Here’s what you missed from SteelEye in November 2023
It’s been a busy month at SteelEye!
We are excited to announce the launch of Compliance CoPilot . This innovative tool uses the capabilities of advanced Large Language Models (LLMs) to greatly accelerate the Communication Surveillance Alert Review process.
We are also proud to announce that SteelEye was recognized for having the “Best Use of Machine Learning/AI” at the Risk Markets Technology Awards.
We have published some interesting blogs this month, including our key takeaways from our New York Regs & Eggs event . We have also released two new white papers including our AI white paper that explores the growing role of artificial intelligence in the financial services industry.
The month also brought notable regulatory developments, including the release of Market Watch 75 , addressing trading during the market soundings procedure under the UK Market Abuse Regulation. There were also a number of fines handed out to firms including a €26.6 M fine by the EU Commission on a Dutch bank for insufficient systems and controls in identifying, assessing, and reporting market abuse indicators in trading activities.
Blogs
The role of AI in market surveillance – Key takeaways from Regs & Eggs NY 2023
SteelEye brought its annual flagship event, Regs & Eggs, to New York City for the very first time, where keynote presenter Scott Amyx and an expert-led panel discussed the role of AI in market surveillance exploring some of the use cases, challenges, and opportunities that Artificial Intelligence (AI) and its subsets such as Machine Learning (ML) present to the surveillance space. This blog discusses the key takeaways from the event.
SteelEye’s key takeaways from XLoD London 2023
Earlier this month, SteelEye participated in XLoD London 2023, joining top global financial institutions and regulators to explore the future of non-financial risk and control. This blog explores the key takeaways from the event including insights into regulatory developments, effective cost control strategies, monitoring unapproved communication channels, and the growing influence of artificial intelligence in the industry.
Regulatory Watch
Dutch bank fined €26.6 M by EU commission as German bank avoids penalty
The European Commission has recently disclosed a €26.6 million fine imposed on a Dutch bank. The penalty stems from the bank's involvement in a decade-long cartel with a German bank, focusing on Euro-denominated bond trading. This incident underscores the Commission's commitment to upholding market integrity and ensuring fair competition within the European Economic Area.
Dubai regulator fines private bank for market abuse prevention failures
A private wealth and asset management bank in Dubai faced a fine of $370,000 from the Dubai Financial Services Authority (DFSA). The fine was handed out as a result of the bank's inadequate systems and controls for identifying, assessing, and reporting trading activities exhibiting signs of market abuse.
FCA market watch 75 – Trading during the market soundings procedure
Market Watch 75 by the FCA outlines the UK Market Abuse Regulation's (UK MAR) market soundings regime. The UK MAR market soundings regime provides formal rules for disclosing inside information during market soundings.
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Press Releases
SteelEye introduces AI-Driven compliance CoPilot
SteelEye has introduced Compliance CoPilot, utilizing advanced Large Language Models (LLMs) to expedite Communication Surveillance Alert Reviews. This tool automates the review process, efficiently analyzing extensive communication data resulting in a substantial reduction in the time spent by compliance officers on understanding and reviewing alerts.
Awards
Best Use of Machine Learning/AI
SteelEye received the "Best Use of Machine Learning/AI" award at the Risk Markets Technology Awards 2024, reaffirming its dedication to financial technology innovation. The recognition follows the recent launch of SteelEye’s AI-driven Compliance CoPilot, utilizing advanced machine learning for efficient regulatory compliance. This achievement underscores the impact of SteelEye's AI solutions and its commitment to providing cutting-edge tools for financial institutions.
White Papers
How to stay ahead of MAR surveillance
This white paper underscores the vital role of Market Abuse Regulation (MAR) surveillance in the UK and Europe, with a focus on improving compliance. Since MAR's 2016 implementation, concerns about effective market abuse risk identification have grown. SteelEye's paper highlights key reasons for the heightened emphasis on MAR surveillance, including substantial fines for non-compliance, regulatory pressures, a focus on eComms surveillance, and investor demands.
AI in surveillance
This white paper delves into the current involvement of financial services firms and regulators with emerging technologies, specifically examining why AI and ML have gained significance for firms. This white paper aims to enable firms to better understand the applications of AI and ML today in a more nuanced way.
SteelEye in the Press Highlights
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