A team led by Dirk W. Kolvenbach and Michael Pauli has provided legal advice to MarketAxess on the acquisition of the Regulatory Reporting Hub of Deutsche Börse Group. MarketAxess is acquiring the business via its wholly owned subsidiary in the Netherlands, Trax NL B.V.
The Regulatory Reporting Hub is a pan-European reporting and compliance platform that enables buy- and sell-side clients to meet their regulatory obligations and transparency requirements across multiple regulations, such as MiFID II and EMIR. Services include transaction and trade reporting, best execution reporting and SI services, as well as APA and ARM services.
"With over 30 years of experience in providing regulatory reporting and data services to the world’s leading financial institutions, we know just how important they are for our clients. With this acquisition, we’re strengthening both our global post-trade and data businesses in two important ways: significantly extending our European client footprint, and increasing our ability to bring new, innovative technologies and solutions to a critical and complex part of the trade lifecycle," said Christophe Roupie, Head of EMEA and APAC at MarketAxess.
"It was also a special transaction for us as a law firm," says attorney Dirk W. Kolvenbach. "Due to the COVID-19 pandemic, contractual clauses were more in focus, to which significantly less attention would normally be paid in pre-corona transactions. We also see an overall change in contract negotiations, which increasingly leads to a virtual exchange between the parties. It was remarkable to see that all parties involved were excellently positioned."
MarketAxess is headquartered in New York with offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. The Company is the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets. Through the acquisition, MarketAxess intends to expand its services to a wider European customer base, in particular in Germany, France and the Nordic countries.
As an international exchange organisation and innovative market infrastructure provider, Deutsche Börse Group ensures markets characterised by integrity, transparency and stability. The company is headquartered in the financial centre Frankfurt am Main and has around 6,000 employees at 38 locations worldwide, including Luxembourg, Prague, London, New York and Chicago, Hong Kong, Singapore, Beijing, Tokyo and Sydney.
The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions.
Consultant MarketAxess Holdings Inc.
Heuking Kühn Lüer Wojtek:
Dirk W. Kolvenbach (Corporate Law/Project Coordination), Düsseldorf
Michael Pauli, LL.M. (Corporate Law/Project Coordination), Cologne
Dr. Katja Plückelmann (Corporate Law), Düsseldorf
Marion Sangen-Emden (Tax Law), Düsseldorf
Dr. Philip Kempermann, LL.M. (IT/Data Protection), Düsseldorf
Dr. Christoph Gringel (Supervision law), Frankfurt
Christoph Hexel (Labour law), Düsseldorf
Dr. Bodo Dehne (Investment control), Düsseldorf
Sarah Radon, LL.M. (Corporate Law), Düsseldorf
Beatrice Stange, LL.M,
Michael Vetter, LL.M. (both anti-trust law), both Düsseldorf
Tatiana Vorotnitskaya (Corporate Law), Düsseldorf
Michèle von Lewinski (Supervision law), Frankfurt