Parameta Solutions, the data and analytics division of TP ICAP, has been approved by the European Securities and Markets Authority (ESMA) to provide benchmark services. With the green light, Parameta Solutions has become the first data provider to administer benchmarks and over-the-counter indices in Europe and the UK, TP ICAP said in a statement.
Parameta Solutions, which was launched by TP ICAP in April 2021, provides its clients with price discovery and risk management insights. The division also offers post-trade analysis to clients to help them manage their counterparty and regulatory risks.
In May 2022, one year after launch, the UK Financial Conduct Authority (FCA) authorized Parameta Solutions as a UK reference administrator. However, following Brexit, ESMA has asked all UK benchmark administrators to seek approval by December 31, 2023, in order to operate in the European Union Economic Area. .
Parameta boasts of ‘strong governance standards’
Speaking on ESMA’s approval, TP ICAP noted that Parameta’s dual authorization means the division “now has strong governance standards in place to continuously support and create referrals for clients across the continent”.
Rushmi Katyal, head of governance, risk and controls at Parameta, explained that the new authorization will allow the company to provide “the highest possible governance standards within the EU”.
“Working with regulators, we have established a consistent foundation for compliance, which will provide our customers with additional peace of mind when using our credentials,” added Katyal.
“After Brexit, clients are increasingly turning to benchmarks to improve their risk management processes,” said Anand Venkataraman, Head of Benchmark and Indices Product Team. “By being approved at the start of the benchmark transition period, our customers can be confident that we are fully compliant and transparent,” he added.
TP ICAP maintains the growth of its activity
TP ICAP connects buyers and sellers in global financial markets and primarily benefits from market volatility and other macroeconomic policies. The London Stock Exchange-listed company, which was established more than five decades ago, has remained profitable despite its long presence in the industry.
The financial services group’s pre-tax profit rose from £24m in 2021 to £113m in 2022. The group also saw a 13.5% increase in revenue last year, the figure amounting to £2.1 billion.
Meanwhile, in February, TP ICAP partnered with Chainlink Labs, a web3 service provider, to offer institutional-level forex pricing data to the blockchain ecosystem. Late last year, the financial services firm also obtained registration in the UK to offer institutional cryptocurrency exchange services.
Parameta Solutions, the data and analytics division of TP ICAP, has been approved by the European Securities and Markets Authority (ESMA) to provide benchmark services. With the green light, Parameta Solutions has become the first data provider to administer benchmarks and over-the-counter indices in Europe and the UK, TP ICAP said in a statement.
Parameta Solutions, which was launched by TP ICAP in April 2021, provides its clients with price discovery and risk management insights. The division also offers post-trade analysis to clients to help them manage their counterparty and regulatory risks.
In May 2022, one year after launch, the UK Financial Conduct Authority (FCA) authorized Parameta Solutions as a UK reference administrator. However, following Brexit, ESMA has asked all UK benchmark administrators to seek approval by December 31, 2023, in order to operate in the European Union Economic Area. .
Parameta boasts of ‘strong governance standards’
Speaking on ESMA’s approval, TP ICAP noted that Parameta’s dual authorization means the division “now has strong governance standards in place to continuously support and create referrals for clients across the continent”.
Rushmi Katyal, head of governance, risk and controls at Parameta, explained that the new authorization will allow the company to provide “the highest possible governance standards within the EU”.
“Working with regulators, we have established a consistent foundation for compliance, which will provide our customers with additional peace of mind when using our credentials,” added Katyal.
“After Brexit, clients are increasingly turning to benchmarks to improve their risk management processes,” said Anand Venkataraman, Head of Benchmark and Indices Product Team. “By being approved at the start of the benchmark transition period, our customers can be confident that we are fully compliant and transparent,” he added.
TP ICAP maintains the growth of its activity
TP ICAP connects buyers and sellers in global financial markets and primarily benefits from market volatility and other macroeconomic policies. The London Stock Exchange-listed company, which was established more than five decades ago, has remained profitable despite its long presence in the industry.
The financial services group’s pre-tax profit rose from £24m in 2021 to £113m in 2022. The group also saw a 13.5% increase in revenue last year, the figure amounting to £2.1 billion.
Meanwhile, in February, TP ICAP partnered with Chainlink Labs, a web3 service provider, to offer institutional-level forex pricing data to the blockchain ecosystem. Late last year, the financial services firm also obtained registration in the UK to offer institutional cryptocurrency exchange services.