ICAP Acquires Abide Financial
October 13 2016 - 8:30AM
Business Wire
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.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161013005195/en/
ICAPCommunicationsBryony Scragg, +44 (0) 20 7818
9689orIntermarket CommunicationsStephanie DiIorio, +1 212 754
5181orICAPHead of Investor RelationsAlex Dee, +44 (0) 20 7050
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