The Markets in Financial Instruments Directive (MiFID) was introduced in 2007 to increase competition and consumer protection in investment services. It has impacted almost every aspect of business for financial services firms across Europe.

Following the European Commission’s review of MiFID in 2010, the scope of MiFID will soon be expanded.

While the first phase of MiFID covered only equities, MiFID II will bring transparency requirements to the fixed income markets. Other changes will include:

• new criteria for the trading of derivatives products
• closer scrutiny for commodity derivatives
• new rules governing packaged retail investment products
• the examination of corporate governance structures

A new regime to encourage the development of trading platforms specifically for SMEs will also be explored. 

TRAX – the perfect MiFID reporting solution

TRAX has been developed to comply with increased regulatory reporting requirements under MiFID. It is flexible enough to fulfil varied regulatory reporting requirements of different regulatory authorities in a wide range of financial instruments.

In accordance with article 25 of MiFID, TRAX has been awarded Approved Reporting Mechanism (ARM) status by the competent authorities of the United Kingdom, France, the Netherlands and Belgium. 

APA offering tailored to meet your needs

Under MiFID II, an Approved Publication Arrangement (APA) will be introduced as part of a move to standardise reporting formats. This means that firms will only be able to report trades to specifically authorised entities.

As an authorised entity, Xtrakter is designing its future APA offering to ensure it meets the needs of its user community.