Further, as it stands most financial institutions manage their data across a 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 deadline.
