AQ Metrics, a regtech service, received approval from the CBI to operate a second Markets in Financial Instruments Directive (MiFID II) ARM, with effect from 3 January.
The authorisation has permitted AQMetrics to report in-scope firms’ transactions to national competent authorities (NCA) across Europe.
AQMetrics has been conducting testing of its ARM since last year, ahead of MiFID II’s implementation last week.
Geraldine Gibson, CEO of AQMetrics, said: “AQMetrics was created to service both the buy and sell side of the financial services ecosystem. Detection of market abuse is a fundamental part of the AQMetrics solution set. As tracking and tackling market abuse is a key aim of MiFID II, being authorised to report transactions of MiFID II firms directly to all European regulators is a major milestone for AQMetrics.”
Claire Savage, COO at AQMetrics, commented: “Not only does our authorisation confirm that AQMetrics has the operations, business continuity plans and information security management system required to operate as a regulated ARM under MiFID II, it further endorses AQMetrics commitment to its clients to do everything it must to remain the gold standard, one stop shop, for regulatory reporting.”