AFTAs 2015: Best Compliance Initiative—State Street Global Exchange

State Street Global Exchange wins this year’s best compliance initiative, thanks to its GX Compliance platform, following BNY Mellon’s victory in this category last year. Now under the stewardship of the newly created State Street Global Exchange division, the MIG21 platform—originally part of the Princeton Financial stable—has been rebranded as GX Compliance in keeping with the firm’s growing focus on data elements that inform investment management decisions on an enterprise level. 

“Compliance and regulatory concerns are more and more front-of-mind for our clients, so there is a lot of interest in ensuring that they have robust compliance solutions that allow them to meet their internal demands, their investors’ demands, and their regulators’ requirements,” says Ivan Matviak, head of data and analytics platforms at State Street Global Exchange. “It’s an area where we have been investing substantially, both in the core technology and in the integration of GX Compliance with our data management solutions and other analytics capabilities like risk and attribution.”

Going beyond compliance management is the core strength of the GX Compliance platform, which boasts a flexible rules engine, combined with data and resolution-management tools to provide a fully auditable control process. The solution also integrates with third-party data feeds such as Bloomberg, as State Street moves to simplify the processes around integrating and maintaining the flow of data into the application.

GX Compliance’s ace in the hole is its LawCards modules, a group of predefined, geographic-based rule sets and update services for all major financial jurisdictions maintained by State Street that encompass legal, contractual, and regulatory requirements associated with more complex business models that come with new asset classes or regional markets. 

As well as expanding the geographic range of the LawCards modules, particularly across Asia-Pacific, State Street has boosted the workflow around breach management and integration with risk, bringing in the truView risk platform in conjunction with GX Compliance to create a simultaneous risk and compliance viewpoint. Of course, risk and compliance are two separate disciplines that demand their own dedicated technologies and support teams, but creating a single risk-compliance dashboard can only be a good thing. 

GX Compliance’s ace in the hole is its LawCards modules, a group of predefined, geographic-based rule sets and update services for all major financial jurisdictions maintained by State Street that encompass legal, contractual, and regulatory requirements associated with more complex business models that come with new asset classes or regional markets.