Capital Index opts for SteelEye to replace NEX Abide
SteelEye, the compliance technology and data analytics firm, has been selected to provide MiFIR and EMIR reporting services to Capital Index, a fully authorised and regulated broker offering CFDs, Spread Betting and FX trading.
Following the announcement that CME Group was closing the NEX Abide business last year, a large number of firms were forced to find a replacement solution for EMIR and MiFIR reporting. As part of this process, Capital Index reviewed a range of different vendor solutions. Aware of the technical challenges of transaction reporting, the broker selected SteelEye because of its advanced solutions, unique approach to compliance and hands-on team.
“Rather than approaching compliance obligations from the perspective of the individual regulations, SteelEye focuses on data and technology first. As we were evaluating our options, this gave us comfort that they would meet all of our needs,” said Matthew Wright, CEO of Capital Index. “We are excited to work with the SteelEye team as we use their solutions for EMIR and MiFIR reporting.”
By implementing SteelEye, Capital Index has been able to improve its reporting processes, many of which they did not realise were inefficient or could be improved. As a result, they now have a futureproofed solution for regulatory change and full confidence in their ability to meet their obligations under MiFID II and EMIR.
“When CME announced their intention to close their regulatory reporting business, we knew that many firms would quickly have to find an alternative – which we wanted to facilitate as efficiently and seamlessly as possible,” said Matt Smith, CEO of SteelEye. “We are delighted to have been selected by Capital Index and to add value to their reporting processes.”