SteelEye, the compliance technology and data analytics firm, has partnered with Margin Reform to support the consultancy’s clients with compliance and regulatory reporting solutions.
Margin Reform will provide SteelEye’s RegTech suite to its financial clients as they address the challenges of the evolving regulatory landscape.
During lockdown, many firms have faced increased complexity around regulatory compliance with regulations like the second Markets in Financial Instruments Directive (MiFID II) and the European Market Infrastructure Regulation (EMIR), the partners explained.
Major players such as CME and Deutsche Boerse announced that they are leaving the regulatory reporting market, requiring thousands of firms to find a new solution.
At the same time, the UK’s Financial Conduct Authority (FCA) has increased its scrutiny on reporting accuracy and market abuse oversight, while surveillance is becoming harder with more people working remotely.
Matt Smith, CEO at SteelEye, highlighted: “There has been a significant increase in the demand from affected clients seeking automated solutions to properly handle their regulatory reporting and other compliance requirements.
“It is a situation that is ideally suited for SteelEye’s regulatory reporting and wider compliance suite, designed to enable firms to seamlessly manage multiple regulatory requirements within one platform.”
A spokesperson for the firms explained that client demand has driven this partnership, with Margin Reform having recorded “an exponential increase in enquiries around regulatory compliance and reporting solutions”.
Consequently, the consultancy selected SteelEye “because of its broad range of RegTech solutions offered and data-centric approach to compliance”.
SteelEye’s reporting suite captures and validates client data in real-time and automates large parts of the MiFIR/EMIR transaction reporting process.
By doing so, SteelEye aims to address the significant data integrity challenge many firms have faced following recent regulations and enables them to improve their operational efficiency while freeing up resources.
“Over the past two months, we have experienced a significant increase in the number of enquiries from clients around regulatory reporting,” said Shaun Murray, CEO of Margin Reform.
“To support our growing client base, we wanted to partner with a vendor offering a highly-automated and efficient reporting solution as part of a wider compliance suite. After a careful review of the market, the breadth and scope of the SteelEye offering stood head and shoulders above the competition.”
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