Abide Financial, an independent global transaction reporting specialist, has applied to the European Securities and Markets Authority (ESMA) to become a Trade Repository under EMIR (European Market Infrastructure Regulation), according to an Abide Financial statement.
The process is pending a lengthy review by ESMA, which upon completion is expected to make Abide Financial one of the three largest Trade Repositories by processed volumes of EMIR reportable transactions. Approval is subject to a number of technical standards, as stipulated by ESMA, which detail policies, processes, and systems that need to be in place to manage such a large collection of derivatives records.
Abide Financial’s bid to pursue a Trade Repository is largely driven by client demand for an end-to-end EMIR reporting solution. In addition, Anthony Arnold, Abide’s Regulatory and Operational Compliance Director and Jo Hide, the group’s Operations Director, are each managing the application process and upon approval will oversee Abide Financial’s Trade Repository.
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According John Abel, Founding Director of Abide Financial and the Chief Executive Officer of the Trade Repository, in a recent statement to Finance Magnates on the process, “We see the application and approval process under ESMA as one of our central strategies to becoming a multi-asset transaction reporting resources that are all under one roof.”
“Many competitors say they are independent but rely on third parties. However, by offering services in-house to global clients and being an independent service provider, we will possess an end-to-end reporting regime that can control the service boundary for clients. This is very important for our customers given the initial clarification needed surrounding the passage of new legislation comes as there are many questions that clients want answers to and service is the quite often the first thing to suffer during these periods,” Mr. Abel added.
“Abide Financial’s quest to become a Trade Repository is the logical final step in building our all-encompassing multi-regime transaction reporting infrastructure. Under our direct control, the Trade Repository will enable us to deliver a high quality, seamless single-point reporting solution for a global client base. We also have a very strong team of people with extensive expertise in managing trade repository operations in the past, who are charged with delivering market-leading Trade Repository service development,” noted Mr. Abel.