London-based Abide Financial, a leading regulatory reporting specialist with backing from ICAP Plc, has been chosen by XTX Markets to manage its compliance and transaction reporting obligations across multi-asset, multi-regime reporting channels.
Abide Financial will act as the managed service reporting partner for XTX Markets in order to handle its transaction reporting across multiple asset classes, according to a corporate announcement.
XTX Markets transacts in equities, as well as in fixed income, currency, and commodities (FICC), and Abide will provide multi-asset reporting across various regulatory regimes where the company has reporting obligations.
This synergy will help XTX meet its reporting obligations under EMIR, MIFID/MIFIR, SFTR and other regulatory regimes, thanks to support from Abide Financial’s solutions. The news follows after XTX Markets’ appointing Jigar Patel to head its commodities division, as announced in the prior quarter – just before the company made another key hire from RBS.
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Abide doesn’t just provide a transaction processing conduit but a fully managed and end-to-end solution.
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Fully managed reporting solution
As a leading global Spot eFX liquidity provider, XTX Markets has risen over the years to acquire market share among top FX providers, as reported by Finance Magnates in prior related articles.
The firm describes itself as a quantitative-driven electronic market-maker that partners with counter-parties, exchanges and venues globally. In addition, Abide Financial had also strengthened its position including with help from ICAP Plc which invested in the company last year.
Commenting in a corporate statement regarding the announcement, Mike Irwin, Chief Operating Officer of XTX Markets, said: “We appointed Abide Financial as our reporting partner because of its specialised focus on transaction reporting. Abide doesn’t just provide a transaction processing conduit but a fully managed and end-to-end solution.”
Mr. Irwin added: “Its strategy to own the complete reporting lifecycle (as an ARM and TR) was also a key differentiator in our decision-making process.”
Abide Financial CCO and founder, Chris Bates, said in a corporate statement regarding the synergy: “We are delighted to be XTX Markets’ reporting partner and to deliver a transaction reporting service that will provide complete peace of mind, allowing them to focus on their core business, rather than this particular part of the regulation. XTX Markets wants a holistic approach to reporting and Abide’s multi-regime reporting services provides just that.”