Parameta Solutions, the data and analytics division of TP ICAP, has been approved by the European Securities and Markets Authority (ESMA) to provide benchmarking services. TP ICAP said in a statement that with the green light, Parameta Solutions has become the first data provider to manage OTC benchmarks and indices across Europe and the UK.
Parameta Solutions, launched by TP ICAP in April 2021, provides insights on price discovery and risk management to its clients. The division also provides post-trade analytics to clients to help them manage counterparty and regulatory risks.
In May 2022, a year after launch, the UK Financial Conduct Authority (FCA) has authorized Parameta Solutions as the UK Performance Standards Officer. However, as a result of Brexit, ESMA required all standards officers in the UK to apply for approval by December 31, 2023, in order to operate in the EU Economic Area.
Paramita prides itself on “solid standards of governance”
Speaking about the ESMA approval, TP ICAP noted that Parameta’s dual mandate means the division “now has strong governance standards in place to continuously support and create standards for clients across the continent.”
Rushmi Katyal, Parameta’s Head of Governance, Risk and Controls, explained that the new mandate will enable the company to provide “the highest standards of governance possible within the EU”.
“Working alongside regulators, we have established a consistent foundation for compliance, which will provide our customers with greater peace of mind when using our standards,” Katyal added.
“Post-Brexit, clients are increasingly looking to standards to enhance their risk management processes,” said Anand Venkataraman, Head of Standards and Indications Products Team. “By approving early in the modular transition period, our clients can rest assured that we are fully compliant and transparent,” he added.
TP ICAP keeps business growing
TP ICAP connects buyers and sellers in the global financial markets and mainly benefits from market volatility and other macroeconomic policies. The London Stock Exchange-listed company, founded more than five decades ago, has remained profitable despite its long presence in the industry.
The financial services group’s profit before tax jumped from £24m in 2021 to £113m in 2022. The group also reported a 13.5% increase in revenue last year with the figure coming in at £2.1bn.
Meanwhile, in February, TP ICAP partnered with Chainlink Labs, a Web3 service provider, to bring enterprise-level forex pricing data to the blockchain ecosystem. Late last year, the financial services company also obtained registration in the UK to provide 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 benchmarking services. TP ICAP said in a statement that with the green light, Parameta Solutions has become the first data provider to manage OTC benchmarks and indices across Europe and the UK.
Parameta Solutions, launched by TP ICAP in April 2021, provides insights on price discovery and risk management to its clients. The division also provides post-trade analytics to clients to help them manage counterparty and regulatory risks.
In May 2022, a year after launch, the UK Financial Conduct Authority (FCA) has authorized Parameta Solutions as the UK Performance Standards Officer. However, as a result of Brexit, ESMA required all standards officers in the UK to apply for approval by December 31, 2023, in order to operate in the EU Economic Area.
Paramita prides itself on “solid standards of governance”
Speaking about the ESMA approval, TP ICAP noted that Parameta’s dual mandate means the division “now has strong governance standards in place to continuously support and create standards for clients across the continent.”
Rushmi Katyal, Parameta’s Head of Governance, Risk and Controls, explained that the new mandate will enable the company to provide “the highest standards of governance possible within the EU”.
“Working alongside regulators, we have established a consistent foundation for compliance, which will provide our customers with greater peace of mind when using our standards,” Katyal added.
“Post-Brexit, clients are increasingly looking to standards to enhance their risk management processes,” said Anand Venkataraman, Head of Standards and Indications Products Team. “By approving early in the modular transition period, our clients can rest assured that we are fully compliant and transparent,” he added.
TP ICAP keeps business growing
TP ICAP connects buyers and sellers in the global financial markets and mainly benefits from market volatility and other macroeconomic policies. The London Stock Exchange-listed company, founded more than five decades ago, has remained profitable despite its long presence in the industry.
The financial services group’s profit before tax jumped from £24m in 2021 to £113m in 2022. The group also reported a 13.5% increase in revenue last year with the figure coming in at £2.1bn.
Meanwhile, in February, TP ICAP partnered with Chainlink Labs, a Web3 service provider, to bring enterprise-level forex pricing data to the blockchain ecosystem. Late last year, the financial services company also obtained registration in the UK to provide institutional cryptocurrency exchange services.