UK Compliance technology and data analytics outfit, SteelEye has named Matt Smith as its new chief executive.
The SteelEye product was designed to help financial firms meet their obligations under MiFID II, whilst also acquiring insights into their business operations. His appointment will help to drive the firm’s growth as it markets its secure and scalable data storage platform which incorporates analytics, the statement continued.
Matt brings over 18 years of technology and management expertise to SteelEye. He joins from Bloomberg where he was a senior product manager working on a range of financial regulation and compliance solutions. Before, he was the chief information officer at Noble Group, a global commodity trading firm, where he oversaw regulatory technology and the deployment of big data, trading and analytics platforms.
Of more than 9,000 firms registered with ESMA, many are currently ill-prepared to meet the MiFID II Directive’s new obligations for the recording and reporting of data, SteelEye reckons. The 7,000+ small to mid-sized firms 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 which includes recording and storing their voice data.
Peter O’Shea, a non-executive director at SteelEye said: “The founders and board are excited Matt has accepted our offer to lead the team. As a highly experienced regulatory technology professional, Matt brings a wealth of expertise in the smart application of technology to solving complex regulatory needs and shares our view on empowering firms to use the resulting data to gain a business edge.”
SteelEye’s cloud-based platform has several advantages to help firms address their MiFID II obligations, the firm reckons. It claims it is the only platform that offers transaction reporting, record keeping, best execution and data insight in a single offering. It also has an open API framework, allowing clients to harness the power of their data. The platform also lets clients store their data in wherever they want it to be.
Smith said, “SteelEye is here for the small to medium-sized financial firms who require a flexible solution for their record keeping and regulatory reporting needs at an appealing price. We provide a secure and comprehensive solution, built on the most modern and scalable technology and backed by a world-class team of technologists. I am delighted to have been asked to join this team which is well positioned to revolutionise the FinReg and data analytics market.”
