Steeleye Launches MiFID II Compliance Platform
SteelEye, the compliance technology and data analytics firm, announced the launch of its innovative data platform following a successful early adoption program. The SteelEye product has been designed to help financial firms meet their obligations under MiFID II for Record Keeping, Trade Reconstruction, Best Execution and Transaction Reporting in one platform. SteelEye also helps firms extract valuable insights from their data, as well as helping them cope with GDPR and other key regulations.
SteelEye’s cloud-based platform has several advantages to help firms optimise their business. It is the only platform that offers transaction reporting, record keeping, trade reconstruction, best execution and data analytics in a single solution. SteelEye brings together order and trade data, electronic and voice communications, market data, reference data and counterparty information. The insights gained from bringing this data together helps firms to trade with greater efficiency, profitability and control. At the same time, the open API framework allows clients to harness the power of their data in whatever manner that best suits their business needs.
“With a number of regulatory deadlines looming, many firms in the UK and throughout Europe are still unsure of the impact these regulations will have on day-to-day operations. SteelEye’s mission is to help regulated firms not only comply with their regulatory obligations through our innovative cloud-based platform, but we also want them to gain insights which can enable them to improve their efficiency, client service and profitability,” says SteelEye CEO Matt Smith. “We believe companies should seek out the long-term benefits available from data they must consolidate for regulatory purposes. We want to help them astutely analyse their own data to gain commercial advantage and drive business growth. Our motto is ‘don’t just comply, compete’.”
The SteelEye platform also makes it possible for firms to manage and analyse unstructured, ‘dark’ data, or documents and attachments. This gives a whole new dimension to uncovering both wanted and unwanted behaviours and information.
As well as permitting clients to store their data in the geography of their choosing, SteelEye incorporates the most robust security provisions, ensuring client data is securely protected in a tamper-proof environment, designed so that only clients are able to access their own data. Security features include multi-factor authentication and the latest encryption techniques, combined with the SteelEye data-level access control framework.
“We believe that our cloud-based product leads the market and will provide many firms with an easy-to-access comprehensive regulatory solution at an attractive price point,” says Peter O’Shea, a non-executive director at SteelEye. “We are here to help firms benefit to the maximum from a change necessitated by regulatory change”.
Throughout its early adoption program, SteelEye raised significant capital, signed up its first clients, developed key partnerships and began its international expansion. Earlier this year, SteelEye partnered with the London Stock Exchange’s UnaVista Partner Programme to provide firms with an integrated, end-to-end technology-based solution that would help them meet their transaction reporting obligations. SteelEye has also established a presence in Switzerland, opening offices in Zurich and Geneva.
Of more than 9,000 firms registered with ESMA, including hedge funds, wealth managers, mutual funds, and pension funds, successive surveys suggest that many are currently ill-prepared to meet the MiFID II directive’s new obligations for the recording and reporting of data. The 7,000+ small to mid-sized firms across Europe will be hardest hit by the changes. No longer able to rely on larger institutions to handle their record keeping and reporting obligations, these firms will now be held accountable for their own regulatory conformity which includes recording and storing their voice data.
SteelEye has equipped itself with an experienced management team and board. The company is led by Matt Smith who joined the firm this year from Bloomberg where he was a senior product manager working on a range of financial regulation and compliance solutions.
To learn more and to book a demo, please visit: www.steel-eye.com/
OptionsCity/Vela vet brings risk management and trading expertise.
Firms should challenge data partners to provide what they need, SIX says.
Prioritizing and investing in data management are mission-critical for financial services firms.
NYSE National will be for trading only.
Chuck Mackie of Maven Wave was in Chicago last week.