RegTech Insight Briefs
eXate enables ‘Privacy by Design’ in OpenFin OS
Desktop interoperability platform OpenFin has added eXate’s data privacy capabilities to its operating system to ensure compliance with the EU’s GDPR, which came into force a year ago and requires that new applications are designed with privacy considerations factored in from the outset, a so-called ‘privacy by design’ approach. eXate restricts data only to authorised users based on customisable policies set by compliance and legal teams. Says eXate CEO Peter Lancos: “Application developers building on OpenFin now have a central ‘out of the box’ utility to manage end-to-end data privacy and protection, allowing them to focus their efforts on delivering business value instead of needing to become regulatory experts.”
Colt Deploys ADVA to Add Encryption for GDPR Compliance
High-performance trading connectivity specialist Colt Technology Services has added an Ethernet Line Encryption service to help organisations comply with new data privacy rules, particularly the EU’s GDPR, as firms seek to protect their data during transport from cyberattacks. The new Colt solution uses the ADVA FSP 150 with ConnectGuard security technology, which provides end-to-end data protection for low-latency high-speed performance of up to 10Gbits per second. Ethernet Line Encryption is now available in Europe, North America and Asia on metro, national and international Ethernet line circuits.
LCH RepoClear Selects UnaVista as Trade Repository for SFTR Reporting
LCH RepoClear has selected UnaVista as its trade repository for reporting under Securities Financing Transaction Regulation (SFTR). LCH Group’s collateral and liquidity management function will also use UnaVista for SFTR reporting. The regulation is scheduled to go live in April 2020 and will require firms to report details of their Securities Financing Transactions (SFTs) to an approved trade repository. The regulation is designed to increase transparency, allowing regulatory authorities to assess the risks associated with these transactions. UnaVista will offer assisted reporting to LCH RepoClear members.
Red Box Partners Theta Lake to Detect Voice Compliance Risks
Red Box, a voice specialist, has partnered Theta Lake, a provider of compliance artificial intelligence (AI) for video, voice, and unified digital communication. The partnership allows Red Box customers to use Theta’s purpose-built AI and deep learning powered software to automatically detect compliance risks in their recordings and reduce the cost and complexity of managing corporate compliance and regulatory requirements to retain and review digital content. Red Box voice capture across all telephony systems enables Theta’s platform to leverage enterprise wide recordings and apply natural language processing and deep learning to automate detection of regulatory and corporate compliance risks.
StatPro Signs €1.2 Million Contract
StatPro, a provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, has secured a three-year contract, including a significant uplift in annual value, with a EU investment manager for Revolution Delta. The minimum contract value is €1.2 million. The investment manager uses Revolution Delta, StatPro’s flagship fixed income service, for a variety of purposes and has now added a module to cover EU Money Market Regulations and support risk reporting to the regulator.
Investment Association Names Five Firms Joining Velocity Innovation Hub
The Investment Association has named the second cohort of FinTech firms joining its Velocity innovation hub for the buy-side and asset management industry: AxeTrading, a fixed income EMS delivering toolkits for trading connectivity, bonds pricing and data aggregation; BlueFireAI, which unlocks Chinese capital markets to foreign institutional investors; CUBE, an enterprise-scale platform delivering regulatory intelligence and change management; HUBX, a white-label solution for private markets advisors helping them track, distribute, and execute private deals; and Qwill Messenger, a single persistent chat app allowing clients of multiple firms to engage with staff within a space that is controlled by each firm.
Oktris Offers MiFID II Transparency Reporting Services
Start-up regulatory reporting firm Oktris is offering MiFID II services beyond transaction and post-trade reporting with software-as-a-service solutions covering transparency calculation data reporting, instrument reference data reporting, and best execution reporting. The company also provides an ESMA and FCA Financial Instruments Reference Data System (FIRDS) solution that automates the task of taking large datasets from UK and EU regulators and puts the data in a database that can be queried and integrated with other financial systems. The company’s first client is a trading venue using the Oktris FIRDS and best execution services.
Asian Banks Struggle with FRTB
Banks across Asia are widely divergent in their implementation of Basel III rules, including the new Fundamental Review of the Trading Book (FRTB) regime. Panellists at the recent International Swaps and Derivatives Association (ISDA) conference in Hong Kong warned that this divergence is creating uncertainty, with some banks implementing the new rules to a high global standard while others have not yet begun or considered their compliance strategy.
AxiomSL Achieves ISO Certification
AxiomSL, a global provider of regulatory-reporting, risk and data-management solutions, has received ISO/IEC 27001:2013 certification (known as ISO 27001). The certification covers AxiomSL’s core software and ControllerView flagship product, its system development, professional and client support services and company operations. It also covers AxiomSL’s cloud-based solutions, operations and client support. Companies receive this certification following a rigorous audit; which in AxiomSL’s case was performed by the Standards Institute of Israel, a certification body accredited through the ANSI-ASQ National Accreditation Board.
Accuity Adds AI to Financial Crime Compliance Screening
Accuity has introduced an AI-driven account screening capability, Firco Automated Alert Reduction, aimed to increase accuracy in detecting and evaluating screening matches during Know Your Customer (KYC) processes. The solution results from Accuity’s acquisition of Safe Banking Systems in July 2018 and has been optimised through integration with WorldCompliance data. Rather than leaning on manual processes and managing an abundance of false positives, the Firco solution applies AI techniques to potential matches produced by screening systems and includes a scoring methodology that calculates the probability of a match being correct and evaluates how material the risk is to the business.