In a move to set new standards for MiFID II transaction reporting compliance in the financial industry, the publicly listed broker CMC Markets has announced a new partnership with AQMetrics, a regulatory technology provider.

CMC and AQ Metrics Join Forces on Regulatory Compliance

The partners will bring together AQMetrics' compliance solutions and CMC Markets' market leadership, introducing an enhanced customer support model and advanced technology features. These efforts seek to simplify regulatory complexity for financial institutions navigating evolving reporting obligations .

"AQMetrics brings a wealth of knowledge to the table, ensuring that CMC Markets and its clients stay ahead of regulatory changes and requirements," affirmed Adam Harris, the Regulatory Reporting Manager at CMC Markets.

"AQMetrics has demonstrated robust regulatory expertise, aligning seamlessly with CMC Markets' commitment to compliance excellence."

The partnership reflects increasing demands for financial services firms to have robust, user-friendly compliance systems. As regulations become more complex, many institutions struggle with manual reporting processes. AQMetrics' customizable dashboards and real-time monitoring promise to alleviate these pain points.

"Both CMC Markets and AQMetrics are confident that this partnership will set new industry standards for MiFID II Transaction Reporting," said Olivier Halimi, the General Manager of AQMetrics.

With collaboration and technology taking center stage, the partners envision more automated and streamlined regulatory compliance in the future.

CMC Markets Lifts Income Forecasts

CMC recently issued an upbeat trading update for its 2024 financial year (FY24) ending 31 March 2024. The company now expects to generate net operating income of between £290 and 310 million for FY24, raised from its previous guidance of £250 and 280 million. This latest forecast comes after CMC Markets delivered a strong performance in the third quarter of FY24, driven by an improvement in market conditions and increased contribution from its B2B and institutional business.

The revised guidance follows a weak first half for CMC Markets in FY24. For H1 FY24, the company reported a year-over-year decline of 20% in net operating revenue to £122.6 million, which included a pre-tax loss of £2 million and negative basic earnings per share of 0.8 pence. The trading net revenue, a major contributor to total operating revenue, decreased 32% to £87.4 million.

Despite the downturn in the first half, CMC Markets has benefited from long-term investments in its B2B and institutional business, which helped drive robust growth in Q3. This rebound in performance and forecasts should help slightly improve recent sentiment after the earlier cut in guidance led to a stock price decline and hit investor confidence.

Meanwhile, CMC Markets is focusing growth efforts on the Asia-Pacific region. The company recently appointed Kurt Mayell as the Head of CMC Markets Singapore, bringing him over from the sister APAC entity. In his new role, Mayell will spearhead the expansion of CMC's CFD business in Singapore where the company has offered these derivatives since 2017 under regulation from the Monetary Authority of Singapore.