Euroclear to acquire Xtrakter from ICMA
Euroclear and the International Capital Market Association (ICMA) signed an agreement whereby Euroclear SA/NV will acquire 100% of Xtrakter Ltd, the ICMA subsidiary, for an undisclosed cash amount. Xtrakter owns TRAX, a trade matching and regulatory reporting system that also provides market and reference data.
Pending receipt of regulatory approvals, Xtrakter will become a wholly owned subsidiary of Euroclear SA/NV and a sister company to the Euroclear group’s international and national central securities depositories, and EMXCo. The Xtrakter business will complement the OTC trade matching and routing service (ETCMS) offered by Euroclear Bank since 2000.
Completely automating the flow of trade information from trade matching through to settlement is a key client benefit deriving from this transaction. By the end of 2009, trade data already input into the TRAX system will be processed straight through to settlement at Euroclear, thereby eliminating trade matching duplication, reducing settlement fails, costs and risks. –www.theasianbanker.com (November 21 2008)–