ICAP, a provider of post trade risk mitigation and information services, has acquired Abide Financial, a provider of regulatory reporting platforms.
Abide Financial, which was founded in the UK in 2011, acts as a reporting hub for EMIR, approved reporting mechanism for MiFID and a regulatory reporting mechanism for REMIT.
It is currently awaiting ESMA’s approval to become a Trade Repository and is developing its MiFiD II offering. Abide has offices in London and Bristol, from where the company will continue to operate.
Following the acquisition, Abide will become a subsidiary of ICAP’s Post Trade Risk and Information (PTRI) unit. Abide CEO Collin Coleman will report to PTRI CEO Jenny Knott.
Commenting on the deal, ICAP group CEO Michael Spencer said: “Since Abide first came to our attention, we knew it was a unique business which fitted perfectly with our strategy to serve our clients’ changing needs. They are one of a very small number of companies who offer holistic regulatory reporting services, which will become ever more critical as financial markets evolve.
“Abide is a company with big potential and ambitions, and by capitalising on ICAP’s relationships, knowledge and resources, it can be propelled to the next level in its growth. This acquisition demonstrates how the team at Euclid works and how it will continue to operate as we transition to become NEX.”
The transaction has been led by Euclid Opportunities, ICAP's investment arm focused on emerging fintech companies. Euclid made a strategic investment in Abide in July 2015.