Auto-Trade Reconstruction

Automatic Trade and Order Reconstruction for Financial Services Compliance

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Effortlessly recreate the conditions surrounding any trade or order

The regulator can at any point ask you to recreate all the conditions surrounding a trade or order. This can be for a specific trade with a specific client, or every trade over a particular period of time, and you may only be given 72 hours to comply. 

With SteelEye reconstructions are automatic - Learn more here

Under MiFID II, Dodd-Frank and other  regulations, financial firms are required to store records of all activities and transactions to prove best execution and demonstrate continuous oversight, among other obligations.

To ensure firms are meeting these requirements, the regulator can request a copy of all the details surrounding a particular trade or order, or even every trade over a particular period of time.

This requires firms to have the ability to quickly extract information. However, considering the wide range of events that can relate to a single trade, this can both complex and arduous.

SteelEye Auto Trade Reconstruction 2

By leveraging artificial intelligence, machine learning and advanced data relationships, SteelEye makes trade reconstructions effortless — reducing the risk of regulatory scrutiny for firms and personal liability for senior managers. 

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The Problem

As it stands most financial institutions manage their data across multiple platforms, including order management, trading, compliance and CRM systems.

While these platforms make up the information needed for trade reconstructions, and individually meet the regulatory record keeping obligations, they don't tend to communicate. Add to that the fact that many of these operations are often completed by multiple people, and bringing together all the relevant data for a trade reconstruction is prohibitively difficult.

As a result, it can take several days for a firm to audit, identify and export the relevant information requested by the regulator, making it nearly impossible to meet the regulatory deadline.

Smarter Compliance

SteelEye seamlessly captures all of your structured and unstructured data across any asset-class, communication type and system – unifying it under a single lens, where it is cleansed, normalised, indexed and made instantly retrievable. 

The platform thereafter looks at any given scenario or piece of data and simultaneously brings together all information that is deemed to be relevant, such as communications or transactions as well as independent pricing. 

By accepting or rejecting these "suggestions" the systems learns as it goes along, becoming better at reconstructing each scenario. This means that firms can dive into any trade or order and immediately see all the relating phone calls, meetings, WhatsApp messages, and transaction details. 

Simplified Case Management 

At the click of a button, your can easily add your reconstructed records to an existing case or create a new one. This can then be easily exported from SteelEye, ready to be submitted to the regulator. As a result, your trade reconstruction takes moments rather than days.

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The requirement under MiFID II, MAR, Dodd-frank and other regulatory regimes to reconstruct the conditions surrounding a trade or order requires firms to identify, locate and bring together a wide range of information, quickly. This process, which takes some firms more than two weeks to complete, is automatic and effortless with SteelEye's auto-trade reconstruction.

Matt Storey

Matt Storey, Chief Product Officer

Trade Reconstruction is part of the SteelEye Data Platform, which also includes Record Keeping, eDiscovery and Trade and Order Analytics.

Want to know more? Download the SteelEye Data Platform FactSheet.

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