Capital Index, an online broker offering FX and CFDs trading, announced today that it has partnered with SteelEye, compliance technology and data analytics firm, to replace NEX Abide. SteelEye will provide MiFIR and EMIR reporting services to the broker.
According to the official press release, an announcement by the CME Group to close NEX Abide business in 2020 forced financial services providers to find an appropriate solution for MiFIR and EMIR reporting. The new partnership will enable Capital Index to take advantage of SteelEye’s reporting system.
Commenting on the recent announcement, Matthew Wright, CEO of Capital Index, said: “Rather than approaching compliance obligations from the perspective of the individual regulations, SteelEye focuses on data and technology first. As we were evaluating our options, this gave us comfort that they would meet all of our needs. We are excited to work with the SteelEye team as we use their solutions for EMIR and MiFIR reporting.”
The broker aims to meet all the regulatory obligations through the new partnership. Capital Index is also planning to work on reporting solutions for potential regulatory changes.
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After CME’s decision about NEX Abide, it was natural for financial brokers to find an efficient solution for reporting. SteelEye is planning to facilitate all brokers looking for an alternative.
“When CME announced their intention to close their regulatory reporting business, we knew that many firms would quickly have to find an alternative, which we wanted to facilitate as efficiently and seamlessly as possible. We are delighted to have been selected by Capital Index and to add value to their reporting processes,” Matt Smith, CEO of SteelEye mentioned in the official announcement.
SteelEye recently partnered with Ardent Financial for MiFID II and MAR compliance. In 2019, Finance Magnates reported that a partnership between Gold-i and SteelEye enabled Gold-i’s clients interested in the RegTech solutions to integrate their systems with SteelEye in real-time.