FCA chooses Sopra Steria for six-year data platform deal

Sopra Steria won an exclusive six-year contract with the FCA to develop a market data platform ahead of MiFID II.

The Financial Conduct Authority (FCA) has chosen digital services provider, Sopra Steria, for a six-year contract to supply a regulatory market data platform.

Sopra Steria’s big data platform operates through a regulatory support service, which the firm says will store billions of transaction reports over the six-year period.

The reports and data will be interrogated to give the UK regulator greater transparency ahead of MiFID II.

Sopra Steria explained: “In order to meet stringent validation times and deliver value for money by reducing implementation and running costs, the FCA required an innovative offering utilising the latest digital technology.”

Chief operating officer at the FCA, Georgina Philippou, said having a reliable data processing solution was critical to regulating capital markets.

She added: “Following a rigorous selection process, we have chosen Sopra Steria to help us meet our rapidly changing requirements in this area, and we very much look forward to working with them.”

Managing director at Sopra Steria, Melba Foggo, said winning the contract was key for his team and “further supports our already strong relationship with the FCA.”

Foggo concluded: “The high speed data ingestion and processing capability has far reaching implications for the investment industry.“