Abide Financial Acquisition Yields New NEX Regulatory Reporting Solution

The new compliance solution from NEX is a direct result of its Abide Financial acquisition into MiFID II reporting.

NEX Group has added a new compliance-focused product to its NEX Optimisation solution. NEX Regulatory Reporting is the result from the acquisition of Abide Financial back in October 2016. The deal was announced while the name of the new group was still ICAP and followed investments on the part of ICAP in 2015.

NEX Regulatory Reporting is led by the CEO of Abide Financial, Collin Coleman. The product combines in-breed services under a single umbrella to deliver a one-in-all reporting solution.

Commenting on the launch, Coleman explains: “Clients will benefit from seamless processing of large data volumes under multiple regulatory regimes and transparent delivery of final reports to regulators via a suite of in-house regulatory end points. We will also continue to deliver the high level of service which our clients recognise us for.”

Abide Financial is the partner of choice for reporting solutions to more than 120 institutional clients spanning across banks, asset managers, hedge funds, brokers and trading firms and venues.

Cross Asset and Cross Jurisdiction Solution ahead of MiFID II

NEX Regulatory Reporting is delivering a solution that is relevant irrespective of the regulation and the asset class mix of companies. With the MiFID II regulatory overhaul in Europe approaching, a number of companies are ramping up their offerings.

The acquisition of Abide Financial by NEX Group is a major step for the company to deliver to its clients an end to end suite of products. From electronic trading to compliance automation, many clients in the industry are facing substantial changes that have taken place in a relatively short period of time.

Abide operates multiple approved regulatory end points. It is an Approved Reporting Mechanism (ARM) under MiFID I, and has filed an application to be an ARM and an Approved Publication Arrangement (APA) for MiFID II.

The product is also a Registered Reporting Mechanism (RRM) for the Regulation of Wholesale Energy Market Integrity and Transparency (REMIT). It also aggregates reports for European Market Infrastructure Regulation (EMIR). Asian derivatives reporting to the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS) are also supported.

The company has also filed an application to become a trade repository for European Market Infrastructure Regulation (EMIR).

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