scorecard
Cappitech (S&P Global Market Intelligence)
Atlas score
3.5
Best for
- CySEC and FCA-regulated CFD brokers with EMIR REFIT and MiFIR reporting obligations
- Multi-jurisdiction OTC derivative firms needing delegated reporting across four or more regimes
- Brokers prioritising vendor stability and institutional-grade data infrastructure over lowest-cost reporting
Not for
- Firms whose primary need is trade surveillance rather than transaction reporting
- Single-jurisdiction firms that do not need multi-regime reporting consolidation
- Brokers needing communications archiving alongside reporting from one vendor
Pros
- S&P Global Market Intelligence ownership (post-2021 IHS Markit acquisition) removes vendor survival risk and provides access to institutional-grade reference data, LEI lookups, and trade repository connectivity
- 650+ client firms and claimed 10%+ of EU trading volume - the scale creates network-level error detection that smaller reporting vendors cannot replicate
- Single integration point covers EMIR REFIT, MiFIR, SFTR, ASIC, MAS, HKMA, JFSA, and SEC 10c-1a from one API connection - no separate pipelines per jurisdiction
- AI-powered anomaly detection catches over 85% of exceptions before regulator submission, reducing TR rejection rates and the operational burden of remediation
- UTI pairing and reconciliation service addresses EMIR REFIT bilateral matching requirements, which have been the leading pain point for CFD brokers since April 2024
- Built specifically for OTC derivative reporting complexity - the firm's whole product history is calibrated to CFD and spread-betting broker data structures
Cons
- Pricing fully undisclosed under S&P Global enterprise model; post-acquisition pricing structure may have moved upmarket relative to the original Cappitech standalone positioning
- Does not provide trade surveillance or market abuse detection - firms with both reporting and surveillance obligations need a separate platform
- Communications archiving is outside scope - firms under MiFID II Article 16 or FCA SYSC 10A also need a dedicated comms archiving vendor
- Cappitech is MiFID-centric relative to UAE DMCC-native rule sets; operators whose primary regulator is DFSA or SCA should verify local regime coverage
Pricing teardown
Pricing not publicly disclosed — contact vendor for a quote.
Pricing fully undisclosed; quote-based enterprise sales. No tiers or per-report fees published. S&P Global enterprise pricing model applies post-acquisition.
Editorial commentary
Who they are
Cappitech was founded in Tel Aviv in 2013 as a specialist transaction reporting outsourcing vendor for financial firms. It built its market position specifically among CFD and spread-betting brokers - the segment with the highest EMIR reporting complexity per trade due to the bilateral OTC derivative nature of those instruments. IHS Markit acquired Cappitech in 2021, and when S&P Global merged with IHS Markit that same year, Cappitech became part of S&P Global Market Intelligence. That ownership chain matters for buyers: S&P Global’s financial strength removes vendor survival risk, and the integration into the S&P Market Intelligence data infrastructure gives Cappitech access to reference data, LEI lookups, and trade repository connectivity at scale. The vendor now reports more than 650 client firms on its platform and claims to handle over 10% of EU trading volume, which reflects the density of CFD broker adoption. AI-powered anomaly detection catches over 85% of exceptions before they reach regulators, according to Cappitech’s own metrics.
Architecture
Cappitech operates as a delegated reporting platform: the broker connects its trade data via API or file upload, and Cappitech handles the enrichment, validation, formatting, and submission to the relevant trade repository or regulatory authority. The architecture supports multi-jurisdictional reporting from a single integration point - EMIR REFIT, MiFIR, SFTR, FinFrag, SEC 10c-1a, CFTC, MAS, ASIC, HKMA, and JFSA reporting all flow through the same pipeline. Regulatory intelligence is aggregated across the 650+ client network, meaning Cappitech can identify systemic reporting errors (common field-level mistakes, UTI matching failures) before they trigger TR rejection notices. The UTI pairing service and reconciliation tools address EMIR’s bilateral matching requirement, which has been a persistent operational pain point for CFD brokers since EMIR REFIT took effect in April 2024. The platform also covers best execution monitoring as an ancillary output from the trade data pipeline.
Pricing
Pricing is fully undisclosed. Cappitech does not publish per-report fees, volume tiers, or setup costs. Post-S&P Global acquisition, the vendor operates on an enterprise sales model. Firms should expect pricing to reflect reporting volume, jurisdictional scope, and whether delegated reporting or assisted reporting is selected. The 70% total cost of ownership reduction cited by Cappitech compares in-house reporting infrastructure build-out against the delegated model - not a comparison between Cappitech and other vendors.
Regulatory fit
Cappitech’s core regulatory surface is transaction reporting. EMIR REFIT (applicable in EU and UK post-Brexit, with the UK EMIR REFIT effective July 2024) is the primary regime for OTC derivative reporting, directly relevant to CFD brokers operating under CySEC or FCA. MiFIR RTS 22 transaction reporting (trade-by-trade to NCA via ARM) is covered. ASIC Derivative Transaction Rules reporting for Australian-regulated brokers is confirmed in the platform’s supported regimes. MAS Securities and Futures Act reporting for Singapore-regulated entities is also covered. SFTR is included for securities financing transactions. The SEC 10c-1a securities lending reporting regime (effective 2025) is in scope for US operations. HKMA and JFSA extend reach for Asia-Pacific multi-regulated groups. The platform does not provide trade surveillance or market abuse detection - it is a reporting-layer tool, not a surveillance tool.
Verdict
STRONG PICK for CySEC, FCA, and ASIC-regulated CFD brokers with multi-jurisdiction transaction reporting obligations. The 650+ client network and S&P Global backing provide both peer validation and institutional stability. Not relevant for firms whose primary need is trade surveillance or communications archiving rather than reporting delegation.