Xtrakter is a market utility that provides operational risk management, trade matching, regulatory reporting and data services to the global capital market. The division was established in 1985 to provide secure trade matching and regulatory reporting systems for the over the counter (OTC) market.

The association changed the name of the unit from ICMA Limited to Xtrakter in January this year with a view to selling off the unit. At the time ICMA said the re-branding would allow Xtrakter "greater freedom to explore new business strategies and expand its client base" while continuing to support existing services and product lines.

ICMA says its board approved the proposal to dispose of Xtrakter at its annual general meeting.

René Karsenti, executive president of the association says the disposal of the business "will allow ICMA to focus on its core activities as a trade association."

ICMA spokesperson Allan Malvar told Finextra that the association is in discussions with a number of companies about the sale. Malvar said the new owners of the unit will also look to expand services beyond matching and reporting to data provision.