Compliance Technology / RegTech Vendor Comparison for Financial Services

This document details the differences between SteelEye and other regulatory technology (RegTech) solutions. Choosing the right compliance platform is critical. We want you to have the best information possible to do so.
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Overview

With so many different options out there for compliance technology, this page will help you understand the differences between SteelEye and other RegTech vendors so you can decide on the right compliance technology partner for your business.

STEELEYE

SteelEye enables you to unify your regulatory compliance across multiple jurisdictions and mandates through a proven, data-powered RegTech platform. SteelEye is built for financial firms that want to reduce their risk, modernise and automate their operations, and stay agile enough to adapt to changing markets conditions and regulations. With SteelEye, you have the flexibility to customise your RegTech tool kit based on your obligations, thanks to our module-based approach. In 2021, SteelEye has been named:

Best Regulatory Reporting Product of the year by Risk

Best Sell-Side Reporting Platform by Waters Technology

 Best Hedge Fund Data Management Solution by HFM

and more..

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Compliance Transformation

Investing in a compliance platform can transform your business. As operational leader, it is important to choose RegTech tools that deliver flexibility & accuracy - that are easy for your team to use every day.

To transform your compliance technology you need an integrated set of tools that enable you to:

  • Bring all your data together and use that data
  • Reduce the number of systems and vendors you rely on
  • Meet your communications oversight, trade surveillance, regulatory reporting and best execution requirements in one platform
  • Automate your regulatory processes

Achieving this will allow you to free up resource and budget that can be allocated to other profit making areas of your business. With all data in one place, you can also analyse your performance better than ever, gaining new insights for enhanced decision making. 

With the vast majority of RegTech solutions out there, you get a limited set of tools for specific problems – meaning you need multiple systems for your various regulatory obligations.

With SteelEye, all your data is brought together so that you can meet all your needs on a single platform. This means your data goes to work for you – for compliance, for enhanced insight, for better trading outcomes.

SteelEye Named #1 RegTech Solution in 2020

"We selected SteelEye because of the quality of their technology, the regulatory expertise demonstrated by their team and their willingness to support our tight implementation timelines.”

Keith Frimpong, Global Head of Operations Change, Schroders

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HFM Awards winner

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Vendor Comparison

 
SteelEye Bloomberg Vault Behavox Cappitech Eventus Nasdaq SMARTS Nice Actimize RedDeer TradingHub
EMIR Reporting
MiFIR Reporting
Trade Surveillance
Comms Surveillance
Holistic Surveillance
Voice analytics and archiving
Best Execution Reporting
Transaction Cost Analysis
Record Keeping & E-Discovery
Trade Reconstruction
Auto-trade reconstruction
Order and Trade Analytics

"SteelEye enables us to automate as much of our compliance set up as possible reducing the complexity of what can otherwise be an arduous and painful process. Very few other vendors offer the same breadth of regulatory compliance solutions.”

Aidan Brady, Chief Operating Officer, Ardent Financial

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Measuring Compliance ROI

Measure the time and cost saved by reducing RegTech systems and platforms and the business insight gained from fully leveraging your data.

Compliance Analytics

Data-driven decisions drive better outcomes

Having all your data in one place is vital for making data-driven decisions and can reveal unparalleled business insight. This allows you to focus on doing more of what matters – and less of what doesn't.

With individual compliance technology solutions and set ups for different mandates, your data remains scattered and largely dormant. This is not only an administrative burden since data is being pushed and pulled in different directions, but it also makes it nearly impossible to ensure data is accurate and complete. The more RegTech systems and platforms you have, the more challenging data governance and provenance become - requiring a lot of manual processes, which can take a significant amount of time.

With SteelEye, all of your compliance processes are readily available in one place – from record keeping to reporting and oversight. With the ability to connect every trade or order to the related communications, news items and even performance outcomes, you can make strategic decisions rooted in business value. Better yet, since SteelEye reduces the number of RegTech platforms and systems you depend on, data provenance is improved. We ensure all your data is complete so that you continuously meet your obligations.

Communications incl number
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With SteelEye, you can for example: 

  • Highlight the threat of possible collusion by receiving automated alerts for Best Execution outliers and overlaying communications.

  • Highlight areas that are being missed by your MAR reports by overlaying communications and trading activity.

Total Cost of RegTech Ownership

Compliance software without hidden costs or exit fees

As you consider different compliance technology solutions, the cost of the software subscription likely comes to mind. While this cost is certainly a key component, it is not the only one that you should consider. Other costs to consider are data storage fees, as well as implementation fees, future upgrades, and ongoing maintenance.

With individual compliance solutions and set ups for different mandates, you end up storing the same data in multiple places.

Most regulatory regimes require largely the same data for areas like record keeping, reporting and surveillance. As a result, you end up paying a lot more for your data storage than you need. In addition, most vendors charge for data export and have expensive exit fees.

With SteelEye, all your data is unified into a single source and can then be used for multiple compliance purposes. As a result, your data storage costs are optimised and kept to a minimum. At SteelEye, we also believe that your data is exactly that – your data.

We do not have any hidden costs, exit fees or data export charges. Your data can be accessed, analysed and exported as and when you need.

Future Proofing Your Compliance Technology

Don't buy solutions for today's requirements. Deploy a platform designed for change! 

Since the 2008 financial crash, regulators globally have been committed to enhanced supervision of financial services. Consequently, a plethora of new regulations have been rolled out and existing ones reinforced - with many more changes to come. At the same time, the supervisory technology and techniques used by regulators has become more sophisticated. It is therefore more important than ever that firms ensure they can comply with current regulations and adapt as new ones come into force. 

With individual compliance technology solutions, your data ends up spread across siloed RegTech platforms for specific compliance needs. To meet new or changed requirements, this usually means you have to deploy a new platform and do all the associated leg work (including data mapping, cleansing and validation to name a few processes). Not only is this costly and time consuming, but it also adds to the ever growing number of platforms and systems you support. 

With SteelEye, all your data is brought together on a data-centric compliance technology platform that is built for change. Not only does SteelEye allow you do meet multiple obligations on a single RegTech platform, but we also update and adjust the platform as regulations change or new rules are introduced. Since your data is already captured, cleansed, normalised and validated in SteelEye, it can instantly be used for additional requirements, and of course for analytics and management information. 

“We were looking for a solution that would allow us to meet our regulatory requirements and consolidate our ever-growing number of supported platforms, communication channels and trade and order systems. SteelEye provided that solution.”

Patrick Fietje, CEO, Tavira Securities

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