London, 25 February 2021 - SteelEye, the compliance technology and data analytics firm, has been recognised as providing the best trade reconstruction solution at the European TradingTech Insight Awards 2021.
SteelEye won the award due to its ground-breaking Auto-Trade Reconstruction technology. Launched in August 2020, the service uses Artificial Intelligence and Machine Learning to reduce the time it takes financial firms to reconstruct a trade from days to seconds.
“Under MiFID II, Dodd-Frank and other regulations, authorised firms can be asked at any point to reproduce the records that relate to a trade or client order. This requires a review of all transaction details, conversations, emails, meeting minutes and more to reconstruct the scenario. With datasets spread across siloed platforms, meeting the typical deadline of 72 hours is a significant challenge, if not impossible,” said Matt Smith, CEO of SteelEye.
He added, “By unifying a firm’s data under a single lens and leveraging AI and advanced data relationships, SteelEye makes trade reconstructions automated and effortless. At the click of a button our clients can immediately reconstruct any scenario.”
The SteelEye platform seamlessly captures structured and unstructured data across any asset-class, communication type and system – unifying it on a single compliance platform, where it is cleansed, normalised, indexed and made instantly retrievable.
The Auto-Trade Reconstruction solution looks at any given scenario or piece of data in SteelEye and simultaneously brings together all information that is deemed to be relevant, such as communications or transactions, as well as independent pricing. By accepting or rejecting these suggestions the system learns over time, becoming better at reconstructing each scenario. Clients using the service can immediately look at a trade or order and automatically see all the related phone calls, meetings, WhatsApp messages, in addition to finding out information about the trade/order itself.
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SteelEye is a RegTech and data analytics firm that was established to reduce the complexity and cost of financial compliance and enable firms globally to manage their regulatory obligations through a single platform.
SteelEye’s ability to bring together, cleanse, index and analyse structured and unstructured data across all asset classes and communication types enables clients to effortlessly meet their regulatory needs, because when all this data is in one place, compliance becomes both easy and cost-effective. And with everything under one lens, firms also gain fresh insight into their business, helping them improve their efficiency and profitability.
To date, SteelEye has launched solutions for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.
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