Abide Financial has launched a strategic partnership with Corvil to provide a new precision timestamped transaction reporting solution that helps meet the requisite compliance requirements associated with the upcoming MiFID II legislation and other international regulations, per an Abide Financial statement.
Abide Financial is a provider of regulatory reporting solutions, while for its part Corvil is a real-time data analytics company that caters to a multitude of financial markets. The nature of the new partnership is aimed at delivering end-to-end transaction reporting and reconciliation solutions in order to better prepare market participants for the upcoming tranche of international regulatory changes, i.e. MiFID II.
More specifically, this targets reporting parties across such jurisdictions as the UK, Europe, the USA, Canada, Australia, and others in a bid to help mitigate risk, whereby achieving more streamlined compliance measures. The regulatory environment has never been more uncertain in the UK and abroad, notwithstanding the recent finality surrounding the Brexit referendum. Even in the US, presumptive Republican nominee Donald Trump has eyed Dodd Frank legislation as a key barrier he would like to revoke.
Separating Yourself From the Pack in a Mature FX IndustryGo to article >>
The partnership is important as it helps provide a number of market participants and users with an aggregated solution for trade transaction data, normalization, and reporting reconciliation. Both Corvil and Abide Financial have worked together to help engineer the solution based on an end-to-end multi-regime reporting service.
According to David Murray, Chief Business Development Officer at Corvil, in a recent statement on the partnership: ‘We are excited to bring our innovative, proven technology to this collaboration with Abide Financial to provide clients with a robust, complete solution for faster, easier compliance with various regulatory requirements, including those of MiFID II.”
“Regardless of the outcome of negotiations between the UK Government and EU Commission, Abide Financial remains perfectly positioned to ensure that reporting parties subject to international regulatory regimes meet their compliance obligations. This partnership truly demonstrates that Abide Financial doesn’t just provide a transaction processing conduit, but a fully managed and end-to-end regulatory reporting service that brings significant benefits and future proof assurance to our clients,” noted Chris Bates, Chief Commercial Officer at Abide Financial, in an accompanying statement.
Corvil made headlines late last month after it launched an event timestamping solution, App Agent, its latest rollout that helped promote compliance reporting for MiFID II and other regulatory regimes.