Firm58 Updates Compliance Solution with Capabilities for Customized Surveillance
As the compliance landscape continues to close in on brokerage firms, regulatory requirements are challenging compliance officers beyond the capacity of Excel spreadsheets.
Over the past six years, the SEC has added nearly 200 major regulations governing trade activity to prevent market disruption. Compliance officers sifting through hundreds of pages of reports can find themselves wasting time and resources investigating false-positives, while truly problematic behavior across the organization goes unnoticed. Especially for mid-market Broker Dealers, where margins are tight and competition continues to intensify, the cost of inefficient trade surveillance processes is as high as noncompliance itself.
Firm58 recently updated its compliance solution to reflect the evolving challenges of compliance in the capital markets. The new version allows firms to add or modify compliance rules to match internal policies. Users can continue to report across a number of internal parameters – from asset classes to trading groups at risk of breaking specific rules – in order to help cut through the noise and identify real violations. Additionally, built-in monitoring for 17 SEC rules, including Marking the Close based on price or volume and excessive One Lotting, helps firms stay on top of common regulatory concerns without sacrificing productivity.
Read the full press release on the announcement here.