MarketAxess’ Trax closes in on MiFID II ARM approval
Trax will begin testing for transaction reporting under MiFID II with the FCA as of summer this year.
By Hayley McDowell firstname.lastname@example.org April 11, 2017 2:15 PM GMT
MarketAxess’ Trax division has gained approval from the Financial Conduct Authority (FCA) to test transaction reporting under MiFID II.
As an approved reporting mechanism (ARM), Trax will connect to the FCA’s market data processor (MDP) system to allow users to validate MiFID II reports ahead of January 2018.
The FCA's MDP system is expected to be available to all clients by summer 2017.
Chris Smith, head of Trax, explained the firm has been actively working with clients on MiFID II reporting since last year.
“Having our ARM approved for MDP testing by the FCA is an essential milestone in the validation and testing process. We will continue to work with our clients in the lead up to ensure they are ready for the start of the new reporting regime,” he added.
The testing phase is the first step in Trax achieving full regulatory approval from the FCA for its MiFID II compliant ARM.