Trax

Trax is a leading provider of capital market data, trade matching, and regulatory reporting services to the global securities market. The company has over 30 years of experience and estimates it processes approximately 65% of all fixed income transactions in Europe as part of its post-trade service offering.

The business serves the global securities market, specifically targeting institutional fixed income traders, portfolio managers, quantitative research teams, and risk and valuation teams. Their solutions are designed to reshape how these market participants operate by creating unparalleled global connections.

Trax offers a suite of fixed income pricing solutions, including CP+™, which combines proprietary trading activity, TRACE, and TraX® to generate accurate, real-time bond prices. They also provide X-Pro, an interface for actionable pre-trade data, and Adaptive Auto-X™, an algorithmic trade execution tool using machine learning-based data signals.

The company provides daily pricing on 80% more bonds than public sources alone by incorporating significantly more transactional inputs. This expanded coverage helps firms gain insight into both liquid and harder-to-price securities across global credit, rates, and municipal bond markets.

Trax operates out of its New York headquarters at 55 Hudson Yards, with additional offices in São Paulo, London, Amsterdam, Singapore, and Hong Kong. They also maintain client service hotlines in the Americas, UK, and Asia Pacific to support their global user community.

The business has been operating for over 30 years, having processed 1.2 billion transactions on behalf of its user community in 2016 alone. This long history demonstrates their commitment to providing secure and reliable systems for the financial services sector.

Clients can connect to CP+™ directly from the MarketAxess platform or via FIX API for real-time integration. They also offer an Excel add-in for custom modeling and analytics, as well as individualized feeds for OMS and third-party systems.

Some reviewers on Trustburn praise the company for having a user-friendly, intuitive, and easy-to-navigate website. They also frequently mention that the customer support is top-notch, responsive, and always available to assist with any concerns.

Some reviewers highlight the exceptional and prompt nature of the customer support, noting that the team goes above and beyond to ensure customer satisfaction. Others appreciate the willingness of the support staff to help and their quick responses to address issues.

The Trustburn rating for Trax is 4 out of 5 stars based on 8 reviews. The most recent feedback dates back to September 2023, with the oldest review from December 2022, showing a consistent pattern of satisfaction over time.

Trax is currently in the process of being acquired by Intercontinental Exchange, Inc. (ICE), with the definitive agreement entered into on July 30, 2026. This acquisition is expected to further integrate their market data and regulatory reporting solutions.

The company is actively involved in community initiatives, such as the MarketAxess Charity Trading Day on November 4, 2026. They donate 10% of US High Grade trading revenues, up to $90,000, to support Minds Matter NYC and help students succeed in college and beyond.

Trax is expanding its coverage to include the full MSRB-reportable tax-exempt, AMT-subject, and taxable Municipal Bond universe. This expansion allows them to provide daily pricing on a broader range of bonds compared to public sources alone.

The business is developing AI-powered insights and adaptive auto-execution tools to redefine the value of traders. They believe AI will not replace traders but will instead enhance workflows and execute across multiple protocols more efficiently.

Trax is integrating with DirectBooks to streamline access to primary issuance data. This integration allows buy-side clients to review deal announcements, submit indications of interest, and receive allocation messages directly through a new primary interface.