Firms Claim Industry First for Surveillance

Regtech firm Rimes and communication compliance solution provider Soteria say they have completed the first stage of their product integration project, thus providing integrated trade and communication monitoring to provide financial firms with comprehensive surveillance capabilities.

The firms say that adhering to growing regulations and evolving regulatory surveillance capabilities is technically complex and both data- and resource-intensive, and claim their new approach solves these issues by providing data-driven market manipulation and insider dealing detection capabilities. They do this by the creation of trading-based alerts in Rimes’ RegFocus Market Surveillance (RFMS) solution that are then passed to Soteria to enable a related search of relevant communications, including, audio, video and electronic channels.

Rimes and Soteria say this provides the industry’s “first ever unified surveillance service, which creates workflow efficiencies, significantly reducing review time”. They add that by unifying communications and trading exceptions, effective and robust compliance risk controls for both buy-side and sell-side financial services firms are redefined.

“Being able to effectively navigate the complex regulatory landscape is one of the biggest challenges that financial services firms on the buy-side and sell-side are facing,” says Andrew Barnett, global head of product, Rimes. “Our clients can now respond to an increasingly complex regulatory environment, cost-effectively and with ease, speed and, most importantly, reliability.”

Rob Houghton, creator of Soteria, adds, “The idea of marrying trade and communication surveillance cornerstones is not a new concept and has been the subject of ‘blue-sky’ discussions within the industry over the last few years. This is however the first time that such an integration has been successfully achieved and this fundamentally comes down to having the right robustly-built solution architectures on each side, with secure open-API capabilities to enable true collaboration.

The problem others have faced in the past is that their respective solutions on either the trade or communication surveillance side are actually already patchworks of multiple vendor solutions, and therefore are not built as a standalone agnostic offering, fit for complex integration purposes. I think it also takes a truly collaborative approach from each party, with the united vision being to create what is best for the industry participants, and not for themselves; this is where partnering with Rimes has created a great synergy.”

Colin Lambert

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