RECORD KEEPING

Twitter_header.png

ONLINE AND IMMUTABLE

The WORM problem

New regulation brings new pressures.

MiFID II specifies that firms must keep records for all services, activities and transactions for up to 7 years. This includes all intended transactions, even if the transaction is not concluded.

These records must be readily retrievable in an online, electronic, tamper-proof format.

Records include orders, trades, phone calls, mail, faxes, email, instant messages and documents (sales and marketing, research, meeting minutes).

All trade and communications data must be stored in a prescribed – Write Once, Read Many (WORM) – immutable form.

Firms must be able to respond to a request from their regulator within a reasonable timeframe – likely to be 72 hours. They must be able to reconstruct events around a trade. Failure to do so will result in a fine, negative PR and the risk of reputational damage.

The SteelEye Locker™

Our SteelEye Locker™ solution means that all your trade and communications data is normalised and accessible, in one place, on a constantly up-to-date platform specially designed to meet regulatory demands.

This means you can rest assured that your data is both secure and MiFIDII-ready.

The SteelEye Locker™ ensures that your records are stored securely online in an immutable, digital form. 

Sign up to Learn More

 
Twitter_header.png