Source: ICMA Limited
ICMA Limited, the market services division of the International Capital Market Association (ICMA) is pleased to announce that TRAX2 has received approval from the Autorité Des Marchés Financiers (AMF) in accordance with the Markets in Financial Instruments Directive (MiFID).
TRAX2 is now the leading MiFID approved reporting system in Europe.
ICMA Limited has been in discussions with the AMF and other European regulators regarding MiFID reporting approval during the last ten months. TRAX2 is an Approved Reporting Mechanism (ARM) with the FSA and since November 5, 2007 has been processing just under 1 million transactions a day with less then 1% rejection rate on behalf of its clients.
Commenting on the AMF's approval Kevin Milne, Managing Director of ICMA Limited said: "We are delighted the AMF has approved TRAX2, now we have obtained approval in both the UK and France. This allows our subscribers, who have French reporting obligations, to rest assured they are now compliant and we look forward to extending similar assurances to all our subscribers".
TRAX2 has been specifically designed to report to multiple regulators through out Europe in accordance with Article 25 of MiFID. Commenting on TRAX2's unique hub mechanism Graeme Austin, Director of Product Management, ICMA Limited said: "TRAX2 offers our clients a unique proposition: a single hub through which transaction reports can be sent to multiple Competent Authorities. We are pleased we have been able to announce this significant milestone."