French Financial Transactions Tax Service Added to Abide Financial’s Portfolio

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A new service designed to help firms calculate Financial Transactions Tax due, and provide support in managing the application of the process.

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this approach is especially important in helping liable firms deal with compressed timelines

Abide Financial (Abide) announce a new French Financial Transactions Tax (FTT) post-trade service, designed to automate the calculation of institutions’ liability for this tax, which has been brought into effect on August 1st 2012.

The service works with front or back-office trade data and reference data to identify transactions subject to the tax and to generate the relevant statutory reports. The service can also reconcile its calculations against other systems and data sources in use at any brokerage or trading firm.

Abide’s services are built around TransacPort; a powerful platform that has the ability to extract and manipulate data from any source and perform various validation, reconciliation and bespoke reporting functions as demanded by the client.

“At a time when the compliance burden continues to intensify for institutions, we have focussed the capabilities of TransacPort on this latest regulatory hurdle”, commented Chris Bates, Commercial Director of Abide.

The key attributes of TransacPort are the speed with which Abide can deploy the service in a client’s environment and the flexibility in the types of data sources that can be accessed, analysed and reported on by the platform.

Abide delivers TransacPort capabilities using their rapid deployment methodology, reducing time to initiate their services and delivering the benefits to the client quickly, but ensuring all aspects of the project are delivered to expectation.

“We believe in being simple and straightforward to deal with from day one, further reducing the time to realise the operational and absolute cost benefits of using Abide. For the FTT requirement, this approach is especially important in helping liable firms deal with compressed timelines", added Bates.

Abide has invested in the best delivery capability to meet market demands and is presently deploying the service with a number of firms.

About Abide Financial

Abide Financial provides a functionally rich transaction reporting and post trade processing platform, delivered via a fully managed service, combined with a regulatory compliance advisory capability.

They are approved by the FSA for Transaction reporting ISIN, OTC and Aii transactions and are continuing to build their client base.

For enquiries please contact info(at)abide-financial(dot)com or call 0207 6644340

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