services Authority (FSA) and cut operational risk. Designed for the Trax community, which is a trade matching and reporting engine run by the Xtrakter Euroclear subsidiary, whose members send equity, fixed income and OTC derivative transaction reports to the UK watchdog, it should help to cut mistakes
The Xtrakter Trax ReportingPlus system analyses reporting firm's IDs, sender references, trade and reporting dates, execution venue data and so forth, to provide clients with reassurance that everything is correct, right up to providing confirmation receipts.
According to Kevin Milne, the chief executive of Xtrakter, firms no longer simply want to send transaction reports to competent authorities, such as the FSA, and hope there are no errors. They want to know has it been received? Is the report valid? Are there any mistakes and, if so, what are they? "Tax ReportingPlus provides them with these capabilities for the first time," he claims.
The service has been designed to accommodate future A.I.I. reporting requirements and is flexible enough to change as the regulations do in the future.
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