Icap has acquired
Abide Financial, a regulatory reporting specialist with the intention of the
company becoming a subsidiary of its Post Trade Risk and Information (PTRI)
division, with Collin Coleman, Abide’s CEO, reporting to Jenny Knott, CEO of
PTRI.

Following
the acquisition, Abide will integrate its regulatory reporting hub and venues
with Traiana’s connectivity and Icap’s PTRI Approved Publication Arrangement
(APA) reporting service providing PTRI’s client base with a full spectrum of
integrated reporting solutions for entities subject to regulatory regimes in
Australia, Canada, Europe, Hong Kong, Singapore, UK and the US.

Abide
Financial acts as a reporting hub for EMIR, is an Approved Reporting Mechanism
for MiFID and a Regulatory Reporting Mechanism for REMIT. It is currently
awaiting ESMA’s approval to become a Trade Repository and is developing
its MiFiD II offering.

“Since
Abide first came to our attention, we knew it was a unique business
which fitted perfectly with our strategy to serve our clients’ changing
needs,” says Michael Spencer, group CEO of Icap. “They are one of a very
small number of companies who offer holistic regulatory reporting services,
which will become ever more critical as financial markets evolve. Abide is a
company with big potential and ambitions, and by capitalising on Icap’s
relationships, knowledge and resources, it can be propelled to the next level
in its growth. This acquisition demonstrates how the team at Euclid works
and how it will continue to operate as we transition to become NEX.” 

Knott adds,
“The acquisition agreement with Abide is very exciting and enhances our PTRI
offering to provide full global coverage of Dodd Frank, EMIR and MiFID II
reporting. Increased scrutiny and regulation of the financial
services industry has created significant opportunities for us at Icap
to help companies meet new regulatory demands that many do not want
to carry out in house, primarily because of the cost and manpower involved. For
many of our clients it is preferable to outsource their trade and transaction
reporting requirements to Icap and increasing numbers are doing exactly that.
Traiana and IIS already offer routing of trades and will launch an APA, and so
our acquiring Abide is a natural extension of this to ensure a comprehensive seamless
service.”

Colin_lambert@profit-loss.com

Twitter
@lamboPnL

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@Profit_and_Loss

Colin Lambert

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