SteelEye, a regulatory compliance technology and data analytics firm that offers MiFID II solutions, has partnered with Gold-i in order to receive seamless data flows to reduce human error and ensure the highest degree of data integrity for accurate regulatory reporting. Thanks to Gold-i, brokers and other financial institutions can integrate their systems with SteelEye in real-time, significantly reducing the time and effort required to transfer data.
With SteelEye, client firms can meet a range of their compliance needs effortlessly as the RegTech firm consolidates trade, order, communications, market and reference data in one platform and in real-time, which adds further value to its end-to-end compliance solution for the long-term strategy of financial institutions.
MiFID II, which came into effect in 2018, has had a significant impact on the operations and profits of brokers and made it more difficult for financial institutions, let alone brokers, to meet their requirements. The patchwork of regulatory solutions and systems with time-consuming, manual and error-prone workarounds has led to many cases of complex and onerous compliance processes vulnerable to sanctions and reputational damage as well as lower margins for brokers.
SteelEye argues that, when leveraged correctly, the requirement to store data imposed by the various regulatory regimes can become a considerable opportunity for firms to realize synergies, gain insight into their performance and strengthen their competitive advantage.
The firm has seen a shift in the way firms approach compliance as they start to move towards holistic solutions that provide added value. SteelEye offers compliance solutions which meet requirements for record-keeping, transaction and EMIR reporting, trade reconstruction, communications, and market abuse surveillance, and best execution.
“Firms must realise that compliance is not a one-off process. By treating it less as a box-ticking exercise and more as a long-term strategy, benefits can go way beyond regulatory conformity”, said Matt Smith, CEO, SteelEye. “With the right tools and technology to make sense of and consolidate data, compliance can become a genuine opportunity to gain business insight and operate more competitively.”
“Some brokers have turned their regulatory obligation into an opportunity by leveraging user-friendly technology built for data optimization”, said Tom Higgins, CEO of Gold-i. “This has enabled them to not only meet their regulatory requirements but also gain new insights into their business activity, improving their decision making and in turn their performance”.
Gold-i has recently responded to great demand from the APAC region by setting up an office in Sydney, Australia, and making a series of hires, including Laurence Luo and Mike Dugdale who joined from PrimeXM, as well as Ricky Strachan and Dan Picone, who joined Gold-i from IRESS.