Icap buys company Trade Reporting Abide
Icap CEO Michael Spencer to Abide: “A unique company that our strategy fits perfectly”
said I cap in a statement on October 13 that it had acquired Abide, regulatory reporting services for banks and trading platforms provides. Abide was also applied to the European Securities and Markets Authority to be an approved trade repository.
Spencer, ICAP Group Chief Executive, said that the performance of Abide “are increasingly becoming critical as the financial markets to develop.”
Financial details were not disclosed. Icap acquired in 2015 a minority stake in the company
The acquisition was conducted by ICAP FinTech Division Euclid opportunities that had a busy week. On October 5, it was to take for derivatives trading among companies on a $ 13.3 million financing round for London-based company FinTech Open Gamma, an open source analysis and risk management platform.
A week later, on October 12, I cap and other financial companies a $ 30 million investment in Cloud9 Technologies, which provides a cloud-based desktop service for estate agents to revise their traditional telephone-based trading systems.
The acquisition underscores focus Icap on post-trade services market infrastructure as they finalized the sale of its voice-broking business Tullett Prebon. It is rebranding as Nex group after this sale, a business centered around EBS BrokerTec, an important electronic trading platform business for currencies and fixed income; a post-trade risk and information, or PTRI Division; and FinTech Investor Euclid opportunities. Abide is a part of PTRI group.
the deal Icap particular are a strong position in the previously obscure world of communications, an area that has been found on an enhanced status since the crash of 2008. Since then, the global regulators swap transactions have to be reported forced newly created trade repositories.
reporting requirements under the revised version of the markets are improved in the EU in Financial Instruments Directive, coming into effect in 2018. MiFID II will expand the scope of the trade and transaction reports on equities to other asset classes – including OTC deals – and they will be sent each newly created authorized publication and approved reporting mechanisms that already exist. The rules also place the obligation for the first time under certain circumstances to report on the buy side.
Abide and agreement to seek to be a trade repository, an ARM under MiFID I and Energy Reporting Agent has already been approved. It is also developing its MiFID II deal, it said in the statement today. Icap PTRI said in March 2016 that it intends to establish an APA in the first quarter of 2017.
Jenny Knott, CEO of PTRI Division I cap, said: “Increased control and regulation of the financial services industry has created for us at Icap significant ways companies take to help new regulatory requirements that many do not want to carry out in-house, mainly because the cost and labor involved. For many of our customers, it is preferable, its trade and transaction reporting requirements Icap and outsource increasingly doing just that. “
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Our Source: http://www.efinancialnews.com/story/2016-10-13/icap-acquires-abide-trade-reporting?mod=rss-fintech
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