Hywin Wealth saves cost and improves efficiencies with SteelEye

Effortlessly meeting their transaction reporting obligations while gaining new insights into their data

Background

When MiFID II was implemented it posed a significant challenge for most financial firms. For large multi-nationals and top tier banks, this could be managed by deploying large compliance teams in-house and building out new skillsets. For smaller firms however, particularly in the buy-side, getting to grips with MiFID II was more challenging. 

REQUIREMENT: 

Under MiFID II, Hywin Wealth were required to implement their responsibilities for transaction reporting. However, as a multi-custodian business, their reporting requirements were more complex than most. Hywin knew that they didn’t want to build and continuously manage a reporting solution in-house, but they also didn’t want to lose sight of the operation and fully outsource their reporting.

“We wanted to find a solution that would allow us to manage the risk in-house without having to onboard and manage a whole new skillset. SteelEye was the perfect fit!”

Steven Graves, Chief Operating Officer, Hywin Wealth

Finding the right solution

Hywin were looking for a provider that could support them with experienced staff and regulatory knowledge. They also required a platform which could easily ingest multi-custodian data and allow Hywin to report transactions through a user-friendly system.

SteelEye provided Hywin with the regulatory knowledge, flexibility and user-friendly system they were looking for. More importantly, SteelEye’s platform could offer Hywin a much broader solution, allowing them to benefit from the additional SteelEye services, such as communications ingestion, surveillance and best execution, in addition to the initial transaction reporting requirement.

“It was very apparent that SteelEye had something special and we started looking at what other benefits we could gain from their system. This is what really set SteelEye apart from the rest”

Steven Graves, Chief Operating Officer, Hywin
Wealth

Result

With SteelEye, Hywin can now effortlessly ingest their trade and communications data into a single platform and use that data for transaction reporting and enhanced insight. 

From a transaction reporting perspective, SteelEye has made it significantly easier for Hywin to manage the required data sets and make sure everything has been ingested and reported correctly. SteelEye also provides easy error validation, informing Hywin instantly if any data has been submitted incorrectly to the Approved Reporting Mechanism (ARM).

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Saved costs

Not having to hire new resource or acquire new skill sets in house.

Improved efficiencies

Effortless compliance with automated data ingestion and streamlined reporting.

Enhanced insight

Consolidation of transaction and communications data under one lens for enhanced analytics.

One-stop shop

Multiple regulatory solutions on one platform for smarter compliance.

About Hywin

Hywin Wealth is a wealth management firm with global resources in the areas of trading, custody, lending and research. Based in London, the world’s most international city, Hywin’s clients can benefit from a strong legal system and global outlook. London is a natural home for the Hywin family, whose resources include over 5,000 staff in 100 offices and over £12bn in assets under management globally. For more information, visit: www.hywinwealth.co.uk 

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