According to Abide, the application was driven primarily by client demand, and if approval is granted, it stands to become one of the three largest ARMs by volumes processed.
As an APA provider, it will use NEX Data technology and distribution to deliver APA to those clients that are subject to transparency requirements.
Abide has been providing reporting services to banks, brokers, hedge funds and asset managers under the first MiFID regime since 2011. Last year, it also launched Proximity, an onboarding programme designed to help clients prepare their data sets for MiFID II compliance.
Collin Coleman, CEO of Abide, said: “Becoming an ARM and APA under MiFID II is a logical step in building our all-encompassing multi-regime transaction reporting infrastructure.”
“We have seen great client uptake of our MiFID II onboarding Proximity programme and expect to see further growth as January of 2018 is approaching. Importantly, it strengthens our position as partner of choice for market participants’ global regulatory needs.”