CME will close Abide Financial and NEX Regulatory Reporting, as well as the Repositories by November 30, 2020.
CME Group has revealed to Finance Magnates that it will be winding down its Abide Financial and NEX Regulatory Reporting businesses, as well as its European and Australian Trade Repositories by the 30th of November, 2020.
In a statement provided to Finance Magnates, CME Group said that having evaluated its business portfolio following the acquisition of NEX Group in November of 2018, it has decided to close down the operations of part of its regulatory services.
Although the CME Group will be closing down its European and Australian Trade Repositories, it will retain its United States (CFTC) Swap Data Repository and its Canadian Trade Repository services.
“During the coming months, CME Group will work closely with all clients and regulators to ensure a smooth transition and an orderly wind down of the impacted services,” the statement from CME Group said.
The Australian CME Trade Repository is licensed by the Australian Securities and Investments Commission (ASIC) to operate as a Trade Repository for foreign Exchange , commodities, credit, equity and interest rate asset classes. The European Repository is regulated by the European Securities and Markets Authority (ESMA) and covers all asset classes.
CME Repositories have been a key industry player
In response to the news that CME Group will be closing down certain repositories, Sophie Gerber, principal of legal firm Sophie Grace and the co-CEO of TRAction Fintech said to Finance Magnates: “It’s disappointing that the market is losing a piece of key regulatory infrastructure at a time of such global turmoil.
“TRAction have been in the market since early 2015 and the participation of CME repository along with its regulatory reporting arm known as Abide and then NEX have been a key industry player that we have learnt from.
“As regulatory reporting is becoming so heavily scrutinised by ASIC and ESMA now, TRAction will ensure any clients seeking transition will be well supported by our offices in London, Sydney and Cyprus along with our client base that already includes over 80 firms.
“We hope not to see any further casualties of firms that provide support to so many brokers for this key compliance obligation.”
“Clients will be worried about consistency of trade reporting in the transfer process, especially during Covid. Key challenges to sourcing alternative reg reporting solutions including needing to figure out if they can use existing data format alongside whatever additional services are in place (validation etc), personal data management etc.,” RegTech vendor Cappitech told Finance Magnates.
“There’s a procurement and commercial challenge alongside the technical challenge. There will be nuances for different regimes eg EMIR where they’ll need to port all positions, not just open ones. Obviously, a vendor that already has connections and relationships with both CME and other TRs will be important/easier. Also, the less the data has to be manipulated on the client side (because a vendor can take existing data and transform it) the better,” a Cappitech partner added.
CME Group has revealed to Finance Magnates that it will be winding down its Abide Financial and NEX Regulatory Reporting businesses, as well as its European and Australian Trade Repositories by the 30th of November, 2020.
In a statement provided to Finance Magnates, CME Group said that having evaluated its business portfolio following the acquisition of NEX Group in November of 2018, it has decided to close down the operations of part of its regulatory services.
Although the CME Group will be closing down its European and Australian Trade Repositories, it will retain its United States (CFTC) Swap Data Repository and its Canadian Trade Repository services.
“During the coming months, CME Group will work closely with all clients and regulators to ensure a smooth transition and an orderly wind down of the impacted services,” the statement from CME Group said.
The Australian CME Trade Repository is licensed by the Australian Securities and Investments Commission (ASIC) to operate as a Trade Repository for foreign Exchange , commodities, credit, equity and interest rate asset classes. The European Repository is regulated by the European Securities and Markets Authority (ESMA) and covers all asset classes.
CME Repositories have been a key industry player
In response to the news that CME Group will be closing down certain repositories, Sophie Gerber, principal of legal firm Sophie Grace and the co-CEO of TRAction Fintech said to Finance Magnates: “It’s disappointing that the market is losing a piece of key regulatory infrastructure at a time of such global turmoil.
“TRAction have been in the market since early 2015 and the participation of CME repository along with its regulatory reporting arm known as Abide and then NEX have been a key industry player that we have learnt from.
“As regulatory reporting is becoming so heavily scrutinised by ASIC and ESMA now, TRAction will ensure any clients seeking transition will be well supported by our offices in London, Sydney and Cyprus along with our client base that already includes over 80 firms.
“We hope not to see any further casualties of firms that provide support to so many brokers for this key compliance obligation.”
“Clients will be worried about consistency of trade reporting in the transfer process, especially during Covid. Key challenges to sourcing alternative reg reporting solutions including needing to figure out if they can use existing data format alongside whatever additional services are in place (validation etc), personal data management etc.,” RegTech vendor Cappitech told Finance Magnates.
“There’s a procurement and commercial challenge alongside the technical challenge. There will be nuances for different regimes eg EMIR where they’ll need to port all positions, not just open ones. Obviously, a vendor that already has connections and relationships with both CME and other TRs will be important/easier. Also, the less the data has to be manipulated on the client side (because a vendor can take existing data and transform it) the better,” a Cappitech partner added.
BGC Group Secures Backing from Global Banks for New $600M Trading Platform
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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