Compliance technology firm SteelEye and consultancy firm Margin Reform have teamed up to offer compliance and regulatory reporting solutions, following service shut downs at CME and Deutsche Börse.
The partnership will see clients of Margin Reform gain access to SteelEye’s RegTech and reporting suite in a bid to address the challenges of an evolving regulatory landscape. The SteelEye reporting platform captures client data in real-time and automates the MiFIR and EMIR transaction reporting process.
“With increasing regulations, and marketplaces such as the CME and Deutsche Börse about to close their reporting businesses, there has been a significant increase in the demand from affected clients seeking automated solutions to properly handle their regulatory reporting and other compliance requirements,” said Matt Smith, CEO of SteelEye.
“It is a situation that is ideally suited for SteelEye’s Regulatory Reporting and wider compliance suite, designed to enable firms to seamlessly manage multiple regulatory requirements within one platform.”
In May this year, US derivatives exchange CME Group confirmed it would be shutting down its regulatory reporting businesses alongside its European and Australian trade repositories. Shortly after, European exchange operator Deutsche Börse also said it was considering options for its reporting hub, which offers similar reporting services.
CME Group said in a statement at the time that the “decision follows an evaluation of our Regulatory Reporting business portfolio following the acquisition of NEX Group in November 2018 which determined it no longer aligns with the strategic direction of CME Group”.
The move meant that more than a thousand of CME’s clients have faced the task of transferring data and overhauling reporting processes as they switch vendors.
“To support our growing client base, we wanted to partner with a vendor offering a highly automated and efficient reporting solution as part of a wider compliance suite. After a careful review of the market, the breadth and scope of the SteelEye offering stood head and shoulders above the competition,” said CEO of Margin Reform, Shaun Murray.