ICAP Energy, the energy affiliate of ICAP plc has partnered with transaction reporting specialist, Abide Financial, integrating its regulatory reporting capabilities for the new REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) legislation, according to a recent report from Automated Trader.
Since October 2015, all market participants engaging in wholesale energy products are affected by new REMIT transaction reporting obligations. In particular, as an Organized Market Place (OMP) under REMIT legislation, ICAP Energy Ltd will be offering its user-base regulatory, reporting services, via the accord with Abide Financial.
As a result of the service agreement, ICAP Energy customers will now have the option to appropriate REMIT obligations to a respective company to report on their behalf via Abide Financial’s regulatory reporting hub.
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According to Chris Bates, Founding Director of Abide Financial, in a recent statement on the integration, “We are delighted to be ICAP Energy’s regulatory reporting partner and to be able to deliver a highly efficient, full service solution to manage an evolving, multi-asset, European regulatory reporting burden. We look forward to working with the company to deliver high quality transaction reporting processes and to alleviate the burden of REMIT regulatory reporting and beyond, for its customers.”
“Abide’s focus on regulatory reporting and effective combination of specialist knowledge, proven and robust reporting technologies and global routing capabilities make them an ideal partner to manage the regulatory reporting obligations contained in REMIT. This solution offers our customers optionality,” added Graham Francis, Managing Director of EMEA Energy and Commodities, ICAP Energy Ltd, in an accompanying statement.
“Customers contracting directly with Abide will benefit from its specialist expertise in compliance-assured and future-proofed transaction reporting services. Our partnership with Abide will also support us to facilitate any other desired customer workflows for REMIT reporting,” Francis concluded.