By Jeroen Pilgram, Data Analyst – Data Research & Development, Smartstream
If you’re in compliance or operations, reading the FCA’s Market Watch 82 probably sounded all too familiar, and not in a good way. It raised issues with delayed fixes, back reporting, and late breach notifications, same problems, different day.
Ultimately, the real issue isn’t a few companies falling short. It’s an industry-wide pattern of reacting to instead of preventing problems from the start with better systems. That’s where Smartstream’s Smart Data solution stands out. It’s not just another tool to help clean up the mess, it’s a way to eliminate it altogether.
Let’s take back reporting, for example. The FCA pointed out that many firms can’t access older data when they need it. Systems have changed, formats evolved, and long-term data storage wasn’t part of the original plan. So, when regulators ask for trade information from a few years back, panic sets in and firms scramble to rebuild the data.
Smartstream offers a better approach: don’t try to manage it all internally. Smart Data provides a fully managed archive for MiFID II and Systematic Internaliser data. It’s on-demand, already aligned with the latest rules, and ready when you need it. No scrambling. No chaos. Just clean, structured data that’s easily accessible to meet your reporting needs.
That same solution applies to fixing issues. The FCA noted that remediation is taking too long—not because teams don’t care, but because processes are fragmented. Silos, slow approvals, resource gaps, all are familiar bottlenecks.
Smartstream solves that by taking on the most time-consuming process managing reference data. No more reconciling mismatches or debating which system is right. With a single, verified data stream that’s updated daily and delivered via API or secure file drop, your team can stop repeatedly fixing the same problems after the fact and start addressing root cause.
And yes, breach notifications are still part of the job, but they shouldn’t be constant. Smart Data RegRegistry Service gives firms real-time visibility into updates from over 20 global regulatory registers, including ESMA, FCA, GLEIF. That means your data is always current, your counterparties correctly categorised, and your reporting spot-on. It’s not magic. It’s just a control system that finally works.
Firms using Smart Data are seeing better results: easier conversations with regulators, fewer last-minute scrambles, and fewer recurring issues. Why? Because they stopped patching old systems and addressed the real issue: bad data and disconnected workflows.
This is the shift: from constantly fixing things to creating a system where those problems don’t crop up in the first place. In a world where every compliance deadline is tighter and every error is more expensive, that’s not just nice to have – it’s necessary and it’s smart.
Conclusion
The FCA isn’t expecting miracles, just stronger foundations. Smartstream delivers those in a way that scales, works, and lasts. Whether it’s pulling up old data, speeding up remediation, or staying ahead of potential breaches, Smart Data helps firms get it right again and again so that there is less firefighting, more stability, and a real chance to stay ahead of the next Market Watch.
