France right on Trax with ISMA

France right on Trax with ISMA

The International Securities Market Association (ISMA) has launched a new service to enable French financial intermediaries to report trading information as required under the European Investment Services Directive (ISD).

Banks and securities houses can now use Trax - ISMA's trade matching and regulatory reporting system - to report over-the-counter (OTC) transactions to the Conseil des Marchés Financiers (CMF). This is the national regulatory authority which was set up in France in 1996 following the implementation of the ISD by the French government.

The link will be of benefit to firms with an obligation to report OTC transactions to CMF in the instruments listed on regulated markets within the EU. The obligation extends to domestic and international fixed income securities, equities, convertibles and warrants.

Intermediaries required to report OTC business to CMF are principally firms who are legally domiciled in France. Reporting obligations also extend to certain EU branches of French firms and French branches of banks and securities houses based in other member states.

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