Delivering regulatory compliance excellence to the FCA
Sopra Steria has developed Europe's largest digital regulatory market data processing platform for the Financial Conduct Authority (FCA) to ensure investment firms' trading reporting activity is compliant under the new MiFID II regulations.
Highly secure and scalable cloud based platform
Sopra Steria was chosen to develop the new system following a highly competitive tender process. The developed platform is a ‘big data’ solution, built using cutting edge open source application components and hosted ‘in the cloud’ on Amazon Web Services (AWS). It is capable of handling millions of transactions per day and will facilitate the validation and storage of all submissions to ensure they meet the MiFID II rules.
This platform will enable the FCA to effectively monitor and regulate capital markets using a reliable, robust and scalable market data processing solution hosted in the Cloud. MiFID II regulations start on 3 January 2018 so all investment firms need to ensure they have taken steps to ensure their operations and reporting mechanisms are compliant.
Direct submission is now a real option
Many organisations offer a service to validate data prior to submission to the FCA. In the past, submission via an Approved Reporting Mechanisms (ARM) has been mandatory but now new rules enable organisations to submit their data directly without going through and ARM. This has opened up a number of new opportunities for organisations to offer validation services directly to financial services organisations.