Capital Index Selects SteelEye to Replace NEX Abide

SteelEye, a regtech and data analytics firm, announced on Thursday that it has been selected by Capital Index, a global financial brokerage offering online trading in contracts for difference (CFDs) and spread betting, to provide its MiFIR andEMIR reporting services.

Last year, CME Group announced the close of the NEX Abide business, which forced a large number of firms to seek a substitute solution for EMIR and MiFIR reporting. Aware of the technical challenges regarding transaction reporting, Capital Index reviewed a variety of different vendor solutions. The broker selected SteelEye because it focuses on data and technology first rather than addressing compliance obligations from an individual regulations standpoint. 

According to Matthew Wright, CEO of Capital Index, SteelEye's advanced solutions, unique approach to compliance and hands-on team have given Capital Index comfort that the regtech firm would meet all of their needs.

The implementation of SteelEye has enabled Capital Index to improve its reporting processes, many of which the broker did not realise were incompetent or could be further optimized. Capital Index now have a futureproofed solution for regulatory change, which gives the company full confidence in their ability to meet their compliance obligations under MiFID II and EMIR.