Sopra Steria, a European leader in digital transformation and recently selected by the Financial Conduct Authority (FCA) to implement the UK’s largest Digital Market processing platform to satisfy the forthcoming MiFID II Regulation, has today announced a new partnership agreement with Sybenetix, the leading provider of behavioural end-to-end market abuse surveillance, case management and conduct management systems. The partnership will enable investment firms to integrate market leading, highly innovative, proprietary behavioural management and compliance solutions with their existing trading systems and operations to help exceed the demand for ongoing regulatory compliance.
As financial firms seek to reduce the cost of compliance across their trading operations, the challenges of managing compliance risk are huge and include operational costs, reputational damage, technical complexity and significant fines by the regulator. This partnership will provide the next generation of scalable, real-time analytic platforms that can help firms meet these challenges through a cost efficient SaaS model.
Working with Sybenetix, Sopra Steria will provide solutions to some of the biggest regulatory challenges currently facing investment firms, including:
· Rising Compliance Costs – Sopra Steria and Sybenetix enable cloud-based compliance solutions, which provide smarter, faster detection and investigation of potential misconduct. We save time and money for compliance by removing false positives and more readily establishing behavioural intent, while improving engagement with the front office, transparency for the regulators and supporting superior investment performance.
· Regulatory Reporting – As banks have to comply with ever more stringent Market Abuse Regulations (MAR) and the global regulatory focus on individual liability and accountability, the availability of data and next-generation analytics to spot potential trading anomalies can provide firms with indicators ahead of any potential regulatory scrutiny.
Melba Foggo, Managing Director of Sopra Steria Financial Services, said: “Our new partnership with Sybenetix cements our commitment to innovation within financial services. Financial organisations need to rethink their technology infrastructure and begin to embrace architectures that include cloud to become truly digital. The Market Monitoring capabilities we can now provide with Sybenetix will help our clients to converge onto a Cloud strategy to help deliver compliance in their market trading operations. Our clients will benefit from our expertise in Systems Integration, Regulatory Data & Compliance, Cloud, Big Data and Business Process Services. This partnership enhances our Market Data Services strategy to deliver fundamental reductions in our clients’ operating costs.”
Taras Chaban, CEO at Sybenetix, said: “Our proprietary technologies have been developed to enable a paradigm shift within our industry, allowing organisations to optimise how they manage the increasingly complicated conduct and compliance requirements as well as enhance investment performance; a win-win for the boards of major organisations and leading regulators. By integrating with the Sopra Steria architecture we are able to implement our analytic solutions across the enterprise. We believe that this partnership is a significant development for the industry and will be a game changer for clients that adopt this architecture.”