TIDMIAP
RNS Number : 4036M
ICAP PLC
13 October 2016
Abide Financial ICAP
Regulatory Reporting Solutions
News Release
ICAP acquires Abide Financial
London, New York, 13 October 2016 - ICAP plc (IAP.L), a leading
markets operator and provider of post trade risk mitigation and
information services, announces today that it has acquired Abide
Financial (Abide), a market-leading global regulatory reporting
specialist.
Abide will become a subsidiary of ICAP's Post Trade Risk and
Information (PTRI) division. Collin Coleman, Abide's CEO, will
report to Jenny Knott, CEO of PTRI. Following the acquisition,
Abide will integrate its regulatory reporting hub and venues with
Traiana's connectivity and ICAP's PTRI Approved Publication
Arrangement (APA) reporting service providing PTRI's client base
with a full spectrum of integrated reporting solutions for entities
subject to regulatory regimes in Australia, Canada, Europe, Hong
Kong, Singapore, UK and the US.
Abide Financial is a market leader in the provision of
regulatory reporting technology, ensuring market participants are
compliant with evolving reporting obligations. The company acts as
a reporting hub for EMIR, Approved Reporting Mechanism for MiFID
and a Regulatory Reporting Mechanism for REMIT. Abide is currently
awaiting ESMA's approval to become a Trade Repository and is
developing its MiFiD II offering.
Founded in the UK in 2011, Abide was created as a result of the
founders' desire for a better quality of transaction reporting
service than was available. The company has offices in London and
Bristol, from where the company will continue to operate.
Please click here for a video on Abide Financial:
http://www2.icap.com/video/AbideFinancial/
Michael Spencer, Group Chief Executive Officer, ICAP said:
"Since Abide first came to our attention, we knew it was a unique
business which fitted perfectly with our strategy to serve our
clients' changing needs. They are one of a very small number of
companies who offer holistic regulatory reporting services, which
will become ever more critical as financial markets evolve. Abide
is a company with big potential and ambitions, and by capitalising
on ICAP's relationships, knowledge and resources, it can be
propelled to the next level in its growth.This acquisition
demonstrates how the team at Euclid works and how it will continue
to operate as we transition to become NEX."
Jenny Knott, CEO of PTRI, said: "The acquisition agreement with
Abide is very exciting and enhances our PTRI offering to provide
full global coverage of Dodd Frank, EMIR and MiFID II reporting.
Increased scrutiny and regulation of the financial services
industry has created significant opportunities for us at ICAP to
help companies meet new regulatory demands that many do not want to
carry out inhouse, primarily because of the cost and manpower
involved. For many of our clients it is preferable to outsource
their trade and transaction reporting requirements to ICAP and
increasing numbers are doing exactly that. Traiana and IIS already
offer routing of trades and will launch an APA, and so our
acquiring Abide is a natural extension of this to ensure a
comprehensive seamless service. I am delighted that Abide is now
part of the PTRI stable of businesses and I'm excited about what
they can and will achieve for our clients."
Collin Coleman, CEO and Founder of Abide Financial, said: "The
agreement with ICAP means that we can progress our global expansion
more quickly, more successfully and more effectively. We were a
good fit from the outset - ICAP is a very entrepreneurial company
that knows how to nurture talent and grow businesses. This
agreement means that we will have the resources to cement our
position as the partner of choice for market participants'
regulatory reporting needs globally."
The transaction has been led by Euclid Opportunities, ICAP's
investment arm focused on emerging fintech companies. Euclid made a
strategic investment in Abide in July 2015. Through Euclid, ICAP
has made a number of financial technology investments identifying
companies with platforms, business models and technologies that
have the potential to drive efficiency, transparency and scale
across the post trade lifecycle. The portfolio includes: Duco, a
data control platform; OpenGamma, an award winning risk analytics
firm; AcadiaSoft, an industry collaboration to automate collateral
management; Cloud9 Technologies, a cloud-based communication
provider; and Digital Asset Holdings, a developer of Distributed
Ledger Technology. In April 2016, ICAP acquired ENSO Financial
Analytics, a leading provider of a data analytics platform for
hedge funds and prime brokers, following previous investments by
Euclid.
Ends
Contacts:
Communications +44 (0) 20 7818
Bryony Scragg ICAP 9689
Head of Investor +44 (0) 20 7050
Alex Dee Relations 7420
Notes to Editors
About ICAP
ICAP is a leading markets operator and provider of post trade
risk mitigation and information services. The Group matches buyers
and sellers in the wholesale markets in interest rates, credit,
commodities, FX, emerging markets and equity derivatives through
voice and electronic networks. Through its post trade risk
mitigation and information services ICAP helps customers manage and
mitigate risks in their portfolios. For more information, go to
www.icap.com
ICAP announced in November 2015 that it intends to sell its
global hybrid voice broking and associated information business to
Tullett Prebon, including ICAP's associated technology and broking
platforms (including iSwap and Fusion) and certain of ICAP's joint
ventures and associate companies ("IGBB"). On completion of the
transaction with Tullett Prebon, the ICAP brand will be transferred
to Tullett Prebon and the remaining 'NewCo' business comprising of
Post Trade Risk and Informations services and Electronic Markets
will be renamed NEX Group plc.
NEX Group plc will be headquartered in London and will employ
1,600 people in offices worldwide.
About Abide Financial
The market leader in global regulatory reporting solutions,
Abide Financial manages transaction reporting for financial and
non-financial counterparties in UK, Europe and beyond to help
market participants meet MiFID, EMIR, REMIT and international
reporting obligations. Since 2010, the firm has delivered proven
technology and consultancy solutions to banks, brokerage houses,
asset managers, retail trading execution platforms and hedge funds.
Abide Financial acts as a single regulatory reporting service
provider for clients with transaction reporting needs across all
European regulatory regimes, including REMIT, as well as upcoming
regimes such as ASIC (Australia) and MAS (Singapore). For more
information on Abide Financial please visit
www.abide-financial.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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