It is no secret that financial firms across the spectrum have struggled to grapple with the influx of regulations over recent years. Just in 2018, more than 1,000 investment firms fell short of their transaction reporting obligations under MiFID II. Poor, untimely and inadequate data has also been cited as a continuous challenge by the regulator. However, more recently the requirement to reconstruct the events surrounding a trade or order following a regulatory request has proven one of the more significant challenges among many wealth managers, banks, retail brokers and other Financial Institutions due to wide ranging data that needs to be consolidated in a short timeframe.
In this Bobs Guide article, SteelEye CEO, Matt Smith, discusses the challenges financial firms face when being asked to recreate the conditions surrounding a particular trade or order. Matt also highlights the steps firms can, and should, take to prepare for such a request and outlines the benefits that can be gained from such an approach.
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