ICMA Limited, the market services division of the International Capital Market Association (ICMA) is pleased to announce that on October 03, 2007 its TRAX2 system received full approval from the UK Financial Services Authority (FSA) as an Approved Reporting Mechanism (ARM) in accordance with the Markets in Financial Instruments Directive (MiFID).
TRAX2 is one of the first MiFID compliant reporting systems in Europe.
TRAX2 was awarded this special status after undergoing a rigorous testing process with both the FSA and its subscribers. It will now be fast tracked into becoming a recognised reporting mechanism in other jurisdictions.
Commenting on the FSA's approval Kevin Milne, Managing Director of ICMA Limited said: "We are greatly pleased our subscribers, who have UK reporting obligations, are now MiFID compliant. Achieving ARM status was of paramount importance to us and we have invested a significant amount of time and resources to ensure this was achieved. We now look forward to extending similar assurances to all our subscribers."
TRAX2 has been specifically designed to report to multiple regulators throughout Europe in accordance with Article 25 of MiFID. Commenting on TRAX2's unique hub mechanism Graeme Austin, Director of Product Management at ICMA said: "TRAX2 has a proven capability of reporting to multiple regulators in Europe. In light of MiFID we have been in continuous dialogue with other competent authorities and are now fast tracking TRAX2 through other jurisdictions."