SteelEye Links with CME Group’s TRF for EMIR Reporting
SteelEye, the compliance technology and data analytics firm, has connected with CME Group’s Trade Repository in Europe to deliver EMIR Reporting to its growing customer base.
The service, which forms part of SteelEye’s comprehensive RegTech suite, was launched in response to client demand for a reporting solution that reduces the complexity and cost of EMIR compliance. SteelEye does this by fully automating the reporting process and effectively managing breaks and validations, allowing firms to free-up resource and improve their operational efficiency. And since SteelEye is cloud-based, costs are kept to a minimum.
“Over the past five years we have seen EMIR Reporting become prohibitively expensive and operationally difficult for firms to manage,” says Matt Smith, CEO of SteelEye. “We launched our EMIR Reporting service to address this operational headache and provide firms with a cost-effective alternative. We are excited to work with CME Group to achieve this.*”
By consolidating the data required for EMIR reporting, clients also gain access to a vast array of analytics with SteelEye, including market abuse detection, portfolio analysis and Net-Asset-Value calculations.
“We recognised that EMIR Reporting was a major pain point for our clients and wanted to give them value back from their investment by providing value-add business insights,” says Matthew Storey, Head of Client Integration and Support at SteelEye.
“CME Group is pleased to be selected by SteelEye as their first integrated Trade Repository for their EMIR trade reporting service,” said Jonathan Thursby, Head of Global Repository Services, CME Group. “Working together with firms like SteelEye to reduce operational complexity and costs will bring clear benefits to our mutual customers.”
*SteelEye is an agnostic platform and will look to integrate with other Trade Repositories based on client/market demand.
The trade repository failed to ensure data integrity and provide access to regulators.
This was the first time ESMA found breaches in confidentiality and integrity of EMIR data.
A briefing paper supports alignment of the clearing obligation under the EMIR and MiFID II.
The regulator published its final report on EMIR and SFTR data quality.
The agreement covers US derivatives clearing organizations recognized under EMIR.