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In 2021, there is considerable focus on surveillance – particularly on communications surveillance. Regulations such as the revised Markets in Financial Instruments Directive and Regulation (MiFID II) and Market Abuse Regulation in Europe and Dodd Frank Act in the US require trading firms to record and store the communications of traders, sales and other involved staff in an attempt to make the marketplace safer for investors and reduce financial crime. The volume and variety of the resulting datasets is huge and conducting useful analysis is increasingly complex.
Cloud-based communications surveillance solutions allow firms to address these two key issues. Storage volumes become less of an issue for trading firms and cloud is the natural home of solutions that utilise machine learning, natural language processing (NLP), behavioural analytics and a host of other techniques that can assist in the complex analysis of the unstructured communications data. GreySpark has undertaken research with multiple financial firms to understand their goals for their surveillance platforms in 2021. In this report, GreySpark and Relativity look at the pros and cons of cloud-based communications surveillance solutions and describe the undeniable trend toward their use in this technology space.
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