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    Three-Way Reconciliation

    Effective Compliance Reconciliation between SteelEye, your National Competent Authority, Venue, and/or Approved Reporting Mechanism

    See it in action

    Ensure complete and accurate reporting by reconciling your transaction data with SteelEye

    In accordance with MiFIR, your regulated financial firm is required to reconcile its reporting data and validate that your trading records match what has been received by the National Competent Authority (NCA), or reported to the NCA by your firm, an Approved Reporting Mechanism (ARM), or a Venue.

    Efficient and Automated Reporting Reconciliation

    SteelEye's Three-Way Reconciliation solution assists you in fulfilling your reconciliation requirements, validating your transaction reporting data and easily addressing errors. 

    Reconcile your reporting data in less than 20 seconds

    Our Three-Way Reconciliation system compares your reports in SteelEye against the data reported to the ARM and received by the NCA. Once the files have been uploaded into SteelEye, the reconciliation takes less than 20 seconds – returning a detailed list of ‘matches’ where the transactions in the three files 'match' or ‘breaks’ where the transactions do not match.

    How it works

    Upload

    The first step in our Three-Way Reconciliation system is to upload your ARM/NCA files into the SteelEye platform.

    Reconcile

    Start the reconciliation process at the click of a button. It takes less than 20 seconds for the reconciliation to complete.

    Review

    'Matches’ are returned where the trades you have reported match transactions received by the ARM, venue, or NCA. 'Breaks' are returned where files don't match. 

    Amend/Approve

    When breaks are identified, you can easily update the reporting records. If there are no breaks, you can sign off the reconciliation.

    Benefits of SteelEye's Three-Way Reconciliation 

    Fulfill your Reconciliation Requirements

    Meet your obligations with ease by reconciling your transaction reporting data between your NCA, ARM, and/or venue in less than 20 seconds.

    Validate your MiFIR Reporting Accuracy

    Easily review the state of your reporting by identifying matches, breaks, and missing data between your reporting files.

    Ensure Complete and Accurate Reporting

    Identify errors, report the correct data, and create cases for remediation to ensure your future reporting is complete and accurate.

    Improve Data Integrity

    Address data integrity issues by streamlining the reconciliation process between your firm, the NCA, and/or ARM.

    Single Source of Truth

    Gain access to a single and accurate source for your compliance and transaction data to improve your business insights. 

    Want to see it in action? Book a demo of SteelEye's Three-Way Reconciliation:

    Three-Way Reconciliation SteelEye

    What is regulatory reconciliation?

    Regulatory reconciliation is the requirement for financial firms to compare the transactions they have carried out with what has been reported to the NCA (or reported to the NCA by the firm/ARM/Venue where the NCA doesn't provide samples).

    The reconciliation requirement under MiFIR Article 15 (3 & 4) of MiFIR RTS 22 exists to enhance reporting quality. 

    Complete and accurate reporting data is critical for regulators to maintain fair and orderly markets. Yet, many firms have struggled with data integrity issues under guidelines such as MiFIR.

    Why is three-way reconciliation needed?

    It is important to reconcile transaction data with the regulator samples, as it enables firms to identify reporting issues such as rejections or missing records.

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