Risk Markets Technology Awards 2021: Regulatory reporting product

Matt Smith, SteelEye

Regulatory reporting product of the year: SteelEye

SteelEye’s regulatory reporting suite consolidates, cleanses, validates and enriches all required client data in real-time and automates large parts of the transaction reporting process. Currently supporting European Market Infrastructure Regulation (Emir) and Markets in Financial Instruments Regulation (Mifir) reporting, the suite was designed and developed to reduce the complexity and cost of compliance, and enables firms to manage multiple regulations via a single platform.

Client data is cleansed, mapped and accurately indexed before it is brought into the reporting suite. SteelEye also automatically generates the required daily transaction reports, which can be scheduled for automatic submission or manually submitted to a trade repository, national competent authority or approved reporting mechanism. 

Because of the complexities around regulatory reporting and the fact firms can submit valid reports and still fall short of their obligations, SteelEye provides a sophisticated dual validation system. The first level occurs when the data is ingested, automatically testing it against market data and previous client data to identify anomalies or issues. Validated data is used to create transaction reports, which, once submitted, undergo a second level of validation – this time against the reporting criteria. In the case of a fail, the system instantly returns a rejection detailing why and where the report failed. Compliance staff are able to amend the data directly within the platform. 

Auto-Trade Reconstruction is tool that helps institutions meet the requirement under a range of global regulations to reproduce, within a typical deadline of 72 hours, the records that relate to a trade or client order, or several trades over a particular timeframe. The tool automates the process by continuously looking at any given piece of data in the platform and bringing in related records, such as communications or transactions, as well as independent pricing.  As users accept or reject these suggestions, artificial intelligence enables the system to learn and become better at reconstructing scenarios. The records can be readily added to an existing case or used to create a new case, and are easily exported. 

At its core, SteelEye is a data analytics platform that can consolidate structured and unstructured data. The technology is purpose-built in the cloud and is scalable to handle large volumes of information. Data is stored in an immutable tamper-proof format, with client data held in a specified territory in the client’s region. Insights, an intelligent reporting tool, enables firms to combine and analyse financial and regulatory data. Users can build visualisations, schedule reports for management information and export any report for continued analysis.

Judges said:

• “SteelEye has a solid feature-rich regulatory reporting offering and a well-managed systematic client engagement culture.”
• “SteelEye has picked up business from those exiting the market through the quality of its product.”
• “The company provides advanced functionality and has an impressive client base and business growth.”

Matt Smith, chief executive officer, SteelEye, says:

“SteelEye is a data company at heart. This is what distinguishes us in the market. By focusing on accurately capturing, cleansing and validating our clients’ data, we deliver a golden source of information that can be seamlessly used in our comprehensive suite of compliance solutions. This addresses the data integrity challenges many firms have faced following recent regulations, and enables clients to comply smarter and more efficiently. Our data-centric approach makes our regulatory reporting suite for Emir and Mifir best-in-class. It enables us to automate the entire reporting process and deliver market-leading reporting accuracy of 99.75%.”

 

Read more articles from the Risk Markets Technology Awards 2021 winners’ review

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