Following an evaluation made by the CME Group, they have come to the decision to wind down the Abide Financial, NEX Regulatory Reporting businesses and their European and Australian Trade Repositories (TR).
As CME/NEX Abide is shutting down their TR business, all CME/NEX Abide clients must now select and perform portability to a new Trade Repository of their choice no later than 15 November 2020. This comes during a time of global turmoil and will impose various challenges on firms. Among others, it will require CME/NEX Abide clients to adapt to the new TR’s technical specification, and for EMIR, all historical data (inclusive of lifecycle and rejection reports) and open positions data needs to be ported. A challenge for most firms will be updating their historical contracts to meet the EMIR 2017 RTS requirement before being ported to the new TR. There is also a need to start early, as portability normally is done during weekends, and TRs only have a certain capacity to onboard in one day. Given the reality of needing to modify an existing reporting solution, the timeframe to port to a new TR is short.
On 23 June 2020 CSS will host a webinar together with our partner REGIS-TR, covering best practices and providing guidance before porting over to a new TR.
How can CSS help?
CSS’s Global Transaction Reporting solution is file agnostic and has ready APIs to REGIS-TR, DTCC and UnaVista. The team behind CSS has experience with portability. We have already ported over a tier 1 client from CME/NEX Abide. By utilizing our best practices, CSS can reduce project risk and ensure that you meet the 15 November 2020 deadline when initiating the porting process from CME to a new TR of your choice.
Reach out to firstname.lastname@example.org if you need assistance today.
Subscribe to CSS Blog
CSS frequently publishes blog posts which are written by our team from their observations in the field, at conferences and through experiences with compliance professionals. These posts are designed to further knowledge and share industry best practices. Topics run the gamut, including Form ADV, cybersecurity, MiFID II, position limit monitoring, technology challenges and more. Complete and submit the brief form below to receive notifications when we publish new content.