CMC Markets, a publicly listed broker in the financial industry, has taken a significant step towards redefining the standards for MiFID II transaction reporting compliance through its partnership with AQMetrics, a regulatory technology provider.
This strategic alliance aims to introduce advanced technology features and an enhanced customer support model, combining AQMetrics’ compliance solutions with CMC Markets’ market leadership.
The primary goal is to simplify the complex regulatory landscape faced by financial institutions as they navigate evolving reporting obligations.
Adam Harris, the Regulatory Reporting Manager at CMC Markets, expressed confidence in the partnership, stating that AQMetrics brings invaluable regulatory expertise to the table, aligning seamlessly with CMC Markets’ commitment to compliance excellence.
The collaboration between these two entities reflects the growing demand within the financial services sector for robust and user-friendly compliance systems.
As regulations become increasingly intricate, many institutions grapple with cumbersome manual reporting processes. AQMetrics addresses these challenges with customizable dashboards and real-time monitoring, promising to alleviate these pain points.
Olivier Halimi, the General Manager of AQMetrics, and CMC Markets are optimistic about the partnership setting new industry standards for MiFID II Transaction Reporting.
With a focus on collaboration and technology, the partners envision a future characterized by more automated and streamlined regulatory compliance processes.
Recently, CMC Markets provided an optimistic trading update for its 2024 financial year (FY24), ending on March 31, 2024.
The company raised its net operating income expectations for FY24 to a range of £290 to £310 million, up from the previous guidance of £250 to £280 million.
This revision followed a strong performance in the third quarter of FY24, driven by improved market conditions and increased contributions from its B2B and institutional business.
Despite a weak first half in FY24, which saw a year-over-year decline in net operating revenue of 20% and a pre-tax loss, CMC Markets rebounded due to its long-term investments in the B2B and institutional business.
This turnaround in performance and revised forecasts are expected to boost investor confidence after the earlier cut in guidance led to a decline in the company’s stock price.
CMC Markets is also looking to expand its presence in the Asia-Pacific region, appointing Kurt Mayell as the Head of CMC Markets Singapore.
Mayell will lead the expansion of CMC’s CFD business in Singapore, where it has been operating under regulation from the Monetary Authority of Singapore since 2017.
This move reflects the company’s growth efforts and commitment to international markets.