At any point, regulators can request that you recreate all the conditions surrounding a trade or order. This might be for a specific trade with a specific client, or every trade over a particular period of time, and you may be given as little as 72 hours to comply.
This requires you to have the ability to extract information quickly. However, considering the wide range of events that can relate to a single trade, this can be both complex and arduous.
Today, many financial institutions host their data across multiple platforms that are managed by different people or teams. While these platforms make up the information needed for trade reconstructions and individually meet record keeping obligations, they don't tend to communicate or interact.
As a result, it can take several days for a firm to audit, identify, and export the relevant information requested by regulators, making it nearly impossible to meet the regulatory deadline.
SteelEye captures all of your structured and unstructured data across any asset class, communication type, and system – unifying it under a single lens.
The platform looks at any given scenario or piece of data and brings together all information that is deemed to be relevant, such as related communications, transactions, and independent pricing. This means that you can dive into any trade or order and immediately see all the relating phone calls, meetings, WhatsApp messages, and transaction details.
At the click of a button, you can add your reconstructed records to an existing case or create a new one. This can then be easily exported from SteelEye's platform and is ready to be submitted to regulators. As a result, your trade reconstruction takes moments rather than days.
“The requirement 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, Chief Product Officer