MAP FinTech confirms exclusive EMIR reporting contract with vast majority of CySec-licensed firms – FinanceFeeds Exclusive
Despite the presence of many regulatory technology firms with EMIR reporting systems to offer, MAP FinTech now has the vast majority of EMIR-reporting firms with CySec licenses on its books
In the advent of the implementation of MiFID II, which is now set to take full shape in January 2017, the reporting of brokerage information to regulatory authorities is now a major matter of importance to most retail brokerages.
During the past few months, RegTech – an acronym for ‘regulatory technology’, has become a very significant part of the FinTech – a similar acronym for ‘financial technology’ sector.
For retail brokerages across the world, the ability to report to regulatory authorities via automated and electronic methodologies is rapidly becoming vital, as such systems provide a massive advantage in terms of operational efficiency, as well as mitigating any ambiguity with regard to understanding and adhering to many wide-reaching new regulations that come as part of the new European Market Infrastructure Regulation (EMIR) and MiFID II.
For this reason, firms including Abide Financial, Cappitech, Point9 and MAP S Platis have all established specific regulatory technology divisions in order to provide brokerages with such a service globally, the value proposition being not only the reduction of administrative work and an efficient reporting model, but also to save brokerages money on potential penalties that may occur should reporting errors occur due to manual procedure.
As brokerages look more toward FinTech divisions of specialist financial services and electronic trading management consultancies and professional services firms, FinanceFeeds has conducted substantial research as to which firms are now becoming those of choice among retail firms.
In Cyprus, which is home to over 180 retail electronic trading companies, MAP FinTech, the division of MAP S Platis which provides regulatory services for financial institutions and has offices in Limassol and London is gaining something of a massive market share.
Brought to the attention of FinanceFeeds by several sources, it has become clear that MAP FinTech is serving the vast majority of firms on an exclusive basis.
This weekend, FinanceFeeds spoke to MAP FinTech in order to ascertain the degree to which the firm serves brokerages with regard to EMIR reporting on an exclusive basis.
Speaking to FinanceFeeds, Alexandros Constantinou, Director of MAP FinTech confirmed:
“What I can confirm regarding MAP FinTech is that MAP FinTech currently has exclusively (directly and via partners) the overwhelming majority of CySEC-licensed firms EMIR reporting today and has always worked closely with CySEC in this respect.”
There are other firms that operate in Cyprus, however it is clear that MAP FinTech is working very closely with CySec and has managed to corner the vast majority of the market in what is a very important strategic region for EMIR reporting firms.
Not always is the free market a free market – even when new and innovative sub-sectors emerge in a technologically diverse and rapidly evolving industry