BME today announced it will overhaul the resources, departments and companies within the Business Areas of Market Data and IT&Consulting by bringing together – based on their nature - the different activities of the company linked to value-added services in the areas of technology, regulation and innovation.
The aims of these changes are to improve efficiency and push forward with the diversification of the Group.
All these activities will be offered by three companies:
• BME Market Data, which will add the provision of Co-location, Proximity and London Hub services to its current functions.
• BME Regulatory Services, which will act as a one-stop shop for the regulatory compliance services currently offered by the BME Group as well as those emanating from the new legislation, including the Authorised Publication Agent (APA) for the reporting of OTC trades, the systematic internaliser identification service and the Authorised Information System (AIS) for the reporting of OTC transactions to the competent authorities.
• BME InnTech, which will result from the integration of the Infobolsa Group, Visual Trader and BME Innova, and which will be responsible for providing the rest of the value-added services that until now were provided by the three companies.
Ramón Adarraga, who until now was the head of BME Market Data and the Infobolsa Group, will lead this new Business Area, which aims better to respond to the needs of market participants by improving efficiency and achieving considerable synergies as well.
The work carried out by teams from different departments in recent months and the success achieved in jointly securing new contracts covering a broader section of the value chain by providing different and complementary products and services invite optimism about the great chances of success for this initiative, which marks the start of the year for BME in the run up to the entry into force of MiFID 2 / MiFIR.
Contributed | what does this mean?