Three-Way Reconciliation

Ensure complete and accurate reporting by reconciling your transaction data with SteelEye

In accordance with MiFIR, your regulated financial firm is required to reconcile its reporting data and validate that your trading records match what has been received by the National Competent Authority (NCA), or reported to the NCA by your firm, an Approved Reporting Mechanism (ARM), or a Venue.

Efficient and Automated Reporting Reconciliation

SteelEye's Three-Way Reconciliation solution assists you in fulfilling your reconciliation requirements, validating your transaction reporting data and easily addressing errors.

Reconcile your reporting data in less than 20 seconds

Our Three-Way Reconciliation system compares your reports in SteelEye against the data reported to the ARM and received by the NCA. Once the files have been uploaded into SteelEye, the reconciliation takes less than 20 seconds – returning a detailed list of ‘matches’ where the transactions in the three files 'match' or ‘breaks’ where the transactions do not match.

How it works

Upload

The first step in our Three-Way Reconciliation system is to upload your ARM/NCA files into the SteelEye platform.

Reconcile

Start the reconciliation process at the click of a button. It takes less than 20 seconds for the reconciliation to complete.

Review

'Matches’ are returned where the trades you have reported match transactions received by the ARM, venue, or NCA. 'Breaks' are returned where files don't match.

Amend/Approve

When breaks are identified, you can easily update the reporting records. If there are no breaks, you can sign off the reconciliation.

Benefits of SteelEye's Three-Way Reconciliation

Fulfill your Reconciliation Requirements

Meet your obligations with ease by reconciling your transaction reporting data between your NCA, ARM, and/or venue in less than 20 seconds.

Validate your MiFIR Reporting Accuracy

Easily review the state of your reporting by identifying matches, breaks, and missing data between your reporting files.

Ensure Complete and Accurate Reporting

Identify errors, report the correct data, and create cases for remediation to ensure your future reporting is complete and accurate.

Improve Data Integrity

Address data integrity issues by streamlining the reconciliation process between your firm, the NCA, and/or ARM.

Single Source of Truth

Gain access to a single and accurate source for your compliance and transaction data to improve your business insights.

Want to see it in action? Book a demo of SteelEye's Three-Way Reconciliation:

Three-Way Reconciliation SteelEye

What is regulatory reconciliation?

Regulatory reconciliation is the requirement for financial firms to compare the transactions they have carried out with what has been reported to the NCA (or reported to the NCA by the firm/ARM/Venue where the NCA doesn't provide samples).

The reconciliation requirement under MiFIR Article 15 (3 & 4) of MiFIR RTS 22 exists to enhance reporting quality.

Complete and accurate reporting data is critical for regulators to maintain fair and orderly markets. Yet, many firms have struggled with data integrity issues under guidelines such as MiFIR.

Why is three-way reconciliation needed?

It is important to reconcile transaction data with the regulator samples, as it enables firms to identify reporting issues such as rejections or missing records.

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Effective Compliance Reconciliation between SteelEye, your National Competent Authority, Venue, and/or Approved Reporting Mechanism

Ensure complete and accurate reporting by reconciling your transaction data with SteelEye

Efficient and Automated Reporting Reconciliation

Reconcile your reporting data in less than 20 seconds

How it works

Upload

Reconcile

Review

Amend/Approve

Benefits of SteelEye's Three-Way Reconciliation

Fulfill your Reconciliation Requirements

Validate your MiFIR Reporting Accuracy

Ensure Complete and Accurate Reporting

Improve Data Integrity

Single Source of Truth

Want to see it in action? Book a demo of SteelEye's Three-Way Reconciliation:

What is regulatory reconciliation?

Why is three-way reconciliation needed?

Latest News

Ken Leech Charge - Unfair Allocations (Cherry-Picking) - SEC - Nov 2024

Beyond Market Surveillance: Insights from Regs & Eggs New York 2024

Macquarie Bank London Fine - £13m - Fictitious Trades - FCA - Nov 24

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Metro Bank Fine - £16.7m - Inadequate Transaction Monitoring - FCA - Nov 24

WisdomTree Fine - $4M - ESG Fund Misstatements - SEC - Oct 24

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