Trax Gets FCA ARM Nod, Awaits Test Details

MarketAxess’ Trax unit has received FCA approval to test transaction reporting capabilities under MiFID II, but is waiting for details of what the tests will involve.


Trax officials say this is the first step towards achieving full regulatory approval from the FCA for its ARM. Through Trax’s connection to the FCA’s MDP system—which is expected to be available by July—clients will be able to validate their MiFID II reports with the regulator ahead of the January 2018 implementation date.

The application window for proposed ARMs to gain FCA approval opened in January. While Trax operated as an ARM under MiFID I, “that doesn’t mean that you automatically ‘grand

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