Trax, formerly Xtrakter, is a fixed income market utility that has been operating successfully since 1985. In May 2014 the company rebranded to Trax, consolidating the full suite of company products and services under one new visual identity.

Since its foundation the company has been a cornerstone for data and risk reduction services in the fixed income market.

Xtrakter was established in 1985 as AIBD (Systems and Information) Ltd. The company provided market services solely to the Association of International Bond Dealers (AIBD) and its member firms.

With the subsequent development of Xtrakter's OTC trade matching and regulatory reporting system in 1989 - now known as Trax Match and Trax Report respectively - the company expanded its service offerings to all firms operating in the capital markets in addition to AIBD members.

In 1991 AIBD (Systems and Information) Ltd changed its name to International Securities Market Association (ISMA) Ltd to reflect the changes in its service offerings, wider client base and the change in name by its parent company.

Over the next 10 years the company increased its market share and expanded the services it offered clients. In 2005 ISMA Ltd changed its name to International Capital Market Association (ICMA) Ltd, to coincide with the merger between its parent company and the International Primary Market Association (IPMA).

In 2008 ICMA Ltd changed its name to Xtrakter Ltd, as part of the separation between the company and the International Capital Market Association (ICMA). This separation allowed the company to offer more cost-effective trade reporting services and a wider range of products to the market. In April 2009 Xtrakter was acquired by Euroclear SA/NV.

In February 2013 Xtrakter Ltd. became a wholly owned subsidiary of MarketAxess Holdings Inc., the operator of a leading global fixed income electronic trading platform. The company began trading as Trax in May 2014.