SteelEye, a compliance technology and data analytics firm, and UnaVista, a regulatory reporting platform from London Stock Exchange Group, today announced a partnership to support financial firms with best-in-class reporting services as they migrate from CME’s European Trade Repository (TR) and NEX Abide regulatory reporting services, which will close in November 2020.
London-based SteelEye has been a technical router into UnaVista’s Approved Reporting Mechanism (ARM) for MiFIR since 2017. To support market participants migrating from CME, SteelEye has now also integrated with UnaVista’s European Trade Repository (TR) for EMIR reporting, according to the announcement.
“This integration builds on the existing partnership between SteelEye and UnaVista and ensures that financial firms continue to have access to high-quality and cost-efficient regulatory reporting services,” said Matt Smith, CEO at SteelEye. “EMIR reporting has always been an area associated with complexity and cost, issues which this partnership addresses head-on. By integrating with UnaVista’s TR, we are able to provide market participants with an effective, intelligent, yet cost-effective EMIR reporting service.”
The challenge of migrating reporting processes away from CME
“Hundreds of firms face the challenge of migrating their reporting processes away from CME, and need to do so quickly,” said Mark Husler, CEO at UnaVista. “Together with SteelEye, we offer a fast and efficient response to this demand and provide a wealth of other benefits to joint clients.”
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By utilizing SteelEye’s EMIR and MiFIR reporting solutions, combined with UnaVista’s TR and ARM, a migration from CME is effortless, the firms stated.
Additionally, SteelEye and UnaVista revealed they had developed a data convertor, meaning that firms can continue to use their existing reporting input files. Further, since MiFIR and EMIR reporting is fully integrated, the same data can be used for both reporting requirements.
Since SteelEye’s launch in 2017, the company’s regulatory reporting suite has been adopted by a high number of clients, attracted by a fully automated reporting process and the ability to effectively manage breaks and validations.
The service works by ingesting clients’ order and trade data and automatically compiling the daily EMIR / MiFID II transaction reports. At this point, clients can choose to automatically submit their reports to UnaVista, or manually click a button. All reports are thereafter validated against the reporting criteria, which can be easily managed within the SteelEye SteelEye | Comply Smarter 2 dashboard. By consolidating the data required for reporting, clients also gain access to a vast array of analytics, including market abuse detection, portfolio analysis, and Net-AssetValue calculations.