Trax and Droit launch EMIR and derivatives reporting tool

Tool combines Trax’s reporting service with Droit Financial’s eligibility tool for EMIR derivatives regulatory requirements.

Trax has partnered with Droit Financial to launch a tool to determine eligibility and reporting requirements under EMIR for derivatives.

The TRAX insight reporting system will assess reporting eligibility alongside Droit’s regulatory eligibility information, to allow clients of both parties to meet obligations.

Trax said the combination of both services will improve reporting efficiency and allow firms to comply with greater confidence

“The partnership with Droit, as well as Trax's trade repository connectivity, allows Trax to provide eligibility and reporting services across the full suite of derivative reporting jurisdictions,” the firm said.

Chris Smith, head of Trax, explained regulatory change is impacting all areas of the trade life-cycle from front-to-back-office.

“The combined technological prowess and expertise of Trax and Droit forms a compelling solution for firms to manage the challenge of complying with EMIR across trading and operational functions,” he said.

Satya Pemmaraju, CEO at Droit Financial, added the company has seen first-hand the enormous pressures firms now face with complex reporting obligations.