We have taken some of the most frequent questions about TRAX and listed them with answers below. If you require any additional information or assistance, do not hesitate to contact a member of our Commercial Operations team.

For questions about TRAX iMatch, please see our separate FAQ.
 

• What is TRAX?
• What is TRAX iMatch?
• How do I contact someone to find out about TRAX?
• Who operates TRAX?
• Is TRAX difficult to install?
• Will TRAX be supplied with consultant services?
• Does TRAX have a help desk?
• How much does TRAX cost?
• Can TRAX be incorporated into our back office?
• What instruments can be processed by TRAX?
• What security features does TRAX have?
• Can TRAX show me unresolved trades?
• Can TRAX provide me with trade verifications?
• Does TRAX assist me in reporting to my financial regulator/competent authority?
• How can TRAX help me with operational risk management?
• Is TRAX designed for the repo market? 

What is TRAX?

TRAX is a post-trade, pre-settlement trade matching and regulatory reporting system for the OTC markets. It allows subscribers to match and report trades in a range of capital market instruments (bonds, derivatives, equities, swaps and much more). TRAX also:

• allows trading firms to verify their trades (confirmations) and report to relevant regulators (competent authorities)
• allows subscribers to comply with a number of market regulations and best practices (compliance)
• has an extensive repo functionality allowing users to fully match their repo trades

What is TRAX iMatch?

TRAX iMatch is a remotely hosted version of TRAX specifically designed for low-volume users or firms with a limited IT budget.

How do I contact someone to find out about TRAX?

To speak to someone about TRAX, simply contact any member of our Commercial Operations department by:

• Email
• Telephone: +44 (0)20 7538 5656
• Fax: +44 (0)20 7538 4902
• Write to: TRAX Commercial Operations, Xtrakter, 33 Cannon Street, London EC4M 5SB

Who operates TRAX?

TRAX is operated by Xtrakter, a leading provider of operational risk management, trade matching, regulatory reporting and data services to the global capital market. We have an established track record in providing innovative, secure and reliable systems for the financial services sector. Formerly known as ICMA Ltd, Xtrakter was established in 1985 and was one of the first providers of secure trade matching and regulatory reporting systems for the over the counter (OTC) market. Since 2009, Xtrakter has been part of the Euroclear group, the world's leading provider of post-trade services.

Is TRAX difficult to install?

No, TRAX has been designed for easy implementation. Our dedicated personnel are able to ensure a speedy, efficient and timely delivery. If you are using TRAX iMatch you will not need to install any software. 

Will TRAX be supplied with consultant services?

Our consultants are experts in their field and have years of experience of working with TRAX. They are available to all system users. However, if a client would like the system to be implemented by their own team we can make arrangements to suit.

Does TRAX have a help desk?

No, Xtrakter has a Client Service Management team which aims to assist all clients with TRAX product-related issues. Should you ever need to speak to a professional Client Service Specialist, they are only a phone call away.

How much does TRAX cost?

Subscriptions:

• Annual subscription: Per subscriber not connecting via the internet GBP 4,000
• Annual subscription: Per subscriber connecting via the internet or per additional subscriber code* GBP 2,000
• TRAX iMatch has a separate pricing structure

Trade matching/transaction reporting costs:

• Xtrakter offers TRAX users a tiered pricing structure which is very cost-effective. Xtrakter has designed the TRAX system to be flexible to meet the varying needs of firms operating in the international capital market. The higher the volume of trade matches/transaction reports that you process through TRAX, the lower your individual costs will be.

Can TRAX be incorporated into our back office?

Yes, TRAX has been designed to facilitate Straight-Through Processing (STP) and the ability to only key once. It is available as middleware and is fully capable of interfacing with a variety of back-office systems. Please note that the system can be accessed as a separate platform if you do not have an extensive back-office system. This allows you to directly interface with the system if required.

What instruments can be processed by TRAX?

TRAX can process capital market instruments including money market instruments in credit markets, equity instruments, hedging instruments, foreign-exchange instruments, hybrid instruments, derivative instruments, negotiable certificates of deposits, commercial paper, bankers' acceptances, repurchase agreements, eurocurrency deposits, eurocurrency loans, futures instruments, options instruments, corporate and sovereign bonds and more...

What security features does TRAX have?

TRAX has SSL encryption and user authentication. The authentication mechanism used in TRAX allows you to know that:

• the trade matching information that you are entering is only being sent to an authenticated counterparty
• the advisory trade notifications that you are receiving are, likewise, received from an authenticated source.

As an Approved Reporting Mechanism, TRAX is FSA-approved to assure the security and resilience of all data processed and transmitted by Xtrakter.

Please note that TRAX iMatch has separate security protocols for users who are accessing it remotely. 

Can TRAX show me unresolved trades?

Yes, TRAX is designed to allow users to easily review unresolved trades and to make amendments to them. Something as simple as a duration, deposit source, or instrument type should not require the entire transaction to be re-entered – you can simply amend the listing and re-enter the trade as a new one.

Can TRAX provide me with trade verifications?

Yes, Xtrakter's state-of-the-art verification system means that for every trade matched, you will be issued with a verification notice instantly. This rapid confirmation process means that your firm is assured of a trade match and reduces your trade settlement risk.

Does TRAX assist me in reporting to my financial regulator/competent authority?

Yes, TRAX is perfectly designed for reporting to a number of regulators/competent authorities. The system is designed to allow users to report their transactions to relevant authorities efficiently and cost effectively.

How can TRAX help me with operational risk management?

TRAX is designed to assist all users in reducing operational risk. The system provides users with a stable and proven trading environment. TRAX gives users the ability to track, monitor, review and amend unresolved trades. This allows firms to reduce the level of unresolved trades and increase their level of pre-settlement trade matching.

Is TRAX designed for the repo market?

Yes, TRAX has been designed specifically with the repurchase (repo) market in mind. The market and the European Repo Council wanted a new system that provided full repo confirmation, and as a result Xtrakter delivered an updated version of TRAX. The system caters for every type of repo from the very short term right through to medium and longer term repo trades, thus helping your firm to operate on a T+1 basis where possible.