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MarketAxess completes acquisition of Xtrakter

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MarketAxess, the operator of an electronic trading platform for US and European corporate bonds, emerging markets bonds and other types of fixed income securities, has completed its acquisition of Xtrakter a provider of regulatory transaction reporting, financial market data and trade matching services to the European securities markets. 

In addition, MarketAxess has appointed Robert Urtheil as head of its European and Asian businesses.

Urtheil joins from Oliver Wyman, a management consulting firm, where he was a partner and global head of the firm’s market infrastructure practice. Previously, he spent 10 years at Deutsche Börse Group, most recently as head of market development and strategy.

Rick McVey, chief executive officer of MarketAxess, says: "We are pleased to finalise this acquisition and excited about the opportunities created by the combination of the two companies. Robert’s appointment also reinforces our commitment to the continued expansion of our European and Asian businesses. He has extensive experience in the global exchange and market structure space, along with a deep understanding of fixed income market dynamics.  We look forward to working with Robert and the team at Xtrakter to deliver innovative fixed income trading and data solutions to the European investor and broker-dealer communities.”

Urtheil says: “Together, MarketAxess and Xtrakter are uniquely placed to take advantage of the broad-reaching changes taking place in the fixed income markets. Incoming regulations present new and significant opportunities across the region. The combination of extensive market and reference data, a broad suite of protocols for trade execution and robust post-trade services mean that MarketAxess and Xtrakter can offer dealers and investors a full suite of valuable tools to help manage their fixed income trading and investment risk.”

MarketAxess’ acquisition of Xtrakter from Euroclear was completed on 1 March, 2013 following approval from the UK Financial Services Authority.  The purchase price is GBP25.3m (approximately USD38.5m), net of acquired cash.

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