SteelEye, the compliance technology and data analytics firm, today announces that it has joined UnaVista's Partner Programme.
The partnership agreement with the London Stock Exchange Group's (LSEG) UnaVista is an opportunity for the two businesses to provide a cohesive, end-to-end technology-based solution to help firms meet their regulatory obligations under MiFID II and other key regulatory directives.
UnaVista is the industry leading 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. With 50,000 established platform users, it processes in excess of five billion transactions annually. SteelEye and UnaVista's combined expertise and services will provide firms with a comprehensive, market-leading, technology-based solution to meet the increasing 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." Matt continues, "the cumulative 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 is an Approved Reporting Mechanism (ARM), which firms can use to fulfil their transaction reporting obligation across all asset classes to any relevant National Competent Authority (NCA) within the EEA. MiFID II not only significantly broadens the terms of what a firm must report on, it also requires more data points, increasing reportable attributes from 24 fields in MiFID I to 65.
UnaVista's Global Head of Partnerships, Wendy Collins, comments, "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."
Of the more than 9,000 firms registered with the European Securities and Markets Authority (ESMA), many find themselves ill-prepared to meet the MiFID II directive's new obligations for the recording and reporting of data. The 7,000+ small to mid-sized firms located 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, including the recording and storage of voice data. Increasingly unable to handle the growing burden themselves, businesses are progressively turning to external platforms to meet these regulatory demands.