ICAP Energy Selects Abide Financial for Remit Reporting
Broker's clients can delegate regulatory reporting through platform
ICAP Energy, the energy business of inter-dealer broker ICAP, has selected transaction reporting specialist Abide Financial as its regulatory reporting partner under the Regulation on Wholesale Energy Market Integrity and Transparency (Remit) rules.
All market participants trading wholesale energy products are affected by new Remit transaction reporting obligations starting in October. Through the partnership with Abide Financial, ICAP Energy customers will have the option to delegate Remit obligations to the company. Abide will be able to act as a Registered Reporting Mechanism to process Remit-eligible transactions on behalf of ICAP Energy customers to regulators.
Graham Francis, managing director of EMEA Energy and Commodities at ICAP Energy, says, "This solution offers our customers optionality. Customers contracting directly with Abide will benefit from its specialist expertise in compliance-assured and future-proofed transaction reporting services. Our partnership with Abide will also support us to facilitate any other desired customer workflows for Remit reporting."
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