SteelEye offers a three way for reconciliation under MiFIR

Rick Steves

Some firms end up with error prone and manual validation processes and others have disregarded the requirement entirely.

SteelEye has launched an automated Three-Way Reconciliation solution to tackle MiFIR transaction reporting issues.

The compliance technology and data analytics firm has designed the solution to help firms fulfill their reconciliation requirements, validate their MiFIR reporting data and easily address errors – ensuring that reporting has been done completely and accurately.

RTS 22 is a pain

The industry has struggled with data integrity issues since MiFID II came into effect, even though complete and accurate reporting data is critical for regulators to maintain fair and orderly markets.

Many firms have faced difficulties with the reconciliation requirement (under Article 13 (3) and (4) of RTS 22), which aims to enhance reporting quality by making firms validate that the data they have reported matches what was received by the National Competent Authority (NCA) (or Approved Reporting Mechanism/Venue where the NCA doesn’t provide samples).

Some firms end up with error prone and manual validation processes and others have disregarded the requirement entirely.

SteelEye aims to improve reporting completeness and accuracy as regulators in the UK and EU are intensifying their enforcement action.

Matt Smith, Chief Executive Officer at SteelEye said: “MiFID II has presented firms with an array of challenges, and many have struggled to meet their reconciliation requirements. This has a detrimental downstream impact on the regulators’ ability to monitor the market for systemic risks. Given our mission to help establish and maintain trust in the financial markets by making it easy for firms to accurately comply with regulations – this was something we were keen to address.”

Matt Storey, Chief Product Officer at SteelEye added: “Our three-way reconciliation solution has been designed to eliminate manual error by automating the process of validating regulatory transaction reports. We believe this will go a long way in addressing reporting errors while also enabling firms to free up time and resource. In line with our other products, the Three-Way Reconciliation solution provides firms with a ‘single source of truth’ of data.”

SteelEye enters US market

SteelEye has been on an ascending trajectory for a while and has recently appointed Brian Lynch as President of its new U.S. arm.

Brian Lynch will work closely with CEO, Matt Smith, and the management team, to establish SteelEye’s U.S. footprint and lead the firm’s commercial expansion in the North American market.

Offering its cloud-based compliance and regulatory oversight solutions in North America is the next step of SteelEye’s international expansion.

Brian Lynch has over 25 years of experience in building and implementing technology solutions in the financial services industry. He joined Risk Focus from UBS in 2011, after a 15-year career culminating in his role as Chief Operating Officer for various Prime Services businesses.

As chief executive of Risk Focus, Brian Lynch expanded the scale and profitability of the consulting business and oversaw the development of a regulatory focused software solution that he then spun out to create RegTek Solutions, funded by Illuminate Financial and the Deutsche Boerse.

RegTek Solutions was acquired by Bloomberg in 2019 and he spent two years integrating his product into Bloomberg’s regulatory platform. Mr. Lynch joins SteelEye after those two years of integration with Bloomberg. His curriculum vitae speaks for himself.

 

Read this next

Technology

Spotware Systems unveils version 4.4 of Desktop and Web terminals

Spotware Systems, a technology provider for the electronic trading industry, has launched updated versions of its cTrader Desktop and Web terminals, which add new functionality to join a roster of advanced trading capabilities.

Institutional FX

Integral reports best monthly FX volume in 6 months

Currency trading on Integral’s platforms rose in September to its highest levels since March 2022 as increased volatility across financial markets led to greater activity on institutional FX venues.

Retail FX

OctaFX pre-launches new trading platform as MT4 and MT5 remain suspended by Apple

Like many other brokers within the FX and CFD industry, OctaFX had all its eggs in one basket, MetaQuotes, only offering access to MetaTrader 4 and MetaTrader 5. OctaTrader will provide the much needed change.

Opinion

Is the Bank of England facing another storm? Op-Ed by Stuart Cole, macro economist at Equiti Capital

An analysis and opinion editorial by Stuart Cole, macro economist at Equiti Capital, 3 October 2022 on what triggered the UK gilt market sell-off and is the Bank of England facing another storm?

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 

<