Project Overview
A UK FCA-authorised asset manager with £2.1B AUM was spending 3 days per month manually compiling FCA regulato...
Technology Stack
Compliance & Standards
The Challenge
A UK FCA-authorised asset manager with £2.1B AUM was spending 3 days per month manually compiling FCA regulatory returns (GABRIEL portal submissions) and had received two FCA data quality queries in the previous year. MiFID II/UK MiFIR transaction reporting, EMIR derivative reporting, and AIFMD fund-level reports were all produced manually from multiple spreadsheets. Budget: £95,000.
Our Approach
Central data repository aggregating data from
OMS (Order Management System — FIX protocol), custody system (REST API), fund accounting system (SFTP CSV export), and Bloomberg (market data via Bloomberg API).
Data normalisation layer
- every instrument normalised to ISIN, every counterparty normalised to LEI.
- Single source of truth for all regulatory reporting.
UK MiFIR
automated trade record extraction from OMS, ISIN/LEI enrichment from Bloomberg and GLEIF, validation against FCA validation rules (pre-submission), submission via DTCC Approved Reporting Mechanism (ARM).
Submission audit trail
every submission logged with file hash, FCA acknowledgement reference, and any rejection/resubmission events.
EMIR
- OTC derivative trade reporting to a Trade Repository (DTCC DDR UK).
- Daily UTI (Unique Trade Identifier) generation, counterparty LEI validation (GLEIF API), collateral and valuation reporting.
Reconciliation
automated comparison of submitted positions vs custody system positions — discrepancies flagged for review before next submission.
GABRIEL portal submissions
- Fund Manager Return (FMR), AIFMD reporting, Capital Adequacy Return.
- Data extracted from the central data hub, mapped to GABRIEL form fields, validated for completeness, and submitted via GABRIEL XML upload.
Human review step
compliance officer reviews auto-populated draft, approves, then submits.
The Results
Platform live at 14 weeks, £88,000 — under budget.
Monthly regulatory reporting time: 3 days → 4 hours.
FCA data quality queries: zero in first 12 months post-implementation (vs 2/year previously).
MiFIR rejection rate: 8% → 0.3% (pre-submission validation catches errors before FCA rejection).
EMIR reconciliation: daily discrepancy check caught 14 position breaks in first 6 months (previously undetected until quarterly reconciliation).
“Three days to four hours per month — and we have not had a single FCA data quality query since go-live. The EMIR daily reconciliation has caught 14 position breaks that would have been material errors in our annual regulatory reconciliation. The MiFIR pre-submission validation alone was worth the investment." — Head of Compliance Technology, UK Asset Manager (name withheld)”
Project Details
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