Schneider Trading Associates implement Abide Financial's Transaction Reporting Platform

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Abide Financial implements TransacPort ARM+ using native trade data from 8 office systems.

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Abide’s ability to rapidly deploy TransacPort ARM + into our complex, multiple asset class environment was a key motivation in choosing them

Schneider Trading Associates Limited (STA) selected Abide Financial Limited (Abide) as their Approved Reporting Mechanism(ARM) for their transaction reporting in Quarter 1 of 2012.

STA chose Abide’s service in order to reduce their reporting costs substantially as well as to realise further significant cost savings by removing significant operational burden in preparing and validating reports due for submission.

Abide was able to accept native trade data from 8 different front office systems to prepare a single transaction reporting feed capable of validation and then submission to the FSA.

“Abide’s ability to rapidly deploy TransacPort ARM + into our complex, multiple asset class environment was a key motivation in choosing them”, commented Sonny Schneider. “Not only did the roll out proceed without a hitch, but their approach had the additional benefit of freeing up the time of our operational staff and reducing our direct reporting costs by 40%” continued Schneider.

Abide are using a combination of bespoke business logic and comprehensive reference data to generate transaction reports based on STA’s trade data that are fully compliant with the requirements outlined in SUP 17 and TRUP v3. This is backed up by Abide’s proactive managed service approach and advisory service to help STA identify and resolve any issues in the reporting process.

Abide’s service to STA also includes a bespoke transaction reporting reconciliation service, giving them full end to end visibility of their reporting process to ensure on-going compliance with their transaction reporting obligations.

Speaking about the deal, Collin Coleman, Managing Director of Abide enthused: “It was encouraging to see Schneider recognise the enhanced value that our unique service approach could give them versus the alternatives. The fact that we took significant cost out of the process in addition to delivering this value is a good sign that Abide’s market positioning is correct. All trading firms are facing the same pressures – increasing regulatory compliance costs and revenues under pressure from difficult trading conditions. Our services are designed to help firms ensure they are compliant while significantly reducing their direct and indirect costs related to the whole transaction reporting process”.

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.

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