BST Awards 2021: Best buy-side compliance product—regulatory reporting: SteelEye

OVERVIEW

SteelEye is an integrated Emir and Mifir regulatory reporting solution designed to offer end-to-end workflow automation while improving reporting accuracy. 

Typical user-firms: SteelEye supports all Emir/Mifir reporting requirements, although the platform is particularly geared toward alleviating buy-side compliance challenges.

SteelEye hired 22 people in 2020, 26 people so far in 2021, and has another 12 joining before the end of the year.

SteelEye’s client portfolio has grown to over 100 clients spanning seven jurisdictions. In the last 12 months, new business sales grew by nearly 50%, with annual contract value increasing by 20%.

WHAT’S NEW

SteelEye enhanced its reporting suite with further workflow automation, data validations and advanced functionality. Most recently, it released an automated three-way reconciliation solution to tackle Mifid II data integrity issues. It added end-to-end workflow automation, which means that clients don’t need to login to report (unless they want to). It also extended its reporting rules engine to help firms adjust to the regulatory changes post-Brexit. Clients can now report in both jurisdictions.

Other enhancements include the addition of Refinitiv’s multi-asset class market data and the deployment of AI capabilities. The firm has continued to grow, signing global players like Schroders, and increasing new business sales by nearly 50%. Notable hires include Bloomberg veteran Robert Friend. It has also opened an office in Portugal and announced plans to expand into North America.

WHAT’S TO COME 

In 2020, SteelEye raised $17 million in funding. This will support the firm’s continued growth and its expansion into North America. A big focus will be on supporting further changes in the regulatory reporting landscape in Europe, most notably post-Brexit. Also, since SteelEye’s platform is agnostic regarding approved reporting mechanisms and trade repositories, SteelEye will increase its reporting reach in Europe and regions like Asia and Australia.

WHY THEY WON

The past couple of years have been turbulent for the regulatory reporting business, as major players pulled out of the industry. SteelEye has taken advantage of that, increasing new business by almost 50%. In 2021, it added more automation and validations, including a reconciliation tool, post-Brexit reporting, and AI capabilities. Reporting from SteelEye is fully automated, meaning clients don’t have to login in order to report.