A large Global Hedge Fund was using an ARM to validate and send over 30 million MiFID transactions, annually, to the FCA.
The firm was unaware that ARMs used only the most-basic validation rules therefore there were inaccuracies in their reports dating back to the start of MiFID.
The firm was already spending upwards of 2 million per year for their transaction reporting when considering the fees of the ARM, regulatory operations staff, and compliance experts.
Facing escalating fees to correct historic reports and punitive fees to re-report, they contacted Qomply.
Qomply's platform provided the accuracy and comprehensive validation that we were missing, addressing reporting inaccuracies that had persisted for years. By replacing the ARM's basic validation with Qomply's advanced rules and robust processes, we gained clarity and confidence in our transaction reporting accuracy while significantly reducing costs.
- Compliance Director, Global Hedge Fund
Within two weeks of onboarding, the firm was sending its remediation files through Qomply’s Quality Assurance. This ensured that the back-reporting/remediation files were accurate.
Once the corrected reports were sent to the regulator, the next step was to integrate the Quality Assurance into the daily processing and remove the rules engine supplied by the ARM.
The firm has now automated end-to-end Quality Assurance into its daily routine. Daily issue tracking, escalation, and resolution are all part of the workflow, along with daily oversight reports for senior leadership.
Want to know more or just want to phone us up for a chat?
+44(0)20 8242 4789
© Copyright 2025 Qomply
Qomply is the trading name of Qomply Limited and is a private limited company registered in England and Wales with registered number 12082474, VAT Number 357 7105 86 and registered address: 133-137 Fetter Lane, London, EC4A 1BF, UK.
