The system, in accordance with the Financial Services Authority's regulation requiring transaction reports to be filed by the end of the business day following trade date, will ensure that all UK-based Chi-X participants have a single point of reporting.

TRAX2 is one of a limited number of FSA-permitted reporting systems and was one of the first to apply for the new Approved Reporting Mechanism (ARM) status under MiFID. Existing TRAX2 user firms will be able to aggregate Chi-X trading volumes with existing trading volumes to achieve the volume discounts available on TRAX2.

Commenting on the collaboration with ICMA, Hirander Misra, Director of Instinet Chi-X Limited, said, "MiFID is opening up Europe's equity trading landscape by enabling the introduction of alternative liquidity destinations such as Chi-X. We are delighted to have partnered with ICMA, which we feel provides Chi-X clients with a low-cost, efficient mechanism for UK transaction reporting. We will continue to identify ways to help our clients trade more efficiently while fulfilling regulatory requirements."

Kevin Milne, Managing Director of ICMA Ltd., added, "We are pleased that Chi-X is live on the system and that we are able to provide our clients with an additional reporting service through TRAX2."