ICAP expands its Post Trade Risk and Information Division MiFID II/MiFIR suite of services
Full end-to-end solution comprising a comprehensive selection of self-service options including APA and ARM services
Boca Raton/New York/London, 15 March, 2016 – ICAP (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that its Post Trade Risk and Information division (PTRI) has made a series of enhancements that significantly expand its existing suite of regulatory services to offer customers an end-to-end menu of products which meet MiFIR/MiFID II cross-asset reporting and processing obligations. Additionally, ICAP PTRI is announcing the creation of its own Approved Publication Arrangement (APA) service. PTRI's solutions will also include Abide Financial (a regulatory reporting service provider that ICAP invested in last year), which will provide ICAP access to a MiFID II/MiFIR Approved Reporting Mechanism (ARM) service to complement the overall group reporting strategy.
The enhanced solutions leverage connectivity and build on functionality previously delivered by Traiana, an ICAP PTRI company, for similar requirements under the US Dodd-Frank Act (DFA), European Market Infrastructure Regulation (EMIR) and other global regulatory regimes. The new services suite includes the provision of trade certainty for venue executed trades, trade and transaction report submission to APAs and ARMs respectively, and global CCP connectivity for OTC executed trades.
The new suite of services has been developed around open APIs, allowing the flexibility of the full PTRI functional stack to be used in order to provide an end-to-end solution, or alternatively, individual layers of functionality can be leveraged to interoperate with a customer’s own internal system(s) or third-party vendor solutions.
The first service to connect to the new framework will be PTRI’s own APA, which will be launched 1st Quarter 2017 following official registration. The APA is being made available to all industry participants in order to satisfy pre and post trade transparency requirements for venues, Systematic Internalisers and Investment firms. ICAP’s APA will be subject to regulatory approval.
Jenny Knott, Chief Executive Officer, Post Trade Risk and Information, commented: "ICAP is once again at the forefront of innovation with agnostic connectivity and the ability to support market participants in meeting their regulatory clearing, publication and reporting obligations in an accurate, efficient and flexible manner. We are excited to offer our customers these helpful solutions, the result of further integration of our post trade businesses.”
Steve French, Head of Regulation, Traiana, said: “The system’s open framework is allowing us to forge new relationships with third-party vendors and satisfy individual requests from market participants with respect to custom validation, reconciliation and best-execution requirements. The new suite is already showing great promise and we look forward to bringing our customers and the market additional products and solutions in the future."
On January 3, 2018, MiFID and MiFIR will come into effect requiring investment firms entering into OTC transactions to meet various requirements, including increased transparency such as posting trade information through an APA.
About ICAP PTRI
ICAP’s Post Trade Risk and Information Services help users of financial products to reduce operational and system-wide risks. This increases the efficiency of trading, clearing and settlement and reduces costs. ICAP’s information business empowers customers to make trading decisions with market information across key asset classes.
Traiana, Inc. (www.traiana.com) provides global banks, broker/dealers, buy-side firms and trading platforms with services to monitor pre- trade risk and automate post-trade processing of financial transactions in listed and over-the-counter trading markets. Traiana’s solutions and the Harmony Network have become the market standard for post-trade processing of foreign exchange, exchange traded derivatives, fixed income, CDS and synthetic and cash equity transactions. Traiana, an ICAP company, is headquartered in New York and has offices in London, Hong Kong, Singapore and Tel Aviv, and representation in Chicago and Tokyo.
ICAP is a leading markets operator and provider of post trade risk mitigation 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 its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.