Alexander Culley, Chief Compliance Officer, EMEAA (Europe, the Middle East, Africa and Asia) for INTL FCStone Ltd., said:
Our colleagues in the U.S. have been extremely pleased with the ability to customize alerts as well as the performance and flexibility of the Validus platform – not only as it relates to U.S. trading venues but also in the European markets traded by U.S. clients. That was important for us, as the markets here that are a major portion of our business have their own unique character and culture. For instance, the fact that Validus works well with the unusual date structure of the London Metal Exchange (LME) was a big selling point for us. We only began discussions in the past seven to nine weeks but are already planning to go live in July so implementation has been very quick out of the blocks. Eventus has worked closely with us to reduce our costs and offer us much more flexibility while ensuring a more robust capability on each of the many markets in which we operate.
Eventus CEO Travis Schwab commented:
It’s particularly gratifying that INTL FCStone has chosen to expand significantly on our relationship after seeing the benefits of Validus first-hand over the course of the past year. This is a proven platform within the organization in reducing false positive alerts, enabling compliance staff to make better use of their time and achieving tangible cost efficiencies. We’ve worked diligently to ensure we cover the markets European firms need, as well as successfully address the unique regulatory requirements and exchange rules in the region.
Eventus established its presence in Europe this year with the appointment of staff in London to support its clients locally and grow its business there. The company surveils activity for clients on over 100 exchanges and trading venues globally.
The Validus platform applies machine learning in concert with a procedural approach to reduce false positive alerts while it also ensures firms have the necessary data to respond quickly and comprehensively to regulatory inquiries.
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