NEX Group’s Abide looks to become APA and ARM ahead of MiFID II

MiFID II’s reporting requirements will see billions of transactions submitted to regulators.

Abide Financial, a subsidiary of NEX Group, has applied to become an approved reporting mechanism (ARM) and approved publication arrangement (APA) ahead of MiFID II’s reporting rules.

The firm said upon regulatory approval it expects to become one of the three largest ARMS by processed volumes of MiFID II reportable transactions.

Abide has provided reporting services for banks, brokerage houses, hedge funds and asset managers since 2011 and the application to become an ARM and APA was driven by client demand.

Collin Coleman, CEO at Abide Financial, explained becoming an ARM and APA under MiFID II is a “logical step in building our all-encompassing multi-regime transaction reporting infrastructure.”

He added Abide has also seen great client uptake in its Proximity programme, which was designed to help clients upload, visualise and report their data.

Abide partnered with Corvil in July 2016 to combine services for its MiFID II reporting tool. The agreement integrated Corvil’s clock-synchronised trade transaction data directly into Abide’s reporting hub.

Abide was acquired by ICAP - now known as NEX Group - in October last year and it became a subsidiary of NEX Group’s post-trade risk and information business.

NEX Group CEO, Michael Spencer, said at the time he knew Abide Financial was a ”unique business which fitted perfectly with our strategy.”