TRAX, the matching and regulatory reporting system, processed 2.3 million repos with a nominal value of 65 trillion over the course of 2007.
TRAX is the only fully automated repo matching system available in the capital markets.
TRAX now offers automation of open repo including Post Trade Actions (PTAs). PTAs assist in reducing operational risk for both counterparties by recording the effective measurement of contract changes throughout the repo life cycle.
TRAX processes both the near and far leg transactions as one single trade, allowing for improved tracking, reduced operational risk and a cost saving of 50% for subscribers.
Repo is still traded in large volumes over the counter (OTC) which can lead to increased levels of operational risk through human error causing delayed verification and settlement.
TRAX allows firms to manage their operational risk effectively by matching trades which have been transacted OTC in all asset classes, in real-time with their counterparties, virtually eliminating failed trades at settlement. TRAX processes approximately 5,000 repo trades a day with an average daily volume of 124 billion.
TRAX can also fulfil transaction reporting requirements in a range of financial instruments to a number of regulatory authorities throughout the EEA.
TRAX processed over 104 million transactions in 2007 on behalf of its reporting subscribers.