MarketAxess completes Deutsche Börse regulatory reporting hub takeover

The Deutsche Börse regulatory reporting business was acquired through Trax NL, a subsidiary of MarketAxess in the Netherlands.

Fixed income trading platform provider MarketAxess has completed its acquisition of Deutsche Börse’s regulatory reporting hub business.

MarketAxess agreed in September to purchase the German exchange’s reporting business through its Trax subsidiary in the Netherlands. Terms of the deal were not disclosed.

Deutsche Börse confirmed plans earlier this year to offload its reporting hub, including its approved reporting mechanism (ARM), approved publication arrangement (APA), trade and transaction reporting, best execution reporting, and systematic internaliser (SI) services.

MarketAxess operates an ARM an APA for MiFID II reporting, as well as reporting services for several other regulatory regimes such as EMIR, SFTR, and CSDR.

“We’re delighted to welcome clients of the regulatory reporting hub to MarketAxess. This acquisition is a firm demonstration of our long-term commitment to building our regulatory reporting infrastructure across Europe,” said Christophe Roupie, head of EMEA and APAC at MarketAxess. 

“It will help us to extend the full front-to-back trade lifecycle services that we offer, from trading and data through to reporting and regulatory compliance. We look forward to working with Deutsche Börse Group over the coming months to successfully transition all our new clients to MarketAxess services.”

The regulatory reporting landscape has been shifting over the course of this year. In May, US derivatives exchange CME Group confirmed it would be winding down its regulatory reporting businesses at the end of 2020, alongside its European and Australian trade repositories.

Compliance technology provider Cappitech warned this could have a detrimental impact on the market leaving a reduced number of market players and a reduced level of competition.