TRAX, the OTC bond matching and reporting service

TRAX is the bond matching and reporting system operated by Xtrakter.

Communication with TRAX is based on a set of messages derived from the ISO 15022 and 20022 (MT and MX) standards, originally developed in 2005 by the International Capital Markets Association (ICMA), then operators of TRAX.

Testing the new TRAX ISO 20022 based messages

The ICMA’s Testing & QA team licensed Trace Financial’s Transformer in order to ensure that both inbound and outbound messages of the upgraded TRAX system were completely compliant with their own specification of these formats. This team was thus able to establish full confidence in the quality of the new service.

The in-built testing capabilities of Transformer allowed us to validate the integrity of new message formats… much more quickly and with greater confidence than would have been possible with our own manual efforts. By using Transformer we were able to rapidly develop the ISO data dictionary which has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations. 

Richard Woodward, Head of Software Development at ICMA, Nov 05

Transformer was instrumental in the success of the current TRAX messaging standard. So the best product available for working with TRAX messages – or any MX-based message standard – has to be Transformer