SteelEye: trade surveillance, communications oversight and reporting

SteelEye supplies compliance technology for brokers, banks, investment managers and other financial firms. For a broker, the core use is to preserve and examine trading activity alongside the conversations around it: orders, executions, email, messaging and recorded calls can feed surveillance, reporting and investigations. The platform normalises and indexes data from separate systems so compliance teams can work from a shared record instead of reconstructing each enquiry from several applications.[1]

The modules can be used separately or together. Integrated Surveillance joins trading and communications review with market data, news and social-media context; an investigator can examine the surrounding evidence when a trading or conduct alert appears. This is a compliance and investigation workflow around the broker’s activity.[5]

Compliance CoPilot adds alert scoring, context summaries and suggested resolutions for trade and communications investigations. Its rationale and supporting information help reviewers prioritise work and decide whether to resolve or escalate a case. The separate AI offering goes further than a text summary: SteelEye advertises several levels of automation.[9]

The connector catalogue covers both communications capture and trade/order feeds. A listed connector identifies a supported integration family; the actual feed, version, fields and customer entitlements form part of the implementation.[11]

SteelEye describes support for both public and private cloud deployments. Its security page states that data is encrypted in transit and at rest, describes penetration testing and disaster-recovery arrangements, and reports ISO 27001 and SOC 2 credentials. It also invites customers to discuss specific security and integration requirements. That public description gives no numerical recovery-time or recovery-point commitment.[17]

Commercial enquiries go through SteelEye’s sales/demo process; its public product catalogue does not supply a fixed licence tariff. The website terms govern use of the website, rather than setting subscription charges, renewal notice, implementation fees or a production service-level agreement. Those commercial conditions therefore belong in the customer’s service documents.[15][16]

Implementation is a data and workflow project. SteelEye’s published APAC implementation role describes translating signed statements of work and solution designs into field mappings, ETL processes, FIX configurations and training schedules. Workshops establish data scope and compliance parameters; engineering and surveillance specialists validate ingestion before deployment. The description also includes a period of post-launch care. This explains the work involved, rather than providing a contractual delivery timetable for every customer.[18]

A documented migration example is the Rimes trade-surveillance transition described in October 2022. SteelEye says it transferred existing data connectors, surveillance thresholds and customisations, with First Sentier Investors as the first migrating client. Preserving those settings is a different task from merely importing historical records; the example does not establish a standard duration for another broker’s migration.[19]

CME’s SteelEye vendor entry lists 24x6 support as included in the service terms. It also identifies data-centre locations in Singapore, Dublin and Northern Virginia. The entry does not specify incident severity definitions, response or restoration times, or which location applies to an individual customer deployment. Those details require the service arrangement for that customer.[12]

SteelEye’s MiFIR tool integrates with an Approved Reporting Mechanism, or ARM. It prepares submissions and handles errors through that connection; the product description is not evidence that SteelEye itself holds ARM authorisation. Role-based access separates duties, and edits, submissions and eligibility overrides are logged. The customer can submit automatically or manually on the documented T0/T+1 workflows.[7]

Communications surveillance remains configurable: lexicons and logical queries can be tailored to the firm’s activities, and historical records can be used to test rule behaviour. This makes the chosen monitoring scope and escalation process important to the result. The software’s ability to generate or close an alert does not itself establish that misconduct occurred or that a report must be filed.[4]

SteelEye Limited is an active English private company, number 10581067, incorporated on 24 January 2017. Companies House records its registered office at 55 Strand, London. That legal address is distinct from the operating locations listed on the company’s contact page.[22]

SteelEye and FundApps announced a definitive merger agreement on 3 November 2025, supported by additional equity from FTV Capital. Their product sets were described as complementary: SteelEye’s surveillance, reporting and data-management work alongside FundApps’ investment-compliance capabilities. The announcement did not disclose financial terms.[23]

The current FundApps privacy policy identifies Rio Group Bidco Limited as the parent and SteelEye Limited and its group as affiliated companies. It points to a separate SteelEye privacy policy and describes opt-in sharing when a customer requests or accepts a recommendation to use SteelEye. The common-parent relationship does not make all FundApps products part of a SteelEye subscription.[24]

SteelEye lists operating locations in London, New York, Singapore, Braga and Bangalore. Its stated design is to capture and organise data first, then let customers apply one or several compliance modules to that shared information.[2]

Operator

SteelEye Limited

Service scope

Trade and communications surveillance, archiving, investigations, MiFIR reporting and execution-quality analysis.

Customer types

Brokers; Banks; Asset and wealth managers; Hedge funds; Trading platforms

Delivery

SaaS; API

Pricing publication

Quote only

Published jurisdictions

United Kingdom; United States; Singapore; Portugal; India

Platforms

SteelEye; Compliance CoPilot; Insights

Integrations

Slack; CME Globex Drop Copy; CME STP; Bloomberg FXGO; oneZero

Pricing scope

Commercial pricing by enquiry; the archive product page states no additional data-export charge.

Implementation

Data connectors, field mappings, surveillance configuration and training form the implementation.

Support

CME’s vendor directory lists 24x6 support; separate Slack OAuth and privacy contacts are published.

Permissions and regulatory scope

Compliance software with ARM connectivity; customer controls and reporting decisions remain scoped to the applicable workflow.

Provider metadata checked 20 Oct 2026Source 2Source 6Source 1Source 12Source 22Source 11Source 16Source 9Source 18Source 28Source 7Source 17Source 13

Three-way reconciliation checks the reporting chain rather than only the internal trade file. Users upload ARM and national-competent-authority files, compare them with the records in SteelEye, and review matching transactions or breaks. Where records differ, the user can amend reporting data; where they agree, the reconciliation can be signed off. This gives a broker a separate check on missing or discrepant records after the submission workflow.[25]

Trade reconstruction brings the evidence into a timeline: trades and orders can be overlaid with related communications and independent market prices. SteelEye describes AI-assisted suggestions for relevant records, which can be added to an existing case or used to create a new one. The resulting case can be exported for an internal review, customer enquiry or regulatory request. The useful output is the assembled evidence and sequence of events, rather than a standalone alert score.[26]

eDiscovery extends this record to litigation, due-diligence and internal enquiries. It searches the captured structured and unstructured information, preserves records in the described write-once/read-many format, and produces auditable, exportable cases. Its searches and investigations draw on the stored corpus; records that were never captured are outside that corpus.[27]

Best-execution analysis uses a different lens. The service enriches execution data with market and reference information, applies selected metrics and highlights outliers for investigation. Reports can be reviewed, amended, scheduled and exported as CSV. A broker can therefore use it both to monitor a stream of executions and to investigate a particular execution against the selected benchmark.[8]

For management reporting, Insights uses the same captured data through the SteelEye API. Users can assemble reports with a visual builder and distribute them by scheduled email or export. This is useful for recurring surveillance management information alongside the case-level record, with the report definition determining which activity and outcomes are shown.[28]