ICAP Selects Abide Financial for Regulatory Reporting

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Abide Financial, the market-leading global transaction reporting specialist, announces today that it has been selected by ICAP Energy, the energy business of ICAP plc, as its regulatory reporting partner for transactions subject to new REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) legislation.

"Abide's focus on regulatory reporting, specialist knowledge and robust technologies make them an ideal partner" Graham Francis, ICAP Energy Ltd


All market participants trading wholesale energy products are affected by new REMIT transaction reporting obligations from October 2015. As an Organised Market Place (OMP) under REMIT legislation, ICAP Energy Ltd will, through its partnership with Abide Financial, offer its user base enhanced regulatory reporting services. ICAP Energy customers will have the option to delegate REMIT obligations to the company to report on their behalf via Abide Financial’s market-leading regulatory reporting hub. Abide will be able to act as a Registered Reporting Mechanism (RRM) to process REMIT-eligible transactions on behalf of ICAP Energy customers to ACER (Agency for the Cooperation of Energy Regulators). Abide Financial will also support ICAP Energy in the delivery of regulatory-compliant reportable transaction data to other customer-nominated RRMs for onward transmission to ACER.

Customers electing to report REMIT-eligible transaction and counterparty data via Abide Financial will benefit further from its specialist, multi-asset, regulatory data validation and enrichment expertise and global transaction processing capabilities. Abide Financial reporting solutions enable customers to update reportable data with additional information (including post-trade events) and to fulfill broader, multi-asset, regulatory reporting obligations mandated by MiFID and EMIR regulation in Europe, and other regulatory jurisdictions globally.

Chris Bates, Founding Director of Abide Financial, said: “We are delighted to be ICAP Energy’s regulatory reporting partner and to be able to deliver a highly efficient, full service solution to manage an evolving, multi-asset, European regulatory reporting burden. We look forward to working with the company to deliver high quality transaction reporting processes and to alleviate the burden of REMIT regulatory reporting and beyond, for its customers.”

Graham Francis, Managing Director of EMEA Energy and Commodities, ICAP Energy Ltd said: “Abide’s focus on regulatory reporting and effective combination of specialist knowledge, proven and robust reporting technologies and global routing capabilities make them an ideal partner to manage the regulatory reporting obligations contained in REMIT. This solution offers our customers optionality. Customers contracting directly with Abide will benefit from its specialist expertise in compliance-assured and future-proofed transaction reporting services. Our partnership with Abide will also support us to facilitate any other desired customer workflows for REMIT reporting”.

ICAP Energy is the leading wholesale energy broker, voted Overall Broker of the Year in the 2015 Energy Risk Commodities Rankings (for the 10th consecutive year). Abide Financial is a specialist provider of regulatory reporting consultancy and managed services to clients subject to evolving reporting regulation. It is an ARM (Authorised Reporting Mechanism) for MiFID reporting, regulated by the FCA, and a market-leading EMIR reporting hub. As an authorised RRM offering REMIT reporting services, its compliance-assured, enhanced trade and transaction reporting services will meet all European post-trade regulatory reporting obligations for financial industry participants.

Press Contact:
Chris Bates, Founding Director and Chief Commercial Officer, Abide Financial:
M: +44 (0) 7789 515080

REMIT is Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011. As with other reporting regulation, REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) is intended to ensure transparency and integrity within wholesale energy markets. In some respects, it mirrors transaction reporting rules mandated by EMIR (European Market Infrastructure Regulation) in that firms are required to report counterparty and transaction data. There is also some overlap with existing MiFID rules and dependencies. For more information, go to: http://www.acer.europa.eu/remit/

About ICAP Energy
ICAP Energy, a subsidiary of ICAP plc, is an innovative leader in the energy and commodities industries, providing full-service and over-the-counter broking and advisory capabilities to a broad spectrum of businesses throughout the world. The group has approximately 300 employees located in London, North America, Singapore, Sydney, Geneva, Bergen, Amsterdam and Madrid. ICAP Energy offers real-time price discovery and execution services in crude oil and oil products, biofuels, agriculture and softs, precious metals, iron ore, electricity, natural gas, coal, emissions, freight and physical products. For more information go to http://www.icapenergy.com.

About ICAP
ICAP is a leading markets operator and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to http://www.icap.com.

About Abide Financial
The market leader in global regulatory reporting solutions, Abide Financial manages transaction reporting for financial and non-financial counterparties in UK, Europe and beyond to meet existing MiFID and evolving derivatives regulatory reporting obligations.

A UK Approved Reporting Mechanism (ARM), overseen by the FCA, Abide Financial is uniquely positioned to analyse and manage the mass of information required by MiFID and EMIR, combining unrivalled regulatory processing expertise with leading edge technologies to deliver regulatory-compliant processing services to clients, from bespoke consultancy to fully-managed reporting services. Abide Financial’s transaction reporting footprint encompasses all European regulatory regimes, including REMIT, as well as upcoming regimes such as ASIC (Australia) and MAS (Singapore).

For many reporting parties, the need for continual review and analysis of the impact of new and evolving regulation, for different asset classes, in and across different geographies, in different timeframes - and management of associated and complex regulatory reporting workflows - is a costly, inefficient and resource-heavy burden. Abide Financial supports all participants in the transaction lifecycle to meet and maintain full regulatory reporting compliance.

For more information on REMIT reporting services provided by Abide Financial please visit http://www.abide-financial.com/remit

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