Firm58 Equips a Midsize Broker Dealer with Robust Compliance & Surveillance Technology

A midsize broker dealer firm asked Firm58 for assistance in improving its compliance and surveillance activities. The broker dealer lacked sufficient oversight into the complex daily trade activity that may or may not cause market access regulatory concerns. Additional issues included: 

  • The inadequacy of using a spreadsheet to identify trading irregularities
  • Lack of active surveillance for daily trades, potentially opening the client up to serious regulatory concerns and fees
  • Concern that some of their trade activity might be considered out of compliance by SEC and or FINRA standards 

Leveraging our extensive experience in broker dealer financial services and broker dealer solutions, we provided the client with: 

  • A cost effective way to manage the trading risks of the business
  • A daily dashboard of prior days trading activity that may cause a compliance-based concern
  • Daily matching to more than a dozen common market access violations
  • A better way to track each issue/resolution to support any regulatory review or audit

The implementation of Firm58’s Compliance & Surveillance solution resulted in several important benefits and advantages for the broker dealer: 

  • A significant reduction in regulatory violation concerns
  • The reallocation of time and resources from finding issues to resolving them
  • Greater visibility into client and trader activity trends that may point to a regulatory concern
  • The information to immediately act upon the broad requirement of surveillance as issued by FINRA
  • The avoidance of fees and/or business dissolution.