Theorema effectively manages its MIFIR Reporting with SteelEye

“The SteelEye team invested a lot of time in understanding our business and requirements.”
Alex Hughes, Operations Officer, Theorema

Background

In preparation for MiFID II, Theorema Fund Advisors built out internal compliance capabilities to meet their upcoming transaction reporting requirements. However, whilst these were sufficient in meeting the obligations, the manual set up was rather cumbersome. Furthermore, because of their internal set up, Theorema had limited reporting validation tools. This meant that if a report failed, there was no granularity as to why.

REQUIREMENT: 

Theorema wanted a robust reporting tool that would enable them to meet their T+1 reporting requirements through a single platform. With 90% of their trades executed on a single trading platform, they needed a vendor that was fully compatible with their trade flow. 

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“We wanted a solution that we could fully rely on and trust”

Alex Hughes, Operations Officer, Theorema

 

Finding the right solution

When surveying the market, SteelEye was identified as having both the functionality and price point Theorema were looking for. SteelEye was also fully compatible with Theorema’s trading platform and workflows.

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“We were impressed not only by the SteelEye user-interface and features, but by the fact that everyone we met were genuinely trying to solve our problems, not just sell us a solution.”

Alex Hughes, Operations Officer, Theorema

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Results

  • With SteelEye, Theorema now have a robust transaction reporting solution that allows them to feel fully confident in their compliance. 
  • With SteelEye’s built in validation tools, Theorema’s transaction reports are immediately tested against the reporting criteria. In the case of a fail, SteelEye instantly returns a rejection detailing exactly why and where the report failed.
  • Because of SteelEye’s built in MiFID II eligibility database, Theorema are automatically informed of which trades are reportable.

“Before using SteelEye, we often didn’t know why a transaction report failed. With SteelEye, we are immediately notified if a report has been successful or not. And because SteelEye tells us exactly what caused a report to fail, it is easy for us to correct any issues, meaning that we don’t get as close to the reporting deadline.”

Alex Hughes, Operations Officer, Theorema

About Theorema Fund Advisors UK LLP

Theorema is an Alternative Asset Manager  based in London, aiming to provide investors with longterm capital appreciation through fundamental research and bottom up stock picking in an established regulatory regime. For more information, visit: theoremafunds.com.

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