Regulatory action against market abuse and surveillance shortcomings has been extensive so far this year. JP Morgan has recently been fined $200m by the CFTC, Citigroup was fined by the FCA, BaFin and PRA, and the FCA, SEC and CFTC, ASIC (Australia) and SFC (Hong Kong) all imposed insider trading fines during the first half of 2024. Moreover, responding to a series of non-compliance cases, SEBI (India) also introduced new market abuse controls and regulations.

Amid the regulators’ global effort to clamp down on market abuse, eflow’s ‘Health Check’ will see Jonathan Dixon, industry specialist and eflow’s Head of Surveillance, provide businesses with bespoke insights on how to combat the threat of market abuse within their organisations.

Jonathan brings a wealth of knowledge and experience in market abuse surveillance, most recently by leading eflow’s participation in the FCA’s Market Abuse Surveillance Tech Sprint to help address industry challenges and discuss future innovation in the sector. Jonathan’s depth of expertise will ensure that participating firms receive an impartial and detailed assessment informed by decades of real-world experience.

Commenting on the launch of the programme, Jonathan said: “The only thing more expensive than an effective compliance programme is not having an effective compliance programme. National competent authorities are proactively and regularly reviewing regulated firms’ Market Abuse Risk Assessments, in addition to taking a qualitative approach to their suspicious transaction and order report output. This means that it is more important than ever for firms to not only understand the risks inherent in how they operate, but to be able to demonstrate how they have dealt with that risk.”

Ben Parker, CEO and founder of eflow Global, added: “As global regulatory enforcement action ramps up, it’s vital that firms have robust processes in place to mitigate market abuse within their organisations and avoid significant fines. Jonathan has transformed the regulatory compliance strategies of a wealth of businesses during his 15 years in specialist roles at the likes of Kraken, Accenture and Barclays. His depth of technical knowledge and ‘hands on’ experience will ensure our ‘Market Abuse Health Check’ is a vital step towards compliance for all financial services firms.”

eflow Global offers award-winning solutions for market abuse surveillance, best execution, transaction-cost analysis, transaction reporting and eComms surveillance. The company currently services over 120 clients across five continents, providing both buy-side and sell-side firms with highly configurable digital tools that are designed to keep them compliant and competitive in this ever-changing regulatory landscape.

If you’d like to claim your Market Abuse health check, please get in touch here: https://lp.eflowglobal.com/market-abuse-health-check

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From September 30th 2024, the UK EMIR Refit will introduce significant changes to derivatives transaction reporting. This includes the addition of 89 new data fields and formats, revised reporting templates and enhanced data quality requirements. The changes have been designed to improve transparency, accuracy and efficiency of reporting in the derivatives market, but failure to comply will result in significant fines.

To help firms to remain compliant, eflow’s EMIR Refit Readiness Audit, will provide businesses with a free 30 minute consultation on how they should prepare for the new regulations, including some of the key pain points firms are experiencing. These include:

1. The move to XML reporting – eflow Global will help firms understand the change in reporting format, what they need to do, and how this can be automated.
2. New data fields – The team can outline the additional fields that are required, the data that no longer needs to be submitted, and how to streamline the collection of this data from multiple sources.
3. The requirements around the new UPI field – eflow’s experts can explain what the new UPI field is, how to generate it and submit the details as part of your reporting.

Ben Parker, CEO and founder of eflow Global, commented: “It’s crucial that firms act quickly in the lead up to the implementation of EMIR Refit in the UK. Ahead of the EU implementation, our team saw a significant amount of enquiries from businesses who were looking to update their transaction reporting processes only a few weeks before the deadline. Unfortunately, this is far too late. Although it’s easy to procrastinate, firms need to face up to the facts, which are that they must have a reporting system in place that comply with the new EMIR requirements, or be prepared to be fined.”

eflow Global offers award-winning solutions for market abuse surveillance, best execution, transaction-cost analysis, transaction reporting and eComms surveillance. The company currently services over 120 clients across five continents, providing both buy-side and sell-side firms with highly configurable digital tools that are designed to keep them compliant and competitive in this ever-changing regulatory landscape.

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 With eflow’s client base growing by 57% in the last year, the company has appointed Jonathan Dixon as Head of Trade Surveillance, who brings a wealth of specialist experience from Eventus, where he worked as Director of Regulatory Affairs (EMEA), as well as Kraken, Barclays and Accenture. Jonathan will oversee the strategic development of eflow’s trade surveillance solutions. 

 To drive expansion in the US, Boston-based Casey Stanley joins eflow as Sales Director and brings with him 20+ years of experience, including roles at S&P Global and Thomson Reuters. Equally, with 20+ years in B2B marketing, Sam Roberts will lead eflow’s global brand and promotional activity as Head of Marketing. 

 Over the last 12 months, eflow has achieved a 96% client retention rate and welcomed dozens of new international clients from across Europe, North America and APAC. Its current client base now totals more than 110 firms, many of which use multiple eflow solutions to help with market abuse surveillance, transaction-cost analysis, transaction reporting and eComms surveillance. 

 eflow’s expansion has also seen the company deliver a suite of new technology to the market during 2023, including a new aggregator model for TZTR (transaction reporting platform) and three major updates to its trade surveillance and best execution modules.

 Ben Parker, CEO and Founder at eflow Global, commented: “Global socioeconomic events and the surge in AI’s capabilities in the past 12 months have all played a part in mounting regulatory pressure that financial firms are facing. It’s harder than ever to stay compliant, and we know first hand that increasing scrutiny from global regulators and cross border challenges have contributed to this.”

 He added: “eflow’s expansion will help mitigate these issues across the board and we’re excited to bring our technology to a new audience of financial institutions worldwide. The appointment of our new senior hires will help us to execute this vision and make a huge difference in supporting firms with their regulatory challenges.”

 Jonathan Dixon, Head of Surveillance at eflow Global commented: “The only way for businesses to keep pace with continuously evolving regulation is through the implementation of cutting-edge technology. With regulator expectations growing and new legislation, such as the EMIR Refit, coming into play in 2024, I’m thrilled to be joining the team to help redefine compliance for businesses worldwide.”

 The company’s emphasis on enabling firms to simplify compliance procedures while strengthening their governance has gained eflow Global a reputation as a leading RegTech provider. Its solutions are currently used by over 110 financial institutions including Aegon Asset Management and Plus500.

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