MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading
electronic trading platform for U.S. and European corporate bonds,
emerging markets bonds and other types of fixed-income securities, has
agreed to acquire Xtrakter Limited, a leading provider of regulatory
transaction reporting, financial market data and trade matching services
to the European securities markets. Xtrakter is a wholly owned
subsidiary of Euroclear SA/NV.
Rick McVey, Chief Executive Officer 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
other similar Continental European authorities 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."
Tim Howell, Chief Executive Officer of Euroclear, commented: "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. Post
acquisition, we will continue working with Xtrakter and MarketAxess to
deliver further transparency and efficiency to the international capital
The purchase price is £26.0 million (approximately $42.0 million) in
cash, plus transaction costs. Closing of the transaction is subject to
satisfaction of certain conditions, including FSA regulatory approval.
MarketAxess currently expects to complete the acquisition of Xtrakter in
the first quarter of 2013.
MarketAxess operates a leading electronic trading platform that enables
fixed-income market participants to efficiently trade corporate bonds
and other types of fixed-income instruments using MarketAxess' patented
trading technology. Over 1,000 investor and broker-dealer firms are
active users of the MarketAxess trading platform, accessing global
liquidity in U.S. high-grade corporate bonds, European bonds, high yield
and emerging markets bonds, agency bonds, asset-backed and preferred
securities and credit default swaps. MarketAxess also offers a number of
trading-related products and services, including: market data to assist
clients with trading decisions; connectivity solutions that facilitate
straight-through processing; technology services to optimize trading
environments; and execution services for exchange-traded fund managers
and other clients.
MarketAxess maintains its headquarters in New York and has offices in
London, Chicago, Salt Lake City, Hong Kong, Singapore and São Paulo. For
more information, please visit www.marketaxess.com.
About Xtrakter and Euroclear
Xtrakter is a leading provider of capital market data, trade
matching and regulatory reporting services to the global securities
market. It has an established track record in providing innovative,
secure and reliable solutions to the financial services sector. Xtrakter
was established in 1985 and has been part of the Euroclear group of
companies since April 2009.
In 2011, Xtrakter processed 950 million transactions on behalf of its
user community and currently provides capital market firms with
information to assist them in conducting net asset valuations,
mark-to-market calculations, fixed-income portfolio mapping, liquidity
and volume modeling, as well as reference data population updates.
Xtrakter also provides a wide range of market (pricing) data for
approximately 53,000 international securities and internationally traded
government bonds, as well as securities reference data for 290,000
government bonds, corporate bonds, medium-term notes and private
derivative issues. Xtrakter employs 70 people and is based in London.
Euroclear is the world's largest provider of domestic and
cross-border settlement and related services for bond, equity,
derivatives and fund transactions. User owned and user governed, the
Euroclear group includes Euroclear Bank, based in Brussels, as well as
Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear
Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also
owns Xtrakter, operator of the TRAX trade matching and reporting system.
Florencia Panizza, +1 917 432 7832
Andrew Nicolls, +44 20 3128 8581
DeLise, +1 212 813 6017
Gregson, +32 (0)2 326 4186