SteelEye offers a three way for reconciliation under MiFIR
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.
