Transaction reporting in Europe is no longer a question of meeting submission deadlines – it is a question of evidencing control. Core regimes such as MiFIR and EMIR have been in force for several years, but supervisory focus has shifted decisively from completeness toward data quality, reconciliation, and traceability. The EMIR Refit go-live in April 2024 materially increased data granularity and validation requirements; by early 2026, firms are operating under steady-state expectations, with regulators now in an active enforcement phase.
Recent actions underline that shift. The Financial Conduct Authority (FCA) fined Infinox Capital in 2025 for failing to submit tens of thousands of MiFIR reports, followed by a larger penalty against Sigma Broking for systemic reporting failures spanning multiple years. At the pan-European level, European Securities and Markets Authority (ESMA) data shows sustained volumes of sanctions linked to MiFID II and transaction reporting breaches.
At the same time, the MiFIR Review remains in-flight through 2026. The direction is clear: firms must demonstrate how reported data is sourced, transformed, and controlled end-to-end – positioning transaction reporting as a data engineering and governance discipline.
The 15 firms that follow are all shortlisted in this year’s RegTech Insight Awards for Best Transaction Reporting System
AQMetrics
AQMetrics presents transaction reporting as part of a broader regulatory operating model that brings together regulatory data, rules, controls, and reporting, with specific support for MiFID II transaction reporting, real-time validations, reconciliation, and direct submission via its Approved Reporting Mechanism. That positions the firm around an increasingly important market requirement: not just sending reports, but evidencing lineage, governance, and operational control. In a market shaped by tighter validation and closer supervisory scrutiny, AQMetrics’ proposition is built around automation, auditability, and multi-regime compliance operations.
Website: https://aqmetrics.com
Control Now
As its name implies, Control Now’s proposition is explicitly controls-led. The firm specialises in transaction reporting and trade data compliance, with a no-code platform, Control Box, designed to improve each stage of the reporting process. Its product set is oriented around transformation, direct reporting, accuracy testing, and completeness reconciliations, with coverage spanning global regimes including MiFIR, EMIR and others. At a time when firms are being pressed to prove completeness and accuracy rather than rely on reactive remediation, Control Now is selling upstream assurance and operational ownership of reporting data.
Website: https://control-now.com
Duco
Duco’s transaction reporting story is rooted in reconciliation and validation. The platform is designed to automate extraction, transformation, reconciliation, validation and exception management across structured and unstructured data, and its reporting-specific materials focus on intersystem reconciliations and post-reporting controls. That matters because many reporting failures are driven less by submission mechanics than by inconsistencies between internal books, source systems, and downstream reports. Duco’s value proposition is goes beyond being an ARM or trade repository conduit, becoming the data-quality layer that helps firms find breaks, document logic, and reduce “valid but wrong” reporting risks before they become regulatory problems.
Website: https://du.co
eflow
Framing transaction reporting as an operational workflow problem, eflow’s TZTR platform is described as a universal hub for trade and transaction reporting, covering EMIR and MiFIR while automating reconciliation, error handling, and submission. Public product pages also stress field-by-field error correction, real-time feedback, and direct connectivity to trade repositories. That combination points to a proposition centred on process orchestration: centralising reporting tasks, standardising exception handling and giving firms a more manageable operating model across multiple obligations. In current market conditions, where regulators expect firms to explain not only what was reported but how issues were handled, workflow transparency has become a material differentiator.
Website: https://eflowglobal.com/
Gentek.ai – I.R.I.S.
Gentek.ai deploys an AI-native position in reporting controls. Its I.R.I.S. platform is presented as automating regulatory reporting controls through real-time transparency, intelligent error detection, and autonomous remediation across regulatory workflows. The firm also highlights end-to-end traceability from exceptions back to relevant laws, standards, or internal policies. That is a notable proposition in a market where firms are under pressure to explain why a report failed, what rule it breached and how it was fixed. Rather than competing on reporting connectivity alone, Gentek.ai is positioning I.R.I.S. around exception intelligence, traceability, and faster control response.Website: https://gentekai.com/
Kaizen – Accuracy Testing
Kaizen remains one of the clearest examples of a specialist built around reporting assurance more than pure submission. Its ReportShield Accuracy Testing offering is positioned around testing 100% of fields and trades, detecting “valid but wrong” reports and providing global regime coverage, while its broader ReportShield suite focuses on accurate, complete, and timely reporting. That aligns closely with the direction of supervisory scrutiny, where firms are increasingly being challenged on hidden data-quality failures rather than obvious rejections. Kaizen’s proposition is that independent testing, repeated often and benchmarked against regulatory logic, has become a core control in its own right.
Website: https://www.kaizenreporting.com/regulatory-reporting/
LSEG – Regulatory Reporting Solutions
LSEG’s Regulatory Reporting Solutions operates as an Approved Reporting Mechanism (ARM) and trade repository (TR) in the UK and EU, with support for multiple global regulations including EMIR and MiFID. LSEG highlights ancillary services around data, analytics, reconciliation of trade data and exception feedback. That breadth matters because many firms are looking to consolidate reporting operations around providers that combine connectivity, reference data, and post-trade expertise. LSEG’s value proposition is not simply that it can transmit reports, but that it can wrap reporting into a wider market infrastructure and control framework at institutional scale.
