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By Patrick Graham
LONDON, March 9 Electronic trading heavyweight
NEX Group launched a new regulatory reporting platform for banks
on Thursday that assumes Britain will stick to European
regulations on reporting financial market transactions long
after leaving the EU in 2019.
The platform, run by fintech startup Abide Financial in
which NEX has invested, streamlines the processing of millions
of transactions daily for major banks and will take another step
up next year under Europe's new MiFID II regulations.
Abide is already a reporting partner to more than 120 banks,
asset managers, hedge funds, and other trading firms and
eventually expects to be one of only a handful of providers with
around 40 percent of daily transactions.
Chief Executive Collin Coleman said the system assumed
Britain would stick closely to the MiFID rules after it leaves
"We believe that there will be something that looks a lot
like MiFID in place after Brexit. Our customers need certainty
so we are making a decision to move on with that assumption," he
said, arguing that MiFID's implementation through UK law will
provide a high barrier to changing it after Britain leaves the
"(British regulator) the FCA has been so heavily involved in
the drafting of all of these regulations and MiFID II
fundamentally supports so much of its mandate," Coleman said.
"MiFID II is an EU directive, and as such needs to be
implemented in UK law. This national law will persist
post-Brexit unless specifically repealed, and the bar for
retracting financial regulatory law ... should be pretty high."
(Reporting by Patrick Graham; Editing by Dominic Evans and