Xtrakter, part of the ICMA group of companies, is pleased to announce it is reducing standard regulatory reporting fees by 35% for subscribers to its TRAX reporting service (www.trax2.org).
At its inaugural meeting the Xtrakter board of directors, agreed to reduce the standard regulatory reporting fees by 35%. This reduction will be applied retrospectively effective as of January 1, 2008. "We are in continuous dialogue with our subscribers and have listened to their requests for greater cost efficiency. We are minded to reduce fees further and will continue to discuss this matter with our clients," commented Kevin Milne, Chief Executive, Xtrakter.
As a market utility, Xtrakter understands the importance of balancing the need for valued reporting services with the desire for greater cost efficiencies.
"Xtrakter continues to be the most cost effective provider of regulatory reporting services to the European capital market. We are looking continuously for ways to improve our service and help our clients reduce their reporting charges," noted Graeme Austin, Director of Product Management, Xtrakter.
TRAX has been awarded Approved Reporting Mechanism (ARM) status by the Financial Services Authority (FSA) of the United Kingdom, Autorité Des Marchés Financiers (AMF) of France and the Authority for the Financial Markets (AFM) of the Netherlands in conjunction with Article 25 of the Markets in Financial Instruments Directive (MiFID). Currently TRAX processes over 1 million transactions daily on behalf of its reporting subscribers.
