Abide Financial, a market leading global transaction reporting specialist, has applied to become a Trade Repository under EMIR (European Market Infrastructure Regulation). Subject to approval by ESMA (European Securities and Markets Authority), Abide Financial is expected to be among the largest three Trade Repositories by processed volumes of EMIR reportable transactions.
The application to become a Trade Repository is largely driven by client demand for an end-to-end EMIR reporting solution, where Abide Financial will provide absolute transparency of the reporting process. Transparency is becoming an ever increasingly important element of the service, driven by regulators’ interrogation of EMIR reporting accuracy and completeness.
Founded in 2011, Abide Financial is already at the forefront of transaction reporting innovation. The firm is becoming one of the few true end-to-end reporting solution providers in the market, serving institutional clients subject to multiple and changing transaction reporting regimes. In addition to applying for Trade Repository status for EMIR reporting, the firm is also an Approved Reporting Mechanism (ARM) for MiFID and a Registered Reporting Mechanism (RRM) for REMIT. It is in the process of launching its accelerated client on-boarding programme for MiFID II/MiFIR compliance from the January 2017 implementation date.
The firm has achieved organic revenue growth of over 90 per cent year-on-year since commencing trading and is positioned for a strong start to 2016.
John Abel, Founding Director of Abide Financial and the Chief Executive Officer of the Trade Repository, said: “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.”
Anthony Arnold, Regulatory and Operational Compliance Director, and Jo Hide, Operations Director, are managing the application process and will oversee Abide Financial’s Trade Repository. Jo joined Abide from CME Group’s EMIR Trade Repository and worked previously at the London Stock Exchange’s UnaVista Trade Repository. Anthony also joined Abide from CME Group where he was formerly Head of Product and Operations of the EMIR Trade Repository, and previously a Senior Director for CME’s Clearing Solutions and Services.
Abide Financial is a reporting partner to a range of institutional entities including BNP Paribas, ICAP, CMC Markets, Instinet Nomura, Saxo Bank to name just a few.