Building a MiFID II RegTech Platform & QE FrameworkFor a Tier-1 Bank in London
A global Tier-I bank in London was under a tight deadline to comply with new regulatory and compliance rules. It also desired a capability for pre-trade and post-trade transparency, an automated solution for orders and recordkeeping, and a flexible system for accommodating its global workforce. In tandem, it sought to add a RegTech Quality Engineering (QE) test framework to perform automated testing and assure the RegTech platform could efficiently scale and evolve to meet future needs.
Synechron was engaged to build a RegTech platform, equipped with a near real-time trade reporting engine and an enterprise-wide data architecture which could subsequently support multiple regulatory, risk and compliance-related data needs, and a QE test automation framework.
With a hard deadline approaching, Synechron assembled a team of 135+ experienced analysts and engineers across 4 global locations to build and deliver a MiFID II-compliant RegTech platform including a strategic central Big Data platform (Data Lake), a Programme Governance, a front-office enabled test framework, and a client and trader data interface across 64 trading venues. The new customized QE test framework was easy to use, provided 90+% automation, facilitated 500+ test execution cycles and allowed for future flexibility and agility.
The new RegTech platform was deployed successfully to service 31 cross-business front-office systems and allow for compliance with MiFID II and 4 other regulatory risk and compliance requirements, plus trade surveillance, and the processing of 400 million messages per day. The new platform spans multiple asset classes and accommodates 500 million transactions per day. This platform achieved an industry-leading 95+% reporting rate of regulator acceptance. The customised QE Test Automation Framework is easy to maintain and scale, with less effort required, and allows for plug-in tools. Further, it leverages the latest in open source technology and is cost effective as it does not require licensing fees.
A global team with a laser focus
How we've helped
A combination of consulting capabilities and partnering with technology to build an innovative capable digital solution.
Omni-channel API Strategy using Microservices
Creation of a digital onboarding experience to open a new account
Developing an end-to-end Cloud infrastructure
Data-driven ability to manage risk, inventory, and profitability
Migration of a legacy Business Management System Software