Abide Financial, the market-leading global transaction reporting specialist, announces today that it has been selected by ICAP Energy, the energy business of ICAP plc, as its regulatory reporting partner for transactions subject to new REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) legislation.
All market participants trading wholesale energy products are affected by new REMIT transaction reporting obligations from October 2015. As an Organised Market Place (OMP) under REMIT legislation, ICAP Energy Ltd will, through its partnership with Abide Financial, offer its user base enhanced regulatory reporting services. ICAP Energy customers will have the option to delegate REMIT obligations to the company to report on their behalf via Abide Financial’s market-leading regulatory reporting hub. Abide will be able to act as a Registered Reporting Mechanism (RRM) to process REMIT-eligible transactions on behalf of ICAP Energy customers to ACER (Agency for the Cooperation of Energy Regulators). Abide Financial will also support ICAP Energy in the delivery of regulatory-compliant reportable transaction data to other customer-nominated RRMs for onward transmission to ACER.
Customers electing to report REMIT-eligible transaction and counterparty data via Abide Financial will benefit further from its specialist, multi-asset, regulatory data validation and enrichment expertise and global transaction processing capabilities. Abide Financial reporting solutions enable customers to update reportable data with additional information (including post-trade events) and to fulfil broader, multi-asset, regulatory reporting obligations mandated by MiFID and EMIR regulation in Europe, and other regulatory jurisdictions globally.
Chris Bates, Founding Director of Abide Financial, said: “We are delighted to be ICAP Energy’s regulatory reporting partner and to be able to deliver a highly efficient, full service solution to manage an evolving, multi-asset, European regulatory reporting burden. We look forward to working with the company to deliver high quality transaction reporting processes and to alleviate the burden of REMIT regulatory reporting and beyond, for its customers.”
Graham Francis, Managing Director of EMEA Energy and Commodities, ICAP Energy Ltd said: “Abide’s focus on regulatory reporting and effective combination of specialist knowledge, proven and robust reporting technologies and global routing capabilities make them an ideal partner to manage the regulatory reporting obligations contained in REMIT. This solution offers our customers optionality. Customers contracting directly with Abide will benefit from its specialist expertise in compliance-assured and future-proofed transaction reporting services. Our partnership with Abide will also support us to facilitate any other desired customer workflows for REMIT reporting”.
ICAP Energy is the leading wholesale energy broker, voted Overall Broker of the Year in the 2015 Energy Risk Commodities Rankings (for the 10th consecutive year). Abide Financial is a specialist provider of regulatory reporting consultancy and managed services to clients subject to evolving reporting regulation. It is an ARM (Authorised Reporting Mechanism) for MiFID reporting, regulated by the FCA, and a market-leading EMIR reporting hub. As an authorised RRM offering REMIT reporting services, its compliance-assured, enhanced trade and transaction reporting services will meet all European post-trade regulatory reporting obligations for financial industry participants.