Financial Conduct Authority Selects Sopra Steria for Major Application Maintenance Contract

Financial Conduct Authority Selects Sopra Steria for Major Application Maintenance Contract
20.11.2018 11:03 am

Financial Conduct Authority Selects Sopra Steria for Major Application Maintenance Contract

Cloud , Regulatory Standards

Sopra Steria is today announcing a new engagement which will see it provide application maintenance services across all the major systems at the Financial Conduct Authority (FCA). This the latest major contract between the organisations, which follows the company’s development and launch of the Market Data Processor (MDP) in January 2018. The MDP, built to service requirements of the new MiFID II regulation, is one of the most industry-critical regulatory cloud platforms ever built in the UK and since going live, has already securely handled over 6 billion transactions as of 1 October 2018, averaging over 31 million transactions per day.

Application Maintenance will enable new technology capabilities

The three-year contract, which Sopra Steria secured following a competitive tender, significantly extends the scope of work the company’s support teams have been providing to the FCA for over 10 years.  As the FCA’s partner for application maintenance services Sopra Steria will support the FCA in their transition from traditional hosted services into cloud-hosted services.  The maintenance services, which are planned to commence in early 2019, will be provided from Sopra Steria’s UK and India locations and bring into scope an extended range of capabilities and skills such as big data, UX and middleware as well as integration with Salesforce and Oracle technologies.

Extending the partnership

The new engagement arrives following the roll-out, earlier this year, of the MDP which was developed to enable the FCA to capture, validate, store and track millions of financial transactions conducted in the UK every day, collecting reporting activity required by new MiFID II regulation.  The MDP marked the first time a regulator has used a cloud-based application to manage widespread regulatory filings. The platform went live on 3rd January 2018, the date when MiFID II regulations came in to effect.

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