Solving The Trade Reporting Puzzle: Why Compliance Shouldn’t Be Fragmented

Trade reporting is a constant challenge for compliance and operations teams. For many firms, it can feel like a never-ending puzzle. Challenges like regulatory complexity, evolving requirements, reconciliations, data transformation, and ongoing error management make it easy to feel like you’re missing a crucial piece.

Firms without a dedicated reporting function often patch together manual processes or outsource to vendors that only seem to cover one piece of the puzzle. Mismatched data, friction, and inconsistent systems that don’t talk to each other, lead to fragmented reports that break at submission, making it difficult to report accurately and consistently.

The cost of this fragmentation is significant. In its Consultation Paper CP25/32, the FCA acknowledged that meeting MiFIR transaction reporting requirements places a high cost on firms. Industry responses to the FCA’s earlier Discussion Paper (DP24/2) went further. They highlighted that the burden is not only financial but