ICMA Ltd was awarded full approval by the AFM for MiFID reporting after completing extensive testing with the Dutch competent authority. The AFM is the third competent authority in the European Economic Area (EEA) to approve TRAX2 for MiFID reporting on behalf of its subscribers. TRAX2 was approved earlier by the Financial Services Authority (FSA) of the United Kingdom and the AutoritÃ© Des MarchÃ©s Financiers (AMF) of France. Since November 5, 2007 TRAX2 has been processing just under 1 million transactions a day with less then 1% rejection rate on behalf of its clients with the FSA.
Commenting on the AFM's approval Kevin Milne, Managing Director of ICMA Limited said: "This approval is very important to us, ICMA Ltd has invested considerable resources and time to ensure TRAX2 can meet the needs of multiple authorities. We are very pleased our clients, who have reporting obligations to the Netherlands, can now be compliant under MiFID".