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Abide Financial obtains RRM status for REMIT reporting

First Published 14th September 2015

Abide Financial obtains Registered Reporting Mechanism status for REMIT reporting following ICAP investment.

John Abel, Abide Financial

John Abel, Abide Financial

"As an RRM, we are uniquely positioned to alleviate the burden of REMIT regulatory reporting for all eligible energy market participants."

Abide Financial, the transaction reporting provider, has announced that it has passed successfully all stages of the registration process and is approved by ACER (Agency for the Cooperation of Energy Regulators) as a RRM under new REMIT legislation.

From October 2015, all market participants trading wholesale energy products are required to satisfy new REMIT transaction reporting obligations. As a Registered Reporting Mechanism (RRM), Abide Financial will process REMIT-eligible transactions on behalf of clients to the REMIT regulator, ACER. REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) is intended to ensure transparency and integrity within wholesale energy markets.

Following last week's announcement of ICAP becoming an investor in Abide Financial, the firm continues to act as an independent regulatory reporting specialist, with its founding directors retaining the majority equity stake. RRM status re-asserts Abide Financial's position as a single solution provider for market participants eligible to report under multiple regulatory reporting regimes. Abide Financial is also an Approved Reporting Mechanism (ARM) for MiFID (future MiFID II/MiFIR), a hub for EMIR across Europe and other regulatory jurisdictions globally. The company services Investec, BNP Paribas, Instinet Nomura, Saxo Bank, CMC Markets and ICAP amongst others.

Abide Financial currently processes over 50% of all EMIR reportable FX transactions, over 20% of MiFID transactions and is positioned to exceed 2bn total transactions reported by the end of 2015.

John Abel, Founding Director of Abide Financial, said: "This is another significant milestone for Abide Financial as we continue to deliver a highly efficient and flexible response to market participants facing the challenges of a multi-asset, multi-jurisdiction regulatory reporting environment. As an RRM, we are uniquely positioned to alleviate the burden of REMIT regulatory reporting for all eligible energy market participants."