ICAP, a provider of post trade risk mitigation services, has acquired Abide Financial, a regulatory FinTech company.

Bristol and London-based Abide Financial helps banks, brokerage houses and asset managers to meet regulatory requirements, by providing compliance software and consultancy solutions.

The acquisition will provide the ICAP Post Trade Risk and Information (PTRI) division’s client base with integrated reporting solutions for entities subject to regulatory regimes in Australia, Canada, Hong Kong, Singapore, the UK and the US. It will also enable Abide Solutions to expand its global reach.

Michael Spencer, group CEO at ICAP, commented: “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.”

ICAP has purchased Abide Financial through its Euclid incubator scheme for emerging FinTech companies.

“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,” Spencer added.

Abide Financial will become a subsidiary of ICAP’s PTRI division, and its regulatory reporting hub and venues will be integrated with ICAP’s PTRI Approved Publication Arrangement (APA) reporting service.

Jenny Knott, CEO of ICAP’s PTRI, said: “The acquisition agreement with Abide is very exciting and enhances our PTRI offering to provide full global coverage of Dodd Frank, EMIR and MiFID II reporting.

“Increased scrutiny and regulation of the financial services industry has created significant opportunities for us at ICAP to help companies meet new regulatory demands that many do not want to carry out inhouse, primarily because of the cost and manpower involved,” she concluded.

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