Abide Financial Moves Ahead with Plans to Become Trade Repository

Abide Financial, an independent global transaction reporting specialist, has applied to the European Securities and Markets Authority (ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term) to become a Trade Repository under EMIR (European Market Infrastructure Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term), according to an Abide Financial statement.

The process is pending a lengthy review by ESMA, which upon completion is expected to make Abide Financial one of the three largest Trade Repositories by processed volumes of EMIR reportable transactions. Approval is subject to a number of technical standards, as stipulated by ESMA, which detail policies, processes, and systems that need to be in place to manage such a large collection of derivatives records.

Abide Financial’s bid to pursue a Trade Repository is largely driven by client demand for an end-to-end EMIR reporting solution. In addition, Anthony Arnold, Abide’s Regulatory and Operational Compliance Director and Jo Hide, the group’s Operations Director, are each managing the application process and upon approval will oversee Abide Financial’s Trade Repository.

According John Abel, Founding Director of Abide Financial and the Chief Executive Officer of the Trade Repository, in a recent statement to Finance Magnates on the process, “We see the application and approval process under ESMA as one of our central strategies to becoming a multi-asset transaction reporting resources that are all under one roof.”

“Many competitors say they are independent but rely on third parties. However, by offering services in-house to global clients and being an independent service provider, we will possess an end-to-end reporting regime that can control the service boundary for clients. This is very important for our customers given the initial clarification needed surrounding the passage of new legislation comes as there are many questions that clients want answers to and service is the quite often the first thing to suffer during these periods,” Mr. Abel added.

“Abide Financial’s quest to become a Trade Repository is the logical final step in building our all-encompassing multi-regime transaction reporting infrastructure. Under our direct control, the Trade Repository will enable us to deliver a high quality, seamless single-point reporting solution for a global client base. We also have a very strong team of people with extensive expertise in managing trade repository operations in the past, who are charged with delivering market-leading Trade Repository service development,” noted Mr. Abel.