FSA gives Icma's TRAX2 conditional approval as reporting mechanism
The International Capital Market Association (ICMA) is pleased to announce that its TRAX2 system has received conditional full approval from the UK Financial Services Authority as an Approved Reporting Mechanism (ARM).
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ICMA's TRAX system is already one of a limited number of permitted mechanisms reporting to the FSA and was one of the first to apply for the new ARM (Approved Reporting Mechanism) status under the Markets in Financial Instruments Directive (MiFID).
The conditional approval granted to the Association remains subject to the successful completion of testing of TRAX2, however, once this approval is received from the FSA, this will fast track TRAX2 to becoming a recognised reporting mechanism in the other jurisdictions of Europe.
Commenting on the FSA's approval Kevin Milne, Managing Director of ICMA Limited said: "The market is faced with the tough deadline of November 1, this year for the implementation of the MiFID in Europe. TRAX2 is positioned to meet the new regulatory transaction reporting requirements of MiFID and approval of the system from FSA is an important step forward in ensuring that our members have the support of TRAX2 in becoming MiFID compliant as far as the transaction reporting is concerned."