London, UK, 3 July 2017: SteelEye, the compliance technology and data analytics firm, is pleased to announce the appointment of Matt Smith, a highly-experienced regulatory tech specialist, as chief executive.

His appointment will help to drive the firm’s growth as it markets its secure and scalable data storage platform which incorporates best-in-class analytics. The SteelEye product has been designed to help financial firms meet their obligations under MiFID II, whilst also acquiring valuable insights into their businesses.

Matt brings over 18 years of technology and management expertise to SteelEye. He joins from Bloomberg where he was a senior product manager working on a range of financial regulation and compliance solutions. Prior to this, he was the chief information officer at Noble Group, a global commodity trading firm, where he oversaw regulatory technology and the deployment of big data, trading and analytics platforms.

Of more than 9,000 firms registered with ESMA, many are currently ill-prepared to meet the MiFID II Directive’s new obligations for the recording and reporting of data. The 7,000+ small to mid-sized firms across Europe will be hardest hit by the changes. No longer able to rely on larger institutions to handle their record keeping and reporting obligations, these firms will now be held accountable for their own regulatory conformity which includes recording and storing their voice data.

Peter O’Shea, a non-executive director at SteelEye said, “the founders and board are excited Matt has accepted our offer to lead the team. As a highly experienced regulatory technology professional, Matt brings a wealth of expertise in the smart application of technology to solving complex regulatory needs and shares our view on empowering firms to use the resulting data to gain a business edge.”

SteelEye’s cloud-based platform has several advantages to help firms address their MiFID II obligations. It is the only platform that offers transaction reporting, record keeping, best execution and data insight in a single solution. It also has an open API framework, allowing clients to harness the power of their data. The platform also permits clients to store their data in the geography of their choosing.

The SteelEye solution incorporates the most robust security provisions, ensuring client data is securely protected in a tamper-proof environment, designed so that only clients are able to access their data. Security features include multi-factor authentication and the latest encryption techniques combined with the SteelEye data-level access control framework.

Many smaller firms lack the resources to build their own system to achieve compliance with the new regime but will find few holistic solutions on offer in the marketplace. Matt Smith said, “SteelEye is here for the small to medium-sized financial firms who require a flexible solution for their record keeping and regulatory reporting needs at an appealing price. We provide a secure and comprehensive solution, built on the most modern and scalable technology and backed by a world-class team of technologists. I am delighted to have been asked to join this team which is well positioned to revolutionise the FinReg and data analytics market.”

Matt joins a highly experienced management team and a strong board, which includes Robert Van Der Zalm as non-executive Chairman alongside NEDs Richard Moseley of Rapid7 and Peter O’Shea, formerly of Morgan Stanley.

SteelEye‘s data platform will officially launch in October 2017.