MarketAxess Secures Dutch Regulatory Approval Ahead of Brexit

With the Dutch regulator’s approval, the company will be able to operate a Multilateral Trading Facility in the EU.

MarketAxess Holdings Inc. announced this Wednesday that its group entities have received approval from the Netherlands Authority for the Financial Markets (AMF) to operate a Multilateral Trading Facility (MTF) and act as a Data Reporting Service Provider (DRSP) in the country.

MarketAxess is an operator of a global electronic trading platform for fixed-income securities. The New York-headquartered company also provides market data and post-trade services.

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The approval from the AMF comes just one month away from the Brexit deadline, with Britain set to leave the European Union (EU) on March 29 this year, with or without a deal in place.

Before today, MarketAxess already had regulatory approval from the Financial Conduct Authority (FCA) to operate in the United Kingdom. However, today’s announcement means that regardless of whether Britain leaves the bloc without a deal, the fixed-income platform operator will still be able to offer its services both in the UK and Europe.

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MarketAxess to Operate in EU Through Amsterdam Subsidiaries

In the Netherlands, MarketAxess will provide its services to clients within the EU through its new subsidiaries based in Amersterdam – MarketAxess NL B.V. for the MTF and Trax NL B.V. for the post-trade data reporting.

Furthermore, the approval granted by the AMF for the MTF also includes permissions for the company to provide its Open Trading solution, a marketplace which gives its clients direct access to liquidity.

According to the statement, MarketAxess believes that customers based in the EU will still be able to access the same range of dealers and liquidity through the EU MTF that the company offers in the UK.

Christophe Roupie of MarketAxess
Christophe Roupie
Source: LinkedIn

“We’re 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,” says Christophe Roupie, Head of Europe and Asia for MarketAxess and Trax.

“Recognising 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.”

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