Website: https://www.lseg.com/en/post-trade/regulatory-reporting/solutions
Novatus Global
Novatus Global combines managed services, consulting and software in a way that reflects the practical reality of many reporting programmes. The firm says it provides transaction reporting services across G20 regimes, and its En:ACT platform is described as reconciling source systems and submission files while supporting validation, monitoring, and compliance oversight. Public materials also stress assessments, gap analysis, technology implementation, and process optimisation. That gives Novatus a hybrid proposition: part remediation partner, part operating model adviser, part technology provider. For firms dealing with legacy architecture, historical issues, or regulator-driven remediation, that blend of transformation and day-to-day reporting capability is highly relevant.Website: https://novatus.global
Qomply – ReportAssure
Qomply’s proposition is built around assurance at scale. Its RegIQ Hub is described as a centralised regulatory intelligence engine for transaction reporting accuracy and reconciliation, while ReportAssure performs accuracy and completeness checks across MiFID, EMIR, SFTR and several non-European regimes. Solutions feature thousands of checks, diagnostic reporting, issue descriptions, and recommended resolutions, all geared toward periodic or ongoing quality assurance. The positioning is straightforward: firms need more than a submission service – they need a repeatable way to test whether reports are complete, timely and correct. That makes Qomply particularly relevant in a market where reporting quality has become a standing supervisory issue.
Website: https://qomply.co.uk
Regnology
Regnology operates at the intersection of RegTech and SupTech, with a strategy anchored in granular, balance sheet–level data collection and standardisation. Its platform supports global transaction reporting under regimes such as MiFIR, and is designed for high-volume, data-intensive supervisory reporting, where regulators increasingly require granular event-level data rather than aggregated templates. At the core is its Reporting Hub (RRH) and broader Straight Through Reporting (STR) vision, which embed workflow controls, exception monitoring, and upstream data validation into the reporting lifecycle. The approach shifts data quality controls away from post-submission remediation toward source-level correction and automation.
Website: https://www.regnology.net
REGnosys
REGnosys’ differentiated proposition is model-driven. The firm’s flagship Rosetta product is a low-code collaboration platform used by financial institutions, standard-setting bodies, and regulators to deliver Digital Regulatory Reporting (DRR): open-source, standardised and machine-executable expressions of reporting rules. Its regulatory reporting materials stress end-to-end auditability down to individual trade flows, while Rosetta-specific pages describe mapping trade data into the Common Domain Model (CDM) and comparing generated outputs with firms’ reports to identify discrepancies. In practical terms, REGnosys is selling a more transparent reporting logic stack: one that aims to reduce interpretation risk, accelerate change and make reporting controls easier to evidence.
Website: https://regnosys.com
REGREP
REGREP positions itself around building regulatory-grade data infrastructure, with a focus on transforming raw operational data into structured, validated and regulator-ready outputs. Its platform supports multi-regime reporting through configurable data models, validation rules, and workflow layers, enabling firms to manage reporting obligations across jurisdictions from a single environment. Capabilities span data ingestion, transformation, reconciliation, and automated report generation, with particular emphasis on data consistency and reuse across reporting frameworks. By focusing on structured data handling, validation logic, and repeatable processes, REGREP aligns with growing supervisory expectations that firms demonstrate not just submission capability, but control over how regulatory data is produced and maintained end-to-end.
Website: https://regrep.eu/regulations
Reg-X Innovations
Reg-X Innovations positions itself around a blend of technology, consulting, and outsourced support. Its solutions cover MiFID II, EMIR, SFTR, CFTC and other regimes, alongside services spanning regulatory testing, support, monitoring, operations, and back reporting and feature accurate and timely submissions, pre-submission validation, and consultancy for complex scenarios. That suggests a firm aimed at clients that need practical remediation and operational support in addition to software. In today’s reporting environment, where historical repairs and control weaknesses still surface under supervisory review, that combination remains a notable market proposition.
Website: https://reg-x.co.uk
S&P Global Market Intelligence – Cappitech
Cappitech combines scale, multi-jurisdictional coverage, and an intelligence-led reporting pitch. The company offers a single platform for transaction reporting, reconciliation and advanced analytics across jurisdictions, asset classes, and instruments, and highlights embedded AI for anomaly detection, risk identification, and near-real-time data enrichment. Cappitech claims 10% of total EU trading volume and to offer substantial cost savings through outsourced reporting. Taken together, the proposition is industrialised reporting operations with analytics layered on top. That is a strong fit for firms looking to consolidate controls, and insight at scale in a single platform.
Website: https://www.cappitech.com
Vneuron
Vneuron delivers transaction reporting capabilities within a broader compliance and risk analytics platform that spans financial crime, monitoring, and regulatory reporting. Its technology is designed to process and analyse large volumes of transactional data, applying configurable rules, machine learning models and workflow automation to detect anomalies, manage alerts and support regulatory obligations.
The platform incorporates end-to-end audit trails, data lineage, and rule governance, enabling firms to evidence how data is processed, assessed, and reported. In addition to transaction monitoring, it supports the generation of regulator-facing reports and the orchestration of compliance workflows across multiple use cases. This positions Vneuron around control, traceability, and integrated compliance operations, where transaction reporting is embedded within a wider framework of data governance and supervisory reporting.
Website: https://www.vneuron.com/compliance/transaction-monitoring
From Reporting Utility to Data Control Infrastructure
This year’s shortlist reflects a clear shift in how transaction reporting is being delivered and evaluated. The common thread is not coverage, but control – with firms differentiating through data lineage, pre-submission validation, reconciliation at scale and the ability to evidence reporting accuracy under supervisory scrutiny.
Architectures are converging around structured, reusable data models, with AI, testing frameworks and workflow orchestration featured as standard capabilities.
Are you a RegTech with an award winning Transaction Reporting Solution that you think should be on this list next year? The RegTech Insight Awards provide a platform to demonstrate measurable impact and industry leadership. Find out how you can participate HERE.
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