ICMA Ltd, the market services division of the International Capital Market Association will be known as Xtrakter.
Xtrakter is a market utility owned by capital market participants through the International Capital Market Association (ICMA) working for the benefit of industry. It provides operational risk management, trade matching, regulatory reporting and data services to the global capital markets.
"This is an exciting time for Xtrakter; over the last twelve months we have successfully restructured our firm. We have implemented a new form of governance, introduced best practice and acquired the latest technologies. We will continue to increase our standards of service, expand the number of offerings we provide and increase our share of the market," said Kevin Milne, Chief Executive, Xtrakter.
This change will allow Xtrakter greater freedom to explore new business strategies and expand its client base while continuing to support all former ICMA Ltd services and product lines such as TRAX matching and reporting services, icma-info.org, CUPID, ICMA price service, indices & bondmarketprices.com
"We will be enhancing our range of products to provide clients with added value and improved levels of service. We work closely with market practitioners to ensure they are provided with the best solutions to meet their needs. In Q1 of this year we will be presenting our stakeholders with a new product road map, outlining how we intend to develop our business and what projects we will be prioritising for development," said Graeme Austin, Director of Product Management, Xtrakter.
On Tuesday, January 8, 2008 Xtrakter appointed a new board of directors comprised of representatives of ICMA and Xtrakter management.
ICMA continues in its function as a trade association and its objectives of developing and maintaining high standards of market practice, ensuring appropriate levels of regulation, educating market participants and others through training and research and facilitating communication among capital market participants.