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Virginie’s Blog – Opinions on Xtrakter’s AII Ambitions

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Last week, the trade matching and regulatory reporting solution vendor arm of Euroclear Xtrakter marked the official launch of its Alternative Instrument Identifier (AII) compliant transaction reporting solution and indicated that it is hoping to net a significant share of the market (see our coverage of which. However, given initial reader response to the news, Xtrakter should be keeping a close eye on the London Stock Exchange (LSE) in the AII reporting space as a result of its acquisition of the Financial Services Authority’s (FSA) Transaction Reporting System (TRS) earlier this month.

One reader who currently works for a data and solution vendor (and also previously worked for Xtrakter) reckoned that although the firm should not be unduly concerned regarding the AII, it should keep a close eye on its rival in general: “I can see why they (Xtrakter) are not worried about becoming the UK leader in AII reporting, Xtrakter has been ready to process such transaction reports for a long time. With regard to the impact of TRS being acquired by the LSE and migrating and/or integrating this system into UnaVista the results will have to be seen. There may be little impact on Xtrakter, however I do believe the acquisition strengthens UnaVista’s position in this sector.”

Another reader from a global bank noted: “Many banks use a number of Approved Reporting Mechanisms (ARMs) simultaneously to direct their reports to the FSA, typically carving out the choice of ARM by asset class. Especially where no ARMs changes have been made since MiFID 2007. My observations of the banks I’ve seen are that derivatives traffic tends to pass through TRS, so I would not be surprised to find that the AII volumes predominantly pass to the LSE. Watch this space I guess…”

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