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In this case study, we will examine how the requirements for trade and communications surveillance in North America got to where they are today.
We will also look at the problems firms face in achieving compliance, and why North American firms are relying on SteelEye and its integrated surveillance platform for trade and communications supervision.
How we got here
In the US, regulatory scrutiny intensified after the 2008-2009 financial market collapse, which led to the implementation of a wide range of new regulations.
In Canada, the financial markets have been more heavily regulated by a single regulator since the nineteenth century, putting high demands on its financial services firms.
Following the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act (commonly referred to as Dodd-Frank) was implemented in the US.
The Act introduced wide-ranging financial regulations to prevent another crash of this size from happening again, as well as to promote financial stability.
This regulatory overhaul widened the scope of firms subject to regulatory rules, and as a result, expanded the regulatory authority of the SEC.
It also introduced a new wave of regulatory requirements, such as archiving and monitoring of communications and trade data.
In contrast to the US and European markets, Canada escaped the 2008 banking crisis relatively unscathed.
While the US experienced bank failures, bailouts, and the worst recession since the 1930s, Canada had no bank failures or bailouts, and its recession was less severe than those in the early 1980s and 1990s.
This is because the Canadian federal government started regulating its financial market in the nineteenth century, setting up a concentrated banking system that controlled investment banking and mortgage lending under a single regulator. Consequently, Canada had a robust system that was able to withstand the pressures of 2008.
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When asked why they chose SteelEye, Ardent Financial said:
“SteelEye enables us to automate as much of our compliance set up as possible, reducing the complexity of what can be an arduous and painful process. Very few other vendors offer the same breadth of regulatory compliance solutions.”
Aidan Brady, Chief Operating Officer
Noise reduction
AI, advanced analytics, and real-time backtesting technology enable firms to reduce false positives, optimize time, and pinpoint risk, making compliance professionals’ jobs easier.
Consolidated data management
SteelEye's centralized location for managing compliance-related data helps firms improve data quality, reduce data silos, and increase data oversight.
Holistic data oversight
Compared to siloed trade and communications surveillance systems, SteelEye automatically links different data types and alerts users of potential data relationships. When used in market manipulation detection, this provides powerful functionality to better detect risks while reducing false positives.
Customizable Controls
SteelEye is highly customizable and configurable so that firms can build and maintain surveillance controls that are tailored to their business, today and in the future.
Innovative Technology
Enhancements and changes are regularly deployed across the SteelEye platform so that clients can stay up to date with the latest regulatory guidance and technologies.
Streamlined user experience
The SteelEye platform is modern, user-friendly, and intuitive.
Enhanced reporting
SteelEye simplifies compliance reporting which reduces manual processes and makes it easier for firms to derive insights from their data. For example, dynamic, intuitive dashboards transform communications, trade, and market data into rich information that fosters action.
Scalability
Since SteelEye is cloud-based, the platform is infinitely scalable and embeds the ability to easily expand compliance coverage to new asset classes and communications channels.
Modular Service
SteelEye’s offering can be customized to meet each client's specific needs, regardless of size and desired outcomes. That means clients only pay for the services they need with the option to add or remove modules in the future.
A host for our clients' data
SteelEye does not charge for access, exports, or analysis of client data – the platform simply hosts it and makes it usable for clients the way they want to use it.
A former SEC examiner and client of SteelEye said:
“The intuitiveness of SteelEye’s technology, combined with the wide array of data-driven data tools it offers, stood out to us when reviewing supervisory oversight vendors. When we chose SteelEye, instantly we were able to proactively manage our regulatory requirements. SteelEye’s software keeps us ahead of the curve and ensures we can quickly respond to any and all regulatory changes.”
Former SEC examiner, and client of SteelEye
Conclusion
When considering the wide variety of features and benefits that the SteelEye platform offers, along with the fact that it is the only service provider on the market that is capable of providing a fully integrated surveillance approach, it becomes clear why North American financial firms trust SteelEye to help them connect their compliance dots.
SteelEye's platform provides financial services firms with a comprehensive, easy-to-use, and scalable solution for meeting their compliance requirements, and that stands true for the regulations of today, tomorrow, and the years to come.