Shutting down of CME’s regulatory reporting

Firms scrambling to fill gap

19 May 2020

On the 15 May 2020, CME announced it will be shutting down its regulatory reporting services, known as ABIDE, in EU/AU before the end of the year. Back in June 2017, in the run-up to MiFID II, ABIDE was the front-runner in attracting venues to its regulatory reporting services enabling venues to fulfil impending regulatory requirements on the 3 January 2018. Its ARM, APA and the NEX ISCI sensitive data repositories had gained early traction in the market with clients bedding-in solutions with ABIDE before MiFID II went live.

In a sign of things to come, CME’s announcement potentially foretells a story of unprofitability in a market where FinTech’s are encroaching and ROI eroding. Larger firms, that would have been targeted by ABIDE as potential customers, moved solutions in-house thereby allowing them to fulfil requirements independently of a third-party solution. This move would have affected the potential market-share for ABIDE.

Any existing clients of ABIDE, such as trading venues and investment firms, are now are left scrambling to identify and implement solutions to maintain regulatory reporting continuity. Whilst the one or two direct competitors of ABIDE offer APA and ARM services no one, apart from QomplyPI, is offering a comprehensive personal sensitive data repository. The NEX ISCI sensitive data repository, offered by ABIDE, provided clients with a rudimentary service for personal data management. Whilst simple, it filled a gap in the market. Now, with CME pulling the rug out from under clients, the solution will be gone and clients must grapple with moving to another solution.

Fortunately, QomplyPi offers a far more robust and centralised personal sensitive data solution allowing previous clients of ABIDE to seamlessly redirect their clients to submit personal data to QomplyPi without interruption. QomplyPi supports the same data format at NEX ISCI thereby making the transition as simple as possible for the clients of venues.

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