Asset management firm Schroders has selected SteelEye for their MiFIR Transaction Reporting. The regulatory technology (RegTech) and data analytics firm has partnered with Schroders since July 2020.

With over £500bn ($643bn) assets under management, Schroders will benefit from reduced complexity and compliance costs, alongside seamless management of regulatory obligations, all through SteelEye’s centralised platform.

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SteelEye with Schroders

SteelEye ensures full visibility of the entire MiFID II transaction reporting workflow for clients. The award winning MiFID II Transaction Reporting Solution captures, normalises and enriches all necessary data, before automatically compiling the daily transaction reports, ready to be sent to an Approved Reporting Mechanism.

The software also promises to provide:

  • Sophisticated MiFIR eligibility checks;
  • Analytics on rejection handling from both the Approved Reporting Mechanism (ARM) and National Competent Authority (NCA);
  • MiFIR data validation rules;
  • The ability to edit transactions directly within the platform;
  • A full audit trail of all activity, and
  • Automatic submission schedules.

 

Keith Frimpong, global head of operations at Schroders, said: “We selected SteelEye because of the quality of their technology, the expertise demonstrated by their team and their willingness to support our tight implementation timelines.”

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Matt Smith, CEO of SteelEye, continued the positive sentiment and stated: “We are honoured to partner with Schroders and delighted they recognise the value in our reporting solution. This reassures us that our data-centric compliance platform truly addresses an industry need.”

The Markets in Financial Instruments Regulation (MiFIR) and the associated MiFIR came into effect across the EU on 3rd January 2018, and was amongst the broadest pieces of financial regulation since the 2008 financial crisis, spanning most of the financial services industry. The objective of such regulation is to strengthen investor protection through improved transparency and reporting alongside enhanced government rules and market regulation.

Alongside regulatory reporting for MiFID II and EMIR, SteelEye offers services in trade and communications surveillance, best execution, transaction cost analysis, record keeping, trade reconstruction, analytics and more.

Schroders has a long-standing, global outreach, operating for more than two hundred years and across 34 different locations worldwide. The established asset management firm provides services to both institutions and private investors, as well as numerous wealth management services committed to the preservation and growth of clients’ wealth.