LPA Group, (LPA) a capital markets technology specialist is to provide global brokerage firm Interactive Brokers Group with a solution for regulatory documentation for its entire range of financial instruments. This includes stocks, bonds, options, and futures in over 135 markets, 33 countries and 23 currencies.
LPA’s solution is its Capmatix Doc and Data Cockpit service: a tailor-made solution which will be able to support Interactive Brokers with an automatic and state-of-the-art solution for providing all the necessary financial product documentation on a daily basis, guaranteeing both regulatory compliance and transparency for its customers.
Ongoing access and provision of the correct documentation in line with regulatory obligations presents a key challenge to international financial companies like Interactive Brokers. The scale of the operation – sometimes ensuring the availability to investors of many million documents in multiple language and variations – coupled with the differing obligations of regulatory regimes such as UCITS, PRIIPs and MiFID often becomes a significant burden for impacted businesses.
The Capmatix Doc and Data Cockpit is used by both manufacturers and distributors on the buyside and sellside and acts as a guard for MiFID II and PRIIPs regulations, protecting from disclosure mistakes for financial products through a maintained repository of latest data and documents.
Cloud-based and automated, the product will analyse Interactive Broker’s product range each day, looking at availability, languages and jurisdictions/domiciles of the relevant documents, linking to the correct source and guaranteeing the right level of coverage for that product. The Capmatix Doc and Data Cockpit will be optimally tailored to the firm’s range of products, recognizing exactly what is required for the current product portfolio in the shortest possible time.
The LPA service will additionally perform ongoing validations of data as part of PRIIPs KIDs requirements, and automatically spot and issue warnings to users regarding non-compliant product information. This level of analysis provided will also facilitate greater sales efforts for each product through accurate documentation.
Based on state-of-the-art technologies such as deep-learning, pattern recognition and the analysis of product data from all sources, the software is continually optimised and can cover a constantly changing and growing portfolio of instruments.
Yochai Korn, Managing Director of Global Financial Information Services & Global Head of Market Data and Research at Interactive Brokers, says: “We are very pleased to be working with the LPA Group. By using the Capmatix Doc and Data Cockpit we now ensure that our customers are provided with the necessary documentation for our entire portfolio – on time, up-to-date and around the clock. With this awareness of document availability, we can actively control our product offering for each of our distribution countries in Europe. This gives us the opportunity to expand our product range and ensure compliance at all times within the framework of product governance.”
Eran Elad, Product Manager, LPA Group, adds: “Our goal is to always help our customers achieve full compliance and increased efficiency, and we are delighted to work with Interactive Brokers and support their needs in this way. We hope that our collaboration helps the company meet its high-quality standards for customers and regulatory compliance through a modern and forward-thinking approach to technology usage.”