MiFID II, Basel III, CSDR, Volcker and a swath of other regulatory and political initiatives are altering the structure of the global capital markets, presenting significant challenges across the front, middle and back-offices of all institutional firms.
In response to these vast and complex changes, and building on the success of the annual European Capital Markets Forum client conference in London, MarketAxess and Trax have together created the Capital Markets Forum, which aims to provide insights and education that help demystify the evolving regulatory landscape.
The Data Insights page features proprietary data from Trax, and for the first time provides a comprehensive view into daily fixed income market activity in Europe.
Visit the Commentary section for insights, views and explanatory content that help clarify the critical regulatory and political initiatives that are having the greatest impact on the capital markets.
The Library is a repository of key documents marking the events that have punctuated the regulatory process for MiFID II, CSDR, Dodd-Frank and Volcker, the Capital Markets Union and more, and have defined the path for implementation of these rules.
View the Timeline for key milestones in this period of wide-reaching change that is fundamentally altering the future of global capital markets.
With over 30 years of capital markets experience in the fixed income markets, MarketAxess and Trax offer valuable insight and comprehensive solutions to help our clients navigate regulatory change and comply with confidence.
About MarketAxess and Trax
MarketAxess is the global leader for fixed income electronic trading, connecting a network of over 1,000 institutional investor and broker-dealer firms. Founded in 2000, MarketAxess was launched at a time of significant technological innovation, a legacy the firm has continued. With the development of its all-to-all Open Trading™ functionality, MarketAxess is helping to shape the future of the credit markets. Open Trading allows participants to trade Eurobonds, emerging market, US high-grade and high-yield bonds with all other participants on the platform.
Trax, a subsidiary of MarketAxess, was established in 1985 and is a leading provider of capital market data, trade matching and regulatory reporting services to the global securities market. In 2016, Trax processed 1.2 billion transactions on behalf of its user community, including 13 million fixed income transactions. Trax estimates that it processes approximately 65% of all fixed income transactions in Europe as part of its post-trade service offering.
Together MarketAxess and Trax offer a suite of products and services that meet the demands of the entire fixed income trade lifecycle, supporting the needs of the front, middle and back offices during this time of significant regulatory change.
MarketAxess Europe Ltd. is registered as a Multilateral Trading Facility (MTF) in Europe and MarketAxess SEF Corporation has received temporary registration from the U.S. Commodity Futures Trading Commission to operate a swap execution facility.
MarketAxess and Trax are planning on registering as an Approved Publication Arrangement (APA) and also working in close collaboration with the industry to develop unique tools for Systematic Internaliser (SI) determination.
Trax is currently an Approved Reporting Mechanism (ARM) under MiFID I and will continue its ARM regulatory status to comply with MIFID II.