SteelEye, a compliance technology and data analytics firm, has launched a communications and trade surveillance solution which has been fully integrated with its existing records retention and data analytics platform.
The solution aims to enhance firms’ ability to meet MAR/MiFID II and other international regulatory requirements, while offering powerful and intelligent insight into the underlying data helping to mitigate risk and optimise business performance.
Regulators globally are increasingly focussed on the obligations of financial institutions to proactively identify suspicious activity, market abuse and financial crime, such as insider trading and market manipulation. To monitor this complex array of activity, institutions need to ensure that their surveillance capabilities are able to holistically assess a broad set up information from communications, orders and trades through to CRM and market data.
Currently the systems implemented by many institutions rarely allow for data to be integrated across different sources, such as trades, employee’s behaviour, voice communication, e-mail communication and instant messaging. This negatively affects the ability of firms to detect events that are composed of multiple activities which are collectively suspicious.
A major burden faced by compliance organisations is that legacy surveillance systems often saturate the user with false positives. This can lead to financial organisations having to hire large numbers of resources in their compliance departments, face missing key alerts in the ‘noise’ generated or reducing thresholds which could allow suspicious activity to be missed.
SteelEye’s new communications and trade data surveillance solution provides users with a revolutionary single vision. The platform enables financial firms to consolidate an array of data sources which not only supplies a smart and consolidated approach to meeting regulatory compliance obligations, but also offers firms a deeper understanding and more informed assessment of trade and communications records. All this helps them extract value from otherwise dormant regulatory data.
The enhanced SteelEye platform enables a blend of out the box regulatory reports, relevant lexicon-based communications analysis, a solid intelligent search capability across all data sets – communications, orders trades, CRM as well as market and reference data. Using historic analytics, SteelEye helps compliance professionals identify the impact of rule generation in advance, allowing them to tune their surveillance rules in advance of a surveillance rule being activated, helping to reduce false positives before they become a nuisance.
The platform automatically alerts compliance professions helping them to identify and resolve risks quickly. Utilising a fully auditable case manager, users can effectively track and monitor their work queues, assisting their firm to quickly overcome any regulatory challenges.
As well as helping firms to fulfil their compliance obligations, SteelEye’s new capabilities will offer firms a powerful business analysis. Through advanced data relationships and behavioural analytics, SteelEye offers intelligent insights – helping firms achieve greater efficiency and control and the insights to help optimise their profitability and performance.
The new trade and communications surveillance product is seamlessly integrated with the existing SteelEye cloud-based regulatory platform. The platform is the only solution in the market to offer transaction reporting, record keeping, trade reconstruction, best execution, communications & trade surveillance and data analytics in a single, secure solution. SteelEye brings together orders & trades, electronic and voice communications, market data, reference data and employee and counterparty information.
Matt Smith (pictured), CEO of SteelEye, says: “We are excited to announce the launch of our cutting edge trade and communications surveillance solution. Ensuring compliance with the ever expanding international regulatory landscape is a complex business for financial firms. By truly consolidating all of your firm’s data into a single location, we are able to provide our clients a truly holistic compliance answer. SteelEye helps you simplify some of the complexities of regulatory conformity, consolidate data and systems and save money.”