Euroclear, Xtrakter and the International Capital Market Association have announced the closing of Euroclear’s acquisition of Xtrakter, the ICMA subsidiary.
Xtrakter owns Trax, the trade matching and reporting system, and is a source for fixed-income business and reference data.
Xtrakter becomes 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.
Tim May, chairman of Euroclear UK & Ireland, will also become chairman of Xtrakter.
The Xtrakter business complements Euroclear Bank’s OTC trade matching and routing service, and the trade reporting service provided by Euroclear UK & Ireland.
Ignace R. Combes, deputy chief executive officer of Euroclear SA/NV, says: ‘We welcome our new colleagues at Xtrakter and together look forward to delivering even more client benefits. Our joint efforts will make it possible to automate trade information flows from matching, using the Trax system, through to settlement at Euroclear. We will eliminate fragmentation and trade matching duplication, while reducing costs and settlement fails. The complementary services offered by Xtrakter and Euroclear will be instrumental in further reducing risks, which is vital given today’s challenging market conditions.’
Kevin Milne, chief executive officer of Xtrakter (pictured), says: ‘As part of the Euroclear group, Xtrakter’s pre-settlement expertise, combined with Euroclear’s highly efficient transaction-settlement capabilities, will provide a competitively priced, full STP service. Together, we will help our clients further reduce their post-trade costs by streamlining processes, leveraging technology and extending existing services, such as trade reporting, into new areas.’
