Electronic Communications (eComms) Surveillance is an increasingly crucial element of trade surveillance for financial services firms. In the context of regulatory requirements from Dodd-Frank, MiFID II and MAR, firms are reliant upon being able to capture, analyse and index data from a wide range of electronic sources.
Last quarter JWG was pleased to be commissioned by NICE Actimize to conduct an independent survey on Electronic Communications (eComms) Surveillance compliance. The survey aimed to increase the understanding of existing compliance efforts within the financial services industry; how eComms Surveillance systems and procedures can be enhanced, and the application of new technologies to the process.
We have now produced a report on the results from 43 individuals in senior technology, ops and compliance functions at over 25 firms. The report details the results which show that it is now time for the financial services industry as a whole to prioritise investment in new technologies to enhance existing, low-tech approaches. The prevalence and levels of fines for non-compliance in this area are both increasing and firms appear to be poorly equipped to meet rising regulatory standards.
You can download the paper here.