Last week, CME Group informed its clients of its intention to wind down the NEX Regulatory Reporting and Abide Financial businesses in certain jurisdictions, leaving many investment firms looking for new transaction reporting solutions in different markets.

Irish financial services firm AQMetrics has started migration planning with many NEX Abide clients and is providing a pathway to continuous reporting, without any disruption to regulatory compliance, according to people familiar with the matter.

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AQMetrics is a company providing integrated compliance and risk management software to fund administrators, asset managers, investment managers and broker/dealer firms. Its consolidated platform delivers data management, risk profiling and monitoring, compliance workflows and reports all in one place.

“The migration path can be simple. Our customer success team is walking firms through the migration process, step-by-step. The AQMetrics data transformation tool supports the existing NEX Abide file format, to ensure a seamless and timely migration,” said Claire Savage, COO of AQMetrics, in a statement.

“In addition, AQMetrics will import historic transaction report files.This will  ensure the firm can continue to meet its requirements to verify the completeness, accuracy and timeliness of the transaction reports, a key priority for regulators”, Savage added.

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Fully integrated regulatory reporting

The firm has regulatory approval to operate an ARM (Approved Reporting Mechanism), and is authorised to report throughout Europe and the UK. As an ARM, AQMetrics can guarantee a fully integrated regulatory reporting process, eliminating the need for multiple vendors.

“There has been a lot of interest in our MiFIDII ARM offering this year with two new clients signed in as many weeks,” said Darell Miller, AQMetrics’ head of sales UK. “We were also recently awarded “Best Reg Tech Solution” at HFM European Services Awards 2020, which underlines our market-leading technology and strong commitment to clients.”

AQMetrics is also well positioned for EMIR transaction reporting with direct connectivity to the DTCC.  With more buy side firms looking to step away from the delegated reporting model, they want vendors with a complete solution for their transaction reporting needs.

Savage said that what investment firms will want going forward, is peace of mind.

“They’ll want a strong, proven, transaction reporting solution that can remain in situ for the long haul. As well as our innovative technology platform, our regulatory approval as an ARM provides the additional assurance that firms are now seeking,” she noted.