Trax, under its former name, Xtrakter, was a key contributor to a report published on 20 September 2012 by the Association for Financial Markets in Europe (AFME).

The report provides a detailed analysis of fixed-income trading activity. It is intended to help inform policymakers in the context of the MiFID legislative process.

The paper, which makes extensive use of Trax fixed-income data, illustrates that:

  • different classes of fixed-income instruments have material differences in trading activity
  • the market maker model is essential for the functioning of the secondary markets across fixed income sectors – a major provider of capital to governments, companies and consumers for economic growth


The study suggests that any transparency requirements will need to be carefully calibrated and dynamic to take into account secondary market liquidity, issuance size and trade size.

Download the full report from the AFME website