SteelEye, a compliance technology and data analytics firm, has partnered with specialist Swiss financial firm, Anchor Group, to bring its MIFiD II cloud-based solution to the Swiss markets.
The new partnership will see SteelEye establish a presence in Switzerland in order to help Swiss firms meet their regulatory obligations under MiFID II and other key regulatory directives. It marks the first step in SteelEye’s international expansion, with further EU offices planned.
Anchor Group is one of Switzerland’s leading independent and regulated investment firms supporting mid-market banks, family offices and wealth managers across the country. With offices in Zurich and Geneva, the company serves over 3000 financial institutions in the country.
SteelEye and Anchor Group’s combined expertise and resources will provide Swiss firms with a comprehensive, market-leading, technology-based solution to meet the increasing regulatory demands they face under MiFID II and other regulatory and reporting obligations. The record-keeping and reporting burdens imposed on firms by regulations such as Dodd Frank, EMIR, AIMFD, and the upcoming MiFIR and MiFID II, translate into unprecedented requirements for data storage and transaction reporting with significant risk of sanctions and reputational damage for non-compliance. SteelEye helps firms to solve their regulatory challenges, while reducing cost and complexity. The SteelEye solution brings added benefits by allowing firms to harvest insight from their consolidated data.
Matt Smith (pictured), CEO at SteelEye, says: “Many Swiss firms are still unaware of the impact MiFID II will have on their business, and have thus not made any contingency plans ahead of the impending deadline. This partnership will enable us to work with firms in Anchor’s network to help meet their regulatory challenges, whilst enabling them to gain valuable insights from their own commercial and communications data.”
Trivan Mathur, Managing Partner at Anchor Group, says: “The Anchor Group is pleased to invest in and partner with SteelEye, a young UK-based firm, for their expansion into Switzerland. SteelEye is a RegTech and data analytics specialist delivering customer insights while redefining how financial institutions meet stringent MiFID II compliance requirements at disruptive prices. Started by an experienced team of executives from Bloomberg and other financial institutions, SteelEye has raised over GBP2.5 million in capital and is servicing key financial centres in the UK, Germany, and Switzerland.”