Interdealer broker ICAP has made a strategic investment in a regulatory reporting specialist, Abide Financial.
The firm hopes to capitalise on the growing need for regulatory reporting tools as a result of new regulations across many regions globally.
Abide Financial was founded in 2011 and has developed technology and solutions for firms to meet their reporting obligations. It has a reporting hub for EMIR, MiFID and REMIT in Europe, as well as specialist reporting services for entites in Canada, Australia and Singapore.
The investment was made via ICAP’s early-stage funding programme, Euclid Opportunities, which aims to support financial technology firms in areas such as post-trade risk management, data and financial markets.
Steve Gibson, managing director of Euclid
Opportunities, said: “As 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.
“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 Financial through the next stage of their development.”