The solution is intended to provide a resilient, multi-jurisdictional, cross-asset product for managing evolving reporting challenges under the second Markets in Financial Instruments Directive (MiFID II), the European Market Infrastructure Regulation (EMIR) and other international regulatory initiatives.
It will include analysis of each client’s reporting environment, allowing for a tailored response depending on jurisdiction, classification and traded instruments. It also provides change notifications and help with managing regulatory changes.
NEX Regulatory Reporting is designed to offer transparency into the transaction lifecycle process, improve speed of reporting, and provide insights into underlying data quality
Powered by Abide Financial, an NEX Group business, the solution will be lead by Abide CEO Collin Coleman.
Coleman said: “We are delighted to introduce this powerful platform to the industry. Clients will benefit from seamless processing of large data volumes under multiple regulatory regimes and transparent delivery of final reports to regulators via a suite of in-house regulatory end points. We will also continue to deliver the high level of service which our clients recognise us for.”
Jenny Knott, CEO of NEX Optimisation, added: “We are proud to launch NEX Regulatory Reporting as a key component of our suite of services to help our clients meet the challenges of new regulation.”
Abide has been an approved reporting mechanism (ARM) under MiFID I since 2011. It has also applied to be an ARM and an approved publication arrangement provider under MiFID II.
It is a registered reporting mechanism under the Regulation of Wholesale Energy Market Integrity and Transparency (REMIT), aggregates reports for EMIR, and runs Asian derivatives reporting to the Australian Securities and Investments Commission and the Monetary Authority of Singapore.
Abide has also filed to become a trade repository for EMIR, and is expecting to be granted approval in 2017.