MarketAxess, the US operator of an electronic trading platform, has agreed to purchase Xtrakter, a capital markets data provider.
MarketAxess plans to acquire Xtraker, which is a wholly owner subsidiary of Euroclear, for £26 million in cash plus transaction costs. The company expects to complete the transaction in Q1 2013.
Rick McVey, CEO of MarketAxess, said: “Xtrakter is a strong fit with our business and provides MarketAxess with an expanded set of services that are highly complementary to our core strengths in electronic trading, market data and straight-through processing solutions for the global credit markets.”
“Xtrakter is a leading provider of regulatory trade reporting to the UK Financial Services Authority and is well positioned to play a key role in the UK and other European markets as regulators look to reduce trade settlement risk and increase market transparency under the proposed MiFID II mandate,” added McVey.
Tim Howell, CEO of Euroclear, said: “Xtrakter colleagues and clients will find an innovative and strong team at MarketAxess who are eager to move quickly and assertively to develop the portfolio of Xtrakter services to meet changing market needs.”
