MarketAxess鈥檚 group entities have received approval from the Dutch Regulator, AFM, to operate a multilateral trading facility (MTF) and act as a data reporting service provider in the Netherlands.
The AFM鈥檚 approval ensures that MarketAxess is able to provide UK and EU clients with uninterrupted service and access to liquidity post-Brexit.
The services to EU clients will be provided by new subsidiaries located in Amsterdam: MarketAxess for the MTF, and Trax for the post-trade data reporting.
Trax will act as a provider of both approved publication agreement and approved reporting mechanism services.
Meanwhile, the MTF approval includes permissions for MarketAxess to provide its open trading all-to-all execution service to clients in the EU.
According to MarketAxess, this gives those clients ready access to an existing broad pool of cross-border liquidity.
The AFM鈥檚 approval ensures that MarketAxess is able to provide UK and EU clients with uninterrupted service and access to liquidity post-Brexit.
MarketAxess expects the same range of dealers and liquidity will be available on the EU MTF when compared to the UK MTF.
This level of continuous service will ensure that MarketAxess clients can confidently comply with their regulatory obligations even if divergent transparency and transaction reporting regimes are introduced following Brexit, MarketAxess revealed.
Christophe Roupie, head of Europe and Asia for MarketAxess and Trax, cited: 鈥淲e鈥檙e always looking ahead to anticipate future client needs. That means not just developing award-winning trade execution and reporting technologies, but also knowing how to deliver those technologies to clients in any regulatory environment.鈥�
鈥淩ecognising the potential impact of Brexit on European financial markets, we were one of the first movers in establishing an office in the Netherlands. Receiving approval from the AFM further demonstrates our commitment to ensuring that our clients receive the same level of service and access to liquidity post-Brexit.鈥�
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