SteelEye Pioneers Groundbreaking Auto-Trade Reconstruction Technology

SteelEye Pioneers Groundbreaking Auto-Trade Reconstruction Technology
20.08.2020 05:02 pm

SteelEye Pioneers Groundbreaking Auto-Trade Reconstruction Technology

Compliance , Data

SteelEye, the compliance technology and data analytics firm, has today announced the general release of its pioneering Auto-Trade Reconstruction technology, which reduces the time it takes for a firm to reconstruct a trade from days to seconds.

Under MiFID II, MAR, Dodd-Frank and other global regulations, authorised firms can be asked by the regulator at any point to reproduce the records that relate to a trade or client order, or a number of trades and orders over a particular time frame. This requires them to bring together all the transaction/order details, conversations, emails, meeting minutes and more to “reconstruct” the scenario. However, with datasets spread across siloed platforms, meeting the typical deadline of 72 hours is a significant challenge for most firms. 

By leveraging artificial intelligence, machine learning, and advanced data relationships all within a single platform, SteelEye makes trade reconstructions effortless ─ reducing the risk of regulatory scrutiny for firms and personal liability for senior managers. 

The SteelEye platform seamlessly captures all of a firm’s structured and unstructured data across any asset-class, communication type and system – unifying it under a single lens, where it is cleansed, normalised, indexed and made instantly retrievable. 

SteelEye’s Auto-Trade Reconstruction thereafter looks at any given scenario or piece of data and simultaneously brings together all information that is deemed to be relevant, such as related communications or transactions as well as independent pricing. By accepting or rejecting these "suggestions" the system learns as it goes along, becoming better at reconstructing each scenario. This means that firms can immediately dive into a trade or order and automatically see all the related phone calls, meetings, WhatsApp messages, as well as finding out information about the trade/order itself.

At the click of a button, these records can be added to an existing case or used to create a new case, and thereafter easily exported. SteelEye even brings in external market data and news to enable clients to monitor suspicious trading volumes, using data from sources such as social media Twitter feeds.

The requirement to reconstruct all the conditions surrounding a trade or order requires firms to identify, locate and bring together a wide range of information, quickly. With many firms professing that such a request would take them over two weeks to complete, this has been an area bringing a lot of worry and stress to compliance teams,” says Matt Storey, Chief Product Officer at SteelEye. “With our auto-trade reconstruction this is now completely automated and effortless."

Related News

Shield Joins IBM Cloud for Financial Services Ecosystem

Specialist RegTech provider... Read more »

Sysnet Adds New Features to its Revolutionary Proactive Data Security Solution

Sysnet Global Solutions, the leading provider of cyber security and compliance solutions, is... Read more »

UK Financial Institutions Prioritising Investment in Optimising Customer Experience, According to New Tink Research

New data published today from open banking platform Tink reveals that UK financial institutions are continuing to recognise the competitive advantage of open... Read more »

Hong Kong’s livi bank Selects Wolters Kluwer’s OneSumX for Regulatory Reporting Solution

Wolters Kluwer has been selected by livi bank for its award winning ... Read more »

Ideal Prediction Awarded ‘Best Surveillance Provider’ By FX Markets

Ideal Prediction (Ideal), the independent trading analysis and data science company for capital markets, has won the FX Markets award for ‘Best Surveillance... Read more »

Smith & Williamson Selects Broadridge’s Industry Leading SRD II Compliance Solution

Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, has announced an agreement to provide Smith & Williamson Group, a leading... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel