ICAP plc (LON:IAP), markets operator and provider of post trade risk mitigation and information services, has just announced a strategic investment in Abide Financial, an international regulatory reporting specialist. The investment will enable Abide Financial to continue with its expansion.
Abide Financial, established in 2011, acts as a reporting hub for EMIR, Approved Reporting Mechanism (ARM) for MiFID and Regulatory Reporting Mechanism (RRM) for REMIT. The company also offers specialised reporting services to entities subject to international regulatory regimes such as Dodd Frank, ASIC (Australia) and MAS (Singapore).
ICAP has made the strategic investment via Euclid Opportunities, its early stage funding program which supports innovative financial technology firms in the areas of post-trade risk management, data and financial market applications. Euclid Opportunities is a part of the post trade division of ICAP, which also comprises TriOptima, Traiana, Rematch, Reset and ICAP Information Services.
Steve Gibson, Managing Director of Euclid Opportunities, said: “An increasing number of financial services companies are looking for effective ways to optimise their post trade reporting capabilities, we believe the opportunity for Abide Financial is significant. Their clients have spoken to us about the high regard they have for Abide Financial’s expertise, product quality and service levels, which they are now able to expand globally. We look forward to supporting Abide through the next stage of their development.”
Colin Coleman, CEO and Founder of Abide Financial, said:
“We are delighted to have ICAP plc as one of our investors. This investment allows us to expand our reach and strengthen our position as the partner of choice for all of the market participants’ transaction reporting needs internationally. Most importantly this investment contributes to a crucial growth stage of Abide and helps us scale operations at a faster rate. Significantly, ICAP will also be our client, and Abide will manage their MiFID, EMIR and, on behalf of their clients, REMIT reporting obligations.”
To view the official pres release by ICAP, click here.