Reporting service provider Abide Financial has applied to the Financial Conduct Authority (FCA) to set up new services that will assist market participants with their transaction and trade reporting obligations ahead of Mifid II.
Abide launched an accelerated on-boarding program called Proximity last year, which guides and prepares its clients to adjust to the new requirements coming into effect in January 2018.
The cloud-hosted technology powers an interactive user interface, giving clients a single system to upload, visualize and report their data. They can also view data cleansing, enrichment, validation, reporting progress, exception management and the progress of each single step using the customizable graphical user interface (GUI).
In addition to obtaining Approved Publication Arrangement (APA) and Approved Reporting Mechanism (ARM) status under Mifid II, the vendor is also acting as a Registered Reporting Mechanism (RRM) for Remit and a hub for European Market Infrastructure Regulation (EMIR).
IBM makes headway with blockchain and encryption services; the FCA's Stephen Hanks says firms need to make decisions about their ARMs and APA providers soon.Subscribe to Weekly Wrap emails