Auto-Trade Reconstruction

Automatic Trade and Order Reconstruction for Financial Services Compliance



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. 

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. 

Announcing auto-trade reconstruction 3


Under MiFID II, Dodd-Frank and other global regulations, financial services firms are required to store records of all activities and transactions, show evidence that they acted in accordance with their best execution policies and demonstrate continuous oversight and control, among other obligations. 

As part of the regulator's mandate to ensure that firms are meeting these requirements, they 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 relating to their trading and business activity. However, considering the wide range of events that can relate to a single trade, this can both complex and arduous.

Further, 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 relating 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 immediately dive into a trade or order and automatically see all the relating phone calls, meetings, WhatsApp messages, as well as finding out information about the trade/order itself.

SteelEye Trade Reconstruction 2


How it works

At single order or trade resolution, transaction data is overlaid with related communications data as well as independent pricing. At the click of a button, these records can be added to an existing case or used to create a new case. Once you have added all relevant records to a case, 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.

Trade Reconstruction is part of the SteelEye Data Platform, which also includes Record Keeping and Trade and Order Analytics. Want to know more? Download our SteelEye Data Platform service overview. Download the SteelEye Data Platform service overview.

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 now automatic and effortless with SteelEye's auto-trade reconstruction.

Matt Storey

Matt Storey, Chief Product Officer

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Gain the new insights to improve your competitive edge with a single lens for all your financial data. Download our service overview to find out more.