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.
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