A handful of major buy- and sell-side firms have opted for MarketAxess’s post-trade reporting service developed by Trax, ahead of tougher rules on trade and transaction reporting.
A number of banks and asset managers will use Trax’s approved publication arrangement (APA) and approved reporting mechanism (ARM) services ahead of MiFID II.
These include Crédit Agricole, Goldman Sachs, ING Bank, Investec Asset Management, Janus Henderson, Jupiter Asset Management, Martin Currie Investment Management, Mizuho International and Santander, which have joined both or one of the services provided by Trax.
Head of Trax, Chris Smith, commented regulatory reporting expertise and flexible technology are becoming key differentiators for market participants dealing with MiFID II.
The new reporting regime will mark a significant breakaway for buy-side firms, which have in the past relied on their sell-side broker relationships for reporting.
“Buy-side firms are increasingly looking to Trax for our cross-asset class trade and transaction reporting capabilities, serving as a one-stop shop for helping them meet their regulatory obligations,” he said.
Trax claimed of the top 20 global asset managers, those that have selected Trax for MiFID II reporting services represent approximately 67% of the total assets under management.
Simon Clements, global head of investment operations at Janus Henderson, explained the firm chose Trax because it met key criteria of cost, functionality and innovation.
“We were particularly attracted by their additional MiFID II services, which should help reduce our reporting burden under the new regulations and further improve our operating efficiencies, for the ultimate benefit of the business and our clients,” he said.
Trax said its clients have been actively testing their readiness with Trax Insight to ensure compliance with reporting requirements under MiFID II on 3 January next year.