Abide Financial is expecting to become one of the largest ARM and APA regulatory service providers under MiFID II regime
22 February 2017
London, New York – Abide Financial (Abide) 1, a NEX Group business, which provides regulatory reporting services across global regulatory regimes, has applied to become an Approved Publication Arrangement (APA) and Approved Reporting Mechanism (ARM) in order to provide enhanced MiFID II (Market in Financial Instruments Directive) services leading up to enhanced scope enforcement in January 2018. Subject to approval by the FCA, Abide is expected to become one of the three largest ARMs by processed volumes of MiFID II reportable transactions.
With billions of transaction reports submitted to regulators to date, the company is at the forefront of transaction services innovation and regulatory reporting expertise. Abide has been providing MiFID reporting services to banks, brokerage houses, hedge funds and asset managers since 2011. The application to become an APA and ARM under the enhanced MiFID II scope is largely driven by client demand.
In 2016, the company launched its highly popular accelerated on-boarding programme Proximity, designed to guide clients and prepare their data sets for full MiFID II/MiFIR compliance ahead of the go-live in January 2018. The cloud hosted technology powers an interactive user interface which equips clients with a single system to upload, visualise and report their data. Clients can view data cleansing, enrichment, validation, reporting progress, exception management and the progress of each single step using the customisable GUI environment.
As part of NEX Group, Abide has partnered with NEX Data to leverage the technology and distribution network to deliver the APA to clients that are subject to transparency reporting requirements. In addition to obtaining APA and ARM status under MiFID II, the company is also acting as a Registered Reporting Mechanism (RRM) for REMIT and a hub for European Market Infrastructure Regulation (EMIR). Pending ESMA’s approval the firm is due to become a Trade Repository for EMIR2.
Collin Coleman, CEO of Abide, said: “Becoming an ARM and APA under MiFID II is a logical step in building our all-encompassing multi-regime transaction reporting infrastructure. We have seen great client uptake of our MiFID II on-boarding Proximity programme and expect to see further growth as January of 2018 is approaching. Importantly, it strengthens our position as partner of choice for market participants’ global regulatory needs.”
Abide is a reporting partner to over 120 clients including banks, asset managers, hedge funds, brokers and trading firms and venues.
1Abide Financial has applied via its subsidiary Abide Financial DRSP Ltd.
2The firm filed Trade Repository application in November 2015
ABIDE FINANCIAL A NEX Group business. Abide Financial operates within NEX Optimisation which helps clients simplify complexity and optimise resources. For regulatory reporting clients our services focus on lowering costs, eliminating operational risk and improving regulatory reporting effectiveness. The Abide Financial Regulatory Reporting Hub is designed to ingest, determine eligibility, enrich, validate, manage exceptions, route and reconcile client data, which is reportable under various international regimes. In addition to local European regulatory environments, Abide Financial also provides specialised reporting services for entities subject to international regulatory regimes like Dodd Frank, ASIC (Australia) and MAS (Singapore). See more at abide-financial.com
NEX GROUP PLC offers customers better ways to execute trades and manage risk. Our products and services underpin the entire trade lifecycle pre-, during and post-execution. Our electronic trading platforms are industry standards. Customers use our lifecycle management and information services to optimise portfolios, control risk and reduce costs. We partner with emerging technology companies to bring greater efficiency, transparency and scale to the world’s capital markets. NEX is headquartered in London with offices worldwide. Go to nex.com for more information.