Abide Financial, experts in regulatory reporting and one of only three commercial Arms, today announced the launch of a new service to help financial and non-financial counterparties to comply with Emir - the European Market Infrastructure Regulation.
This new offering compliments Abide's existing MiFID reporting service, allowing clients to send their raw data to Abide who can extract everything needed for both regulations in one seamless process.
Emir came into force on March 15 to regulate over-the-counter derivatives across Europe. It requires all counterparties including banks, spread betting firms and pension funds, to report and store information on all derivatives trades in centralised and independent trade repositories.
The new service from Abide will enable all financial and non-financial counterparties in OTC and ETD trades to prepare and comply fully with the new European rules immediately. First, Abide offers advice and consultation on how the regulation will impact on a counterparty's business and then, using its powerful post-trade processing platform TransacPort, Abide will take care of all reporting requirements presented by Emir and existing MiFID regulation.
Abide Financial's reporting service takes the raw data created each day on derivatives contracts and prepares it for submission, filling up to 85 separate fields required by Emir. The data is then validated to check contracts, reconcile trades and prepare reports for submission. Once complete the report is prepared, formatted and submitted to trusted Trade Repositories within the timetable set out by Emir, taking care of transaction reporting from start to finish.
Commenting on the new service Chris Bates from Abide explained: "The full scope of the Emir rules are still being hammered out, meaning that many 'off the shelf' products will become quickly outdated, creating a real compliance headache. At Abide, we work with raw data, which allows us to tailor our solution at any time without inconveniencing our clients, whether they need MiFID or Emir compliance reporting, or indeed both. This means that once they have signed up to the service, clients are automatically compliant even if the rules keep changing. Our offer period provides an added incentive, with the first ten clients to sign up being offered a full 30% off the normal cost of the service."