Case Studies

Regulation, implemented

Selected engagements showing how we've helped investment firms build and operate compliant infrastructure. All cases are anonymised for confidentiality.

MTF Licensing MiFID II Duration: 14 months

New-entrant MTF: From concept to AFM licence

A fintech startup with an innovative fixed-income matching concept needed AFM authorisation to operate as a Multilateral Trading Facility. The founders had deep market knowledge but no regulatory infrastructure.

We designed the full organisational framework — governance structure, compliance function, risk management, rulebook, and IT documentation — and managed the AFM application process across all three assessment phases. Simultaneously, we set up the DNB prudential reporting framework.

Outcome

  • AFM licence granted within 14 months of application
  • Full compliance framework operational from day one of trading
  • DNB quarterly reporting submitted on first deadline without errors
  • Zero regulatory findings in first supervisory review
EMIR Refit Transaction Reporting Duration: 6 months

EMIR Refit migration for mid-size investment firm

A Class 2 investment firm operating derivatives trading needed to migrate from EMIR to EMIR Refit reporting by the April 2024 deadline. Their existing reporting was manual, error-prone, and dependent on one staff member.

We mapped all 203 reporting fields to source systems, selected and configured an automated reporting tool, built reconciliation procedures, and trained two additional staff members to operate and monitor the process.

Outcome

  • EMIR Refit go-live on deadline — no late filings
  • Reporting error rate dropped from ~12% to under 1%
  • Process reduced from 3 days manual work to 2 hours automated
  • No single point of failure — three trained operators
MAR Surveillance Compliance Framework Duration: 4 months

Market surveillance implementation for trading venue operator

A regulated trading venue had a basic surveillance system but was flagged by the AFM for insufficient detection capabilities and inadequate STOR procedures during a routine supervisory visit.

We redesigned the surveillance framework — calibrated alert parameters to the venue's actual trading patterns, built a structured alert investigation workflow, implemented insider list management, and created a documented STOR assessment and filing procedure.

Outcome

  • False positive rate reduced by 60% through parameter calibration
  • Alert investigation time reduced from days to hours
  • AFM remediation requirements fully addressed within deadline
  • Surveillance function operationally independent with clear escalation paths
DNB Reporting IFR/IFD Duration: 5 months

IFR/IFD transition and DNB reporting setup

Following the IFR/IFD transition, a portfolio management firm classified as Class 2 needed to establish quarterly prudential reporting to DNB. They had no XBRL capability and limited understanding of K-factor calculations.

We determined the applicable K-factors (K-AUM, K-CMH), built the data mapping from their portfolio management and accounting systems, selected and configured reporting software, and ran parallel filings for two quarters before go-live.

Outcome

  • First live filing accepted by DNB without blocking errors
  • Complete data mapping document covering 180+ data points
  • Automated K-factor calculation reducing quarterly effort to one day
  • Process documented and transferable to internal staff

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