Trax Taps TR Data for SI Volume Alert Service
The data will support Trax’s MiFID II and SI determination service, which indicates a firm’s potential to become an SI before the assessment period.
MarketAxess-owned trade data and regulatory reporting service provider Trax is to use market data from Thomson Reuters’ Financial & Risk business to power its MiFID II and SI determination service, which warns firms if their trading volumes in stocks are approaching the regulator-mandated threshold for becoming a systematic internalizer (SI), so they can change strategies to avoid the SI designation.
Trax’s SI determination scheme performs a quarterly assessment
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