Enhances firms’ ability to meet MiFID II transaction reporting obligations by determining which trades need to be reported
London, 4 June 2019: SteelEye, the compliance technology and data analytics firm, is pleased to announce the launch of their new ‘MiFID II Eligibility as a Service’ tool.
MiFID II brings many challenges to buy and sell-side firms, including the requirement to report trades to the regulator on a t+1 basis. Determining which trades are eligible for reporting is no easy task due to the complex reporting rules and various exceptions under the European directive. For firms, this has become an ongoing challenge, requiring significant time investment and vast amounts of external market data.
SteelEye’s ‘MiFID II Eligibility as a Service’ tool tackles this challenge by helping firms determine which trades need to be reported. Supported by market data from FIRDS and Anna DSB, the service searches instruments by their ISIN and evaluates the eligibility across venues based on the timestamp. The service then returns a list of all instruments with a summary of the reporting requirement (be it Traded on Trading Venue (TOTV), Underlying Traded on Trading Venue (UTOTV) or not eligible for reporting). This allows firms to effortlessly compile their Transaction Reports, ready to be sent to an Approved Reporting Mechanism (ARM) of choice* via the SteelEye platform.
Matt Smith, CEO of SteelEye, commented: “Determining which trades to report to the regulator has been an ongoing pain point for firms since the introduction of MiFID II. This new service helps firms to automatically determine their trade reporting eligibility, freeing up valuable time and resource. The service complements the existing SteelEye product portfolio and furthers our mission to help firms comply smarter.”
*SteelEye is integrated with the UnaVista and Euronext ARMs.
For further information, please contact:
Marketing Director – SteelEye
+44 (0)203 176 8306
SteelEye is an intelligent data platform which brings together a wealth of data under one lens, enabling companies to derive enhanced value from their own information. By using SteelEye to consolidate and normalise trade, order, communications, market and reference data on one platform, financial firms can effortlessly comply with a range of regulatory mandates. This allows firms to meet their requirements for trade and communications surveillance, transaction reporting, record keeping, trade reconstruction and best execution reporting under regulations such as MiFID II, EMIR, MAR, Dodd-Frank and SM&CR.
With everything under one lens, firms gain new insights into their business activities, helping them trade with greater efficiency and improve profitability, while meeting their regulatory obligations.
Founded in 2017, SteelEye brings together a diverse team with deep expertise in trading, compliance, cloud computing, data science and machine learning. Our mission is to help financial firms comply smarter and fully leverage their data. With SteelEye, firms can future-proof themselves in a world where data intelligence is a key source of competitive advantage. For more information, visit: www.steel-eye.com.