FINRA TRACE Moving from TRAQS to Automation

Real Time electronic processing of transactions from source system to regulatory endpoint eliminates human inputs and errors resulting in higher operational efficiencies. There are 35 fields that can be populated on the TRAQS TRACE trade entry website. Even with multiple trade entry screens, operations and compliance teams need to manually find the transaction data in source execution or order management systems to report. With electronic trading reporting, all these fields can be populated in an automated method using business rules to determine the correct mapping of data in real time.

Reporting accuracy and quality increases as operational costs are lowered. Return on investment can often be realised in months especially if market participants have been subject to disciplinary actions or violations resulting from poor reporting performance.

Automation through STP allows for matching and real time reconciliation – automatically verifying that reporting is complete in real time without the need to check multiple source systems and compare manually in either on screen or through spreadsheets.

Challenges of Automation
You Will Need

An in-house or purchased FIX engine

FIX experts to write to the three TRACE (CA/SP/TS) and one ORF specifications

A dedicated line (or extranet provider). VPN over the Internet only permitted in FIX Testing phase (NTF)

Highly available infrastructure for hosting FIX solutions due to reporting timeline (15 minutes for Corporate Bonds)

Ongoing support and maintenance for specification updates in response to new notices from FINRA

Development time and budget

Benefits of Inforalgo

Inforalgo has over 25 years’ experience of source/destination integration for trading efficiency and regulatory reporting

Inforalgo are experts at FIX, so you are in good hands whether migrating to FIX from CTCI or automating via FIX for the first time

Inforalgo maintain a robust and fast in-house FIX engine and dedicated line for reporting, meaning you don’t have to worry about getting the data to its destination

Inforalgo take care of connecting and maintaining the adapter/s to connect to the source/s

Far greater, real-time insight in to your data than ever before

No need to buy in costly personnel with FIX expertise to build and maintain the solution