29 September 2017
Reporter: Drew Nicol

Trax gains MiFID II ARM licence from UK FCA

Reporting solution provider Trax is among the first to be approved by the UK Financial Conduct Authority (FCA) as an approved reporting mechanism (ARM) for transaction reporting services under the second Markets in Financial Instruments Directive (MiFID II).

Trax is a London-based regulatory reporting, trade matching and capital market data services provider.

According to Trax, its reporting solutions helps reduce the technical burden of complying with MiFID II by allowing buy- and sell-side clients to send raw transaction flow to Trax.

The Trax rules-based engine will translate, filter, enrich and reconcile the data as required to meet regulatory requirements.

MiFID II reporting services are offered via the Trax Insight platform.

In a statement on the platform, Trax said: “Trax Insight features a customisable, web-based operational front-end platform, allowing clients to proactively manage and monitor the status of reporting activity through a single interface, while also supporting multiple communication channels and message formats with links to leading OMS systems.”

The FCA also recently approved Trax to operate an approved publication arrangement (APA).

Christophe Roupie, head of Europe and Asia, MarketAxess and Trax, said: “The FCA’s approval of the Trax ARM marks an important milestone in the development of our MiFID II reporting solutions.”

“Following our recent APA approval by the FCA, Trax is ready to support our community of buy- and sell-side clients with seamlessly integrated trade and transaction reporting capabilities for MiFID II.”

Len Delicaet, head of regulatory reporting strategy for Trax, added: “We’re thrilled to have been approved by the FCA for our MIFID II ARM transaction reporting capabilities.”

“Leveraging our deep understanding of reporting as an ARM under MiFID I, coupled with our industry-leading technology, Trax’s reporting solutions and testing environments are helping firms successfully prepare for MiFID II implementation today.”

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