Compliance vendor says upcoming automatic trade reconstruction will slash processing times and allow users to monitor news feeds to detect insider trading.
In this Waters Technology article, SteelEye's CEO, Matt Smith, discusses SteelEye's upcoming automatic trade reconstruction solution.
SteelEye’s Auto-Trade Reconstruction will cut the trade reconstruction process down to seconds and introduce a feature that allows clients to monitor suspicious trading volumes, using data from news and Twitter feeds.
"In order to comprehensively investigate potential insider trading activity, firms must be able to monitor a range of information and quickly. Currently, the process of trade reconstruction involves studying data points around transactions and looking for unusual activity," says Matt Smith, CEO of SteelEye.
"To really get the whole picture, firms need to understand what is being said across a range of communications channels and what is going on with information that’s publicly available or not publicly available at the time of the transaction or order."
With SteelEye's Auto-Trade Reconstruction the process of bringing together all relevant information relating to an order or a trade will only take one or two seconds.
The platform looks at any given scenario or piece of data and simultaneously brings together all information that is deemed to be relevant. By accepting or rejecting these "suggestions" the systems also learns as it goes along, becoming better at reconstructing each scenario. This means that firms can immediately dive into a particular trade or order and automatically see all the relating phone calls, meetings, WhatsApp messages, as well as finding out information about the trade/order itself.
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.