The partnership agreement with the London Stock Exchange Group’s UnaVista aims to come up with a “cohesive, end-to-end technology-based solution” to help firms meet their regulatory obligations.
UnaVista is the 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. It has 50,000 established platform users, it processes in excess of five billion transactions annually.
Working with SteelEye should give outfits a way through the 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.”
He said that the 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’s Global Head of Partnerships, Wendy Collins, added: “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.”