In this Financial Times letter, Matt Smith, CEO of SteelEye, urges firms to stop complaining about MiFID II and instead recognise that compliance is not a one-off process. Benefits will only emerge over time, and in order turn compliance into an opportunity firms must stop treating it as a box ticking exercise, and more like a long-term strategy. The letter is a response to Philip Stafford‘s article “Bankers bemoan MiFID’s high costs and unclear benefits” published on May 24, 2019. Read the article here.
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.
“We were driven to start SteelEye because in my former life as a CIO, trying to effectively manage regulatory obligations, we discovered that there was no data-centric compliance solution available"
Matt Smith, CEO, SteelEye
"We recognised that if we could firstly solve our clients’ data problems and establish a ‘golden’ source of information, we could then offer them a suite of integrated but distinct compliance modules that natively leverage that data to facilitate effortless compliance."
Matthew Storey, Chief Product Officer, SteelEye