Abide Financial Ltd, a financial provider in global regulatory reporting solutions, has appointed James Bray as its new Director, following the departure of Joanna Davies. According to UK Companies House’s website, the filling was made on July 13, and the British registrar cleared it of companies on Wednesday.
The firm is listed as a London-based financial services provider founded in 2011, which was acquired on October 13, 2016, by NEX Group, now branded as NEX Regulatory Reporting after the acquisition. “NEX Regulatory Reporting is a business area operating within NEX Optimisation. Through our multi-regime reporting hub, regulatory obligations are translated into future proof compliant solutions while our specialist advisory teams interpret the impact of evolving markets regulation relating to trade and transaction reporting,” a description on the firm’s LinkedIn profile noted.
As of press time, there is no official statement or announcement from Abide Financial about Bray’s appointment. Also, there are no details on Davies’ departure. However, UK Companies House’s fillings specified that Bray is a British national born in 1980. “The company confirms that the person named has consented to act as a director,” the document reads. On Davies, the Termination of a Director Appointment document says Davies’ relationship with the firm ended on July 13.
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NEX Group Recent Financial Annual Results
Finance Magnates reported in June that NEX Group, a wholly-owned indirect subsidiary of CME Group, unveiled its annual financials for 2020, ending on December 31, highlighting some substantial losses. It made a loss of $1.9 million in the year, coming down from a profit of $557,000 generated in 2019.
Though the company generated significantly higher income, massive administrative costs have sunk it into losses. The company spent $3.1 million on its administrative costs, compared to only $99,000 in the previous year. Furthermore, the balance sheet of the company shows that the net assets held by the company declined from $92.66 million in 2019 to $90.7 million in 2020.