ICAP has announced its acquisition of regulatory reporting technology firm Abide Financial, as the group continues its transition to become NEX Group.
Abide will become a subsidiary of ICAP’s post-trade risk and information (PTRI) business with its CEO, Collin Coleman, reporting to ICAP’s PTRI CEO, Jenny Knott.
The firm’s regulatory reporting hub and venues will be integrated with ICAP’s Traiana connectivity to provide reporting services to the group’s global client base.
The transaction was led by ICAP’s investment arm Euclid, which already made an investment in Abide in July 2015.
Group CEO, Michael Spencer, said that ICAP knew Abide Financial was a ”unique business which fitted perfectly with our strategy.”
This acquisition demonstrates how the team at Euclid works and how it will continue to operate as we transition to become NEX,” he said.
ICAP’s PTRI CEO, Jenny knott, added the acquisition will “enhance our PTRI offering to provide full global coverage of Dodd Frank, EMIR and MiFID II reporting.”