MarketAxess to Acquire Euroclear's Xtrakter
The deal, worth £26 million (approximately $42 million) plus transaction costs, will go through in Q1 2013, but is subject to regulatory approval by the UK's Financial Services Authority (FSA).
"Xtrakter is a strong fit with our business and provides MarketAxess with an expanded set of services that are highly complementary to our core strengths in electronic trading, market data and straight-through processing solutions for the global credit markets," says Rick McVey, CEO of MarketAxess.
"Xtrakter is a leading provider of regulatory trade reporting to the FSA and other similar continental European authorities and is well positioned to play a key role in the UK and other European markets as regulators look to reduce trade settlement risk and increase market transparency under the proposed MiFID II mandate," he adds.
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