NEX Regulatory Reporting Garners FCA Approval as APA Ahead of MiFID II

APA authorization will enable the provision of an upgraded MiFID II services suite.

The countdown towards MiFID II has reached its final stages, with numerous firms providing services ahead of its implementation. Ahead of the January 3, 2018 deadline, the UK’s Financial Conduct Authority (FCA) has authorized Abide Financial as an Approved Publication Arrangement (APA) from the start of the new regime.

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NEX Regulatory Reporting is the result of the acquisition of Abide Financial back in October 2016. The group’s latest approval is an important development for NEX Regulatory Reporting, allowing it to provide an upgraded MiFID II services suite. NEX’s Regulatory Reporting arm is part of the NEX Optimisation business line, which is responsible for cloud-hosted solutions across the transaction lifecycle as well as tailored regulatory solutions for MiFID II and other regimes.

Collin Coleman, Head of NEX Regulatory Reporting, commented: “The FCA’s approval of our APA under MiFID II is an important milestone in building our multi-regime transaction reporting infrastructure and helps strengthen our position as the partner of choice for market participants’ global regulatory needs.”

APA status was also driven by client demand, given the groundswell of focus on MiFID II. The authorization builds on previous efforts, which has seen NEX Regulatory Reporting provide MiFID I services to numerous industry players such as banks, brokerage houses, hedge funds, and asset managers, among others.

Collin Coleman

The latest approval also constitutes a critical milestone for the group, which has been strengthening its MiFID II capabilities over the past year. NEX Regulatory Reporting is also eyeing approval from the European Securities and Markets Authority (ESMA) to act as an Approved Reporting Mechanism under MiFID II. The group currently is a Registered Reporting Mechanism for REMIT and a hub for EMIR.

“The use of APAs will be essential for efficient functioning under MiFID II and we strongly encourage any market participants who have not yet commenced testing to do so immediately to ensure they can continue to trade post 3 January 2018,” Mr. Coleman added.

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