Top five energy merchant strengthens compliance
Case study
Snapshot
- The client needed stronger compliance capabilities as significant business growth outpaced existing systems.
- Legacy systems and processes required frequent manual intervention and lacked the flexibility to support future strategies.
- The client selected BroadPeak’s Data Integration solution for its ability to enable greater internal control, and provide scalability for future needs at a competitive price point.
- With minimal support from BroadPeak’s delivery team, the firm’s internal staff implemented the solution efficiently.
- The rollout enabled compliance with multiple requirements, including exchange and MiFID II position limits monitoring, trade surveillance, REMIT trade reporting, and MiFID II position reporting.
Background
One of the world’s top five independent energy and commodity trading firms was expanding rapidly and needed to strengthen its compliance capabilities. Existing tools, implemented when the business was smaller, could not keep pace with growth or the increasing complexity of the regulatory environment.
Several systems were no longer fit for purpose, some required frequent manual checks rendering them unreliable, and some were no longer aligned clients strategic direction and future needs.
The Challenge
- The client’s technology team was capable and experienced, however, internally rebuilding and maintaining the full scope of solutions that needed to be replaced would have been a significant burden.
- End-of-year regulatory deadlines created urgency, requiring delivery of a complete compliance suite within a short timeframe.
- The client’s highly regulated group entity added further pressure, making a comprehensive and reliable solution essential.
The Solution
The client turned to the market for a reliable technology vendor. After evaluating the market, the client chose BroadPeak’s Data Integration solution, recognizing its ability to address all its challenges. The client quickly gained full oversight and control without having to rely on BroadPeak, and scaled the solution to support future needs.
BroadPeak successfully delivered:
- Exchange and MiFID II Position Limits monitoring
- Trade Surveillance to comply with European Market Abuse Regulations (MAR)
- REMIT Trade Reporting for wholesale energy products
- MiFID II Position Reporting.
The Results
The client leveraged its investment in a regulatory project to create something meaningful to reach its business objectives.
With BroadPeak’s support, the client was able to:
- Deliver the project on time and to specification
- Fulfill its regulatory obligations
- Establish a reliable, scalable platform to support growth
By using BroadPeak to organize and manage all its data, the client not only strengthened compliance with better insights, but also equipped its business analysts teams with the flexibility and control to adapt quickly to new products, processes, and regulatory demands.