UK-based compliance technology and data analytics firm SteelEye has launched an automated Three-Way Reconciliation solution to deal with MiFIR transaction reporting issues.
The new solution allows firms to meet their reconciliation requirements, validate their MiFIR reporting data and easily address errors, making sure that reporting has been done completely and accurately.
The industry has struggled with integrity issues in the crucial for regulators reporting data since MiFID II came into effect.
The reconciliation requirement improves the reporting quality by requiring firms to validate that the data they have reported matches what was received by the National Competent Authority (NCA). However, many firms have faced challenges in this process such as error prone and manual validation processes.
Regulators in the UK and EU working to enhance confidence in the financial markets by intensifying their enforcement action. SteelEye’s Three-Way Reconciliation solution is designed to helps firms address data integrity issues by automating the reconciliation process between the regulated firm, NCA and/or ARM.
Matt Smith, Chief Executive Officer at SteelEye said:
MiFID II has presented firms with an array of challenges, and many have struggled to meet their reconciliation requirements. This has a detrimental downstream impact on the regulators’ ability to monitor the market for systemic risks. Given our mission to help establish and maintain trust in the financial markets by making it easy for firms to accurately comply with regulations – this was something we were keen to address.
Matt Storey, Chief Product Officer at SteelEye added:
Our three-way reconciliation solution has been designed to eliminate manual error by automating the process of validating regulatory transaction reports. We believe this will go a long way in addressing reporting errors while also enabling firms to free up time and resource. In line with our other products, the Three-Way Reconciliation solution provides firms with a ‘single source of truth’ of data.
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