Knowledge and analytics supplier IHS Markit has expanded its regulatory reporting providing with the acquisition of compliance know-how agency Cappitech.
The transfer follows the Might announcement by US derivatives trade CME Group that it might be winding down its regulatory reporting companies on the finish of 2020.
The announcement has meant rival suppliers have been scrambling to fill the highest spot left by CME’s reporting companies, NEX Regulatory Reporting and the Abide Monetary division.
Cappitech’s cloud-based platform, which is utilized by greater than 200 purchase and sell-side corporations, was the primary platform to finish porting of CME commerce reporting information in August following the trade’s departure from the market.
The acquisition of the agency by IHS Markit will due to this fact provide it an edge on this newly aggressive market and considerably develop its regulatory reporting providing to the monetary trade.
“Regulatory reporting calls for will proceed to develop quickly across the globe and clients are in search of a dependable, frictionless, and cost-effective method to adjust to necessities throughout jurisdictions,” mentioned Pierre Khemdoudi, managing director of worldwide equities at IHS Markit.
Nonetheless, IHS Markit will not be the one agency that has stepped as much as the plate in latest months hoping to say the highest spot.
Regulation know-how agency SteelEye has additionally been bolstering its providing, on-boarding dealer Capital Index as a shopper of its EMIR and MiFIR reporting providers final week.
SteelEye was additionally sizzling on the path of shoppers left trying to find a alternative supplier for CME Group final summer time. Weeks after CME Group’s announcement it partnered with the London Inventory Change Group’s (LSEG) regulatory reporting platform UnaVista to help corporations of their migration away from NEX and Abide.