TRAX will facilitate the regulatory reporting of exchange traded derivatives (ETD) and other complex derivatives in accordance with the requirements of the Markets in Financial Instruments Directive (MiFID) in Q1 09.
The Committee of European Securities Regulators (CESR) requires firms to regulatory report derivatives to competent authorities throughout Europe in accordance with MiFID. By utilising Alternative Investment Identifier (AII) codes the TRAX community will be able to report ETDs and other complex derivatives via TRAX to the Financial Services Authority (FSA) of the United Kingdom in Q1 09 thus fulfilling their transaction reporting obligations.
“Many firms who are not members of the TRAX community are unaware of their legal obligation to report exchange-traded derivatives under MiFID,” says Kevin Milne, chief executive of Xtrakter. “We have been working closely with our clients to ensure they are compliant and to provide them with a seamless solution to this matter.”
D.C.