The International Capital Market Association’s TRAX2 system has received conditional full approval from the UK Financial Services Authority as an Approved Reporting Mechanism (ARM).
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 theAssociation remains subject to the successful completion of testing of TRAX2; however, once this approval is received from the FSA, that will fast track TRAX2 to becoming a recognised reporting mechanism in the other jurisdictions of Europe, ICMA said in a statement.
“The market is facedwith the tough deadline of Nov. 1, this year for the implementation of the MiFID in Europe,” says Kevin Milne, managing director of ICMA Limited. “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.”