Simon Henry
Simon Henry

Stater Global Markets’ clients reap the benefits of RegTech

FCA regulated Prime of Prime, Stater Global Markets has been able to fast track growth by using the very latest technology and forging partnerships with the best technology providers in the industry. The firm’s Head of Compliance, Simon Henry and Strategic Advisor, Ashraf Agha talk to e-Forex about how Stater’s clients are benefiting from RegTech and other machine learning-based systems.

First Published: e-Forex Magazine 85 / Sponsored Statement / March 2019

Simon, how important are automated systems at Stater?

I’ve worked in compliance roles in the retail FX and CFD industry for many years and have seen the benefits of automation in areas such as client onboarding, to the extent that there is Straight Through Processing on applications and virtually no human intervention.

Whilst this isn’t possible in the institutional world due to the complex jurisdictional set ups for many corporate clients, at Stater we have sought to apply the dynamics of this sophisticated technology to our business wherever possible. We have selected automated RegTech systems to ease our client experience and enhance our operations. We have a significant advantage over our peers in not being restricted by legacy systems. As a result, we have been able to deploy the very best robust, scalable, automated technology, ensuring we are compliant with all relevant regulatory bodies.

Please explain more about your automated onboarding technology

We have a number of innovative third party technology partners which help us to provide a fast, simple and compliant onboarding process for clients, with a strong audit trail for robust oversight and regulatory comfort.

As an example, Stater was one of the early adopters of muinmos PASS, automated regulatory compliance (ARC) software which we use for assessing client appropriateness. We have also recently started to use Bloomberg Entity Exchange, a centralised secure platform which enables trading counterparties to share client data.

Ashraf Agha

Ashraf Agha

Having worked in the industry for 30 years, largely in senior operations and compliance roles, I am a huge advocate of automated procedures and processes. Technology has advanced to such an extent that reliable, sophisticated automated solutions can transform an organisation and enhance the client experience. The technology we have selected at Stater increases efficiencies, speeds up operations and mitigates issues that can occur through human error. Stater also recognises the value of pioneering automated systems in order to be a leading firm in our industry.

 

Through Bloomberg we have a short, online application form for corporate clients, with dynamic questions and answers. The onboarding experience for our clients is very simple and lean, reducing the need for them to print and scan multi-page documents and provide a range of documentation, which can be off putting.

Has as the increased regulatory scrutiny created a burden for your business?

Ultimately, the regulation is in place to raise standards in the industry. It’s important that we monitor our clients’ actions, know where their money comes from and that we have measures in place to monitor their trading activity. Whilst increased regulation has put a greater onus on the compliance function, Stater has a range of systems in place to alleviate this burden.

Stater Global Markets offers liquidity, clearing and institutional grade technology. The London-based firm is a wholly owned subsidiary of SBL Holdings Limited. For further information, please visit www.staterglobalmarkets.com