LONDON, July 31, 2017 /PRNewswire/ --
The partnership will provide financial firms with an unrivalled end-to-end solution to help meet their obligations for Record Keeping, Trade Reconstruction, Best Execution and Transaction Reporting
Significant market opportunity as MiFID II deadline looms and firms' regulatory burdens continue to increase
SteelEye, the compliance technology and data analytics firm, today announces that it has joined UnaVista's Partner Programme. The partnership agreement with the London Stock Exchange Group's (LSEG) UnaVista is an opportunity for the two businesses to provide a cohesive, end-to-end technology-based solution to help firms meet their regulatory obligations under MiFID II and other key regulatory directives.
UnaVista is the industry leading regulatory reporting and data integrity platform that offers a range of business services designed to help firms optimise efficiency and minimise operational and regulatory risk across all asset classes. With 50,000 established platform users, it processes in excess of five billion transactions annually. SteelEye and UnaVista's combined expertise and services will provide firms with a comprehensive, market-leading, technology-based solution to meet the increasing regulatory demands they face. The regulatory data and reporting burdens imposed upon firms by regulations such as Dodd Frank, EMIR, AIMFD, and the upcoming MiFIR and MiFID II, translate into unprecedented requirements for data storage and transaction reporting with potentially significant penalties for non-compliance.
SteelEye's CEO, Matt Smith, explains, "financial firms in Europe and around the globe are having to report vast quantities of data to the various regulators. Together, SteelEye and UnaVista will not only provide a straight forward integrated reporting capability, but our clients will also meet their record keeping, trade reconstruction, and best execution obligations through one centralised solution." Matt continues, "the cumulative requirements to store data imposed by the various regulatory regimes represent a considerable opportunity for businesses and the SteelEye platform will help clients leverage its potential for improved business insight."
UnaVista is an Approved Reporting Mechanism (ARM), which firms can use to fulfil their transaction reporting obligation across all asset classes to any relevant National Competent Authority (NCA) within the EEA. MiFID II not only significantly broadens the terms of what a firm must report on, it also requires more data points, increasing reportable attributes from 24 fields in MiFID I to 65.
UnaVista's Global Head of Partnerships, Wendy Collins, comments, "with so many varied requirements confronting investment firms covered under MiFID II, we are excited to be partnering with SteelEye to help firms optimise their MiFIR transaction reporting and utilise their transaction reporting data in meaningful ways, whilst fulfilling other MiFID II related obligations such as record keeping and best execution."
Of the more than 9,000 firms registered with the European Securities and Markets Authority (ESMA), many find themselves 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 located 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, including the recording and storage of voice data. Increasingly unable to handle the growing burden themselves, businesses are progressively turning to external platforms to meet these regulatory demands.
To learn more, please visit: https://www.steel-eye.com.
Notes to Editors
SteelEye is the only regulatory compliance technology and data analytics firm that offers transaction reporting, record keeping, and data insight in one comprehensive solution. The firm's scalable secure data storage platform offers encryption at rest and in flight and best-in-class analytics to help financial firms meet regulatory obligations and gain additional insights into their business activities, helping them to trade with greater efficiency and profitability. With a fully open API framework, SteelEye enables clients to visualise, interpret and store consolidated data in flexible ways that suit their needs.
SteelEye is headquartered in London, UK. For more information, visit: https://www.steel-eye.com.
UnaVista is LSEG's hosted technology platform, helping firms reduce operational and regulatory risk. The platform assists over 5,000 counterparties reporting in excess of 5 billion transactions annually with 60,000 users in 86 countries.
UnaVista's Partner Programme brings together the world's leading financial services technology and consultancy firms to help the markets become more efficient and reduce operational and regulatory risk. Located in more than 200 cities around the world, UnaVista's partner ecosystem provides clients with a wide variety of options to comply with regulations across the globe such as MiFID II, Global Derivative Reporting, CAT, MAR and many more.
For further information please contact:
Richard Evans/Kathleen Edmondson/Rosie Ward
Richard Evans mobile: +44-7751-087291
Kathleen Edmondson mobile: +44-7507-903457
Rosie Ward mobile: +44-7426-655669