ICAP invests in Abide Financial
Strategic investment made through Euclid Opportunities, ICAP’s early stage FinTech funding business
London, New York, 7 September 2015 – ICAP plc (IAP.L), a leading markets operator and provider of post trade risk mitigation and information services, announces today that it has made a strategic investment in Abide Financial, a market-leading global regulatory reporting specialist. The investment will enable Abide Financial to continue to expand its global footprint and capabilities.
Increased scrutiny of the financial services industry has created significant opportunities for specialist firms to help companies keep up with new regulatory demands. Since it was established in 2011, Abide Financial has emerged as a market leader in the provision of regulatory reporting technology, ensuring market participants are compliant with evolving reporting obligations. The company acts as a reporting hub for EMIR, Approved Reporting Mechanism (ARM) for MiFID and Regulatory Reporting Mechanism (RRM) for REMIT. Specialised reporting services are also provided for entities subject to international regulatory regimes such as Dodd Frank, ASIC (Australia) and MAS (Singapore).
ICAP has made this strategic investment through Euclid Opportunities, ICAP’s early stage funding programme to support innovative financial technology firms in the areas of post-trade risk management, data and financial market applications. Euclid Opportunities forms part of the post trade division of ICAP, which also comprises TriOptima, Traiana, Rematch, Reset and ICAP Information Services. Portfolio companies include Enso Financial, OpenGamma and Duco.
Steve Gibson, Managing Director of Euclid Opportunities, said: “An increasing number of financial services companies are looking for effective ways to optimise their post trade reporting capabilities, we believe the opportunity for Abide Financial is significant. Their clients have spoken to us about the high regard they have for Abide Financial’s expertise, product quality and service levels, which they are now able to expand globally. We look forward to supporting Abide through the next stage of their development.”
Colin Coleman, CEO and Founder of Abide Financial, said: “We are delighted to have ICAP plc as one of our investors. This investment allows us to expand our reach and strengthen our position as the partner of choice for all of the market participants’ transaction reporting needs internationally. Most importantly this investment contributes to a crucial growth stage of Abide and helps us scale operations at a faster rate. Significantly, ICAP will also be our client, and Abide will manage their MiFID, EMIR and, on behalf of their clients, REMIT reporting obligations.”
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 our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to 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 help market participants meet MiFID, EMIR, REMIT and international reporting obligations. Since 2010, the firm has delivered proven technology and consultancy solutions to banks, brokerage houses, asset managers, retail trading execution platforms and hedge funds. Abide Financial acts as a single regulatory reporting service provider for clients with transaction reporting needs across all European regulatory regimes, including REMIT, as well as upcoming regimes such as ASIC (Australia) and MAS (Singapore). For more information on Abide Financial please visit www.abide-financial.com.