Interdealer broker Icap has made a 'transformational' investment in regulatory reporting outfit Abide Financial.
Established in 2011, the London-based company acts as a reporting hub for Emir, Approved Reporting Mechanism (ARM) for MiFID and Regulatory Reporting Mechanism (RRM) for Remit. Specialised reporting services are also provided for entities subject to international regulatory regimes such as Dodd Frank, ASIC (Australia) and MAS (Singapore).
Icap has made its investment through Euclid Opportunities, its early stage funding programme to support innovative financial technology firms. Euclid Opportunities forms part of the post trade division of Icap, which also comprises TriOptima, Traiana, Rematch, Reset and Icap Information Services. Portfolio companies include Enso Financial, OpenGamma and Duco.
Collin Coleman, CEO and Founder of Abide Financial says the investment - the size of which was undisclosed - will enable the firm to continue to expand its global footprint and capabilities.
"This investment contributes to a crucial growth stage of Abide and helps us scale operations at a faster rate," he says. "Significantly, Icap will also be our client, and Abide will manage their MiFID, Emir and, on behalf of their clients, Remit reporting obligations.”