• Insight
  • Thursday 12th October 2023

Meet the team: Leo Labeis

REGnosys CEO, Leo Labeis, was recently recognised in the 2023 TabbFORUM list of 10 leaders to watch driving change and innovation in financial markets.  

Regulatory compliance has long been mired by inconsistent and often ambiguous rules, creating fragmented approaches globally. Leo has played a central role in industry efforts to tackle this problem, promoting the adoption of new technologies and initiatives such as the Common Domain Model and Digital Regulatory Reporting which are enabling firms to adopt a more collaborative and standardised approach to regulatory reporting.  

Here, Leo outlines why he founded REGnosys, how the company has evolved and what we can expect to see from REGnosys in the future. 

How did you come up with the idea for the company?

I founded REGnosys because I saw from the inside how regulatory compliance implementation has for too long been beholden to inefficient legacy processes and formed a vision on how to solve the problem. I also knew that it would not be possible to change the industry from the inside, so I decided to build a team of industry experts and technology specialists to weed out the complexity from post-trade data management. 

 

Over the past decades, regulatory reporting has proved increasingly difficult due to the sheer volume of data requirements embedded in often conflicting and ambiguous rules, resulting in fragmented approaches globally. REGnosys promotes a more efficient and standardised reporting process by enabling firms to harness the power of collaboration using Rosetta, our low-code collaboration platform dedicated to regulatory reporting. 

How has the company evolved over the past couple of years?

As financial institutions have suffered from an ever-increasing regulatory burden and the cost of compliance has surged for global companies operating across jurisdictions, RegTech has emerged as one of the fastest growing sectors of financial technology. 

 

Since 2017, we’re proud to have hired exceptional talent alongside this growth and have developed the Rosetta platform as an award-winning product that is uniquely suited to the challenge. We were delighted to be selected as an early-stage company by the industry’s trade associations, ISDA, ISLA and ICMA, as their partner to develop the Common Domain Model (CDM) and Digital Regulatory Reporting (DRR). This industry-wide collaboration won the regulatory reporting category of the G20 TechSprint in 2020. Earlier in 2019, the FCA and BOE’s own DRR pilot was supported by Rosetta. In 2021, Rosetta also powered the Bank of International Settlement’s Project Ellipse that explored cross-border reporting for retail mortgages. 

 

Rosetta is now proving its mettle in production, with reporting firms leveraging DRR to gone live with the CFTC Rewrite in December 2022 and next with EMIR Refit in April 2024. 

 

We’ve also made great strides in enhancing our Diversity and Inclusion Initiatives. Earlier this year, for example, we partnered with Next Tech Girls to help tackle the issue of gender inequality in today’s technology sector. It’s no secret that the technology sector suffers from several well-documented gender imbalances, with many young girls and women choosing not to pursue a career in technology because it is not put forward to them as a viable option.  

 

Having increased the representation of women at REGnosys from zero at the start of 2022 to 35% now (and with the objective to get to parity), our partnership with Next Tech Girls will help cement our long-term DEI drive. 

What can we hope to see from REGnosys in the future?

The RegTech market is on a clear upwards trajectory, with some estimates suggesting that spending on RegTech will make up more than 50% of global regulatory compliance budgets by 2026. 

 

Through our work at the core of this industry, we believe that the adoption of technology-driven solutions will be key in helping firms not only adapt to upcoming regulatory deadlines – but also prepare for future updates more effectively. 

 

While most firms are currently focused on the upcoming EMIR Refit deadline, regulatory reporting reforms are expected to roll-out across the G20 over the next few years. These include rewrites to the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) amongst others. 

 

We look forward to helping financial institutions harness the DRR movement and use Rosetta to navigate these regulatory changes and adopt a more strategic approach to data management. 

Reporting Audit

First, map your data into CDM...

We have it covered it. All it takes is a +/- 2-day immersion workshop with your tech team to build your mappings.
As a by-product, you get a ready-to-use API to convert all your trade data

… And access your audit results on-line…

Once your trade data have been mapped, our reporting engine compares its output to your reports and analyses any discrepancy.
Analysis is developed within 6 weeks and results published into a web application.

… Through a powerful user interface

Forget static audit reports that end-up on a shelf.
Our reporting engine is available on-demand to reconcile your reporting process end-to-end and down to single trade flow, through a fully interactive interface.
Contact us

CDM Integration

We do the data mappings for you…

Just extract transaction data from your booking, reporting or any other systems, we handle the rest.
We build mappings in immersion with your tech team, as a packaged +/- 2-day workshop that includes valuable CDM training – and is fun (yes, really)!

… And deliver you a packaged output…

Forget data mapping spreadsheets and forget hard-coded translation buried deep into your code base.
What you get is a transparent, maintainable CDM translation dictionary, automatically packaged into an API to translate your internal trade messages.

… Which you can start using right away

Start using the API for testing right away. For production deployment, we offer a range of hosting options that adapt to your technology stack.
The application grows with you. Just edit your dictionary to connect more and more systems to CDM.
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Model-Driven Regulation

Bring-on the regulatory text…

Can be anything in your existing corpus, as long as it’s digestible and relatively self-contained.
The target is to deconstruct that text and reconstruct a model of the regulation in +/- 2 days.

… We’ll handle the rest…

Our team of regulatory and engineering experts works in immersion with you and guide the process from start to finish.
Our promise: some executable code running by the end of the workshop, delivered to you and ready for demonstration.

… And you’re ready to develop rules on your own

All it takes is a cross-functional team, ideally all-encompassing from policy to technology, who is open to a fresh (and fun!) approach.
The buck doesn’t stop there. Your team is now empowered to carry that project forward inside your organisation.
Contact us

Data Modelling

Take an existing data pipeline of any form…

Just choose among your existing business processes to experiment a model-driven approach in +/- 2 days.​
We can start from any kind of artefact, from XML messages down to Excel or even PDF documents.

… To demonstrate the model-driven approach…

Our team of data engineering experts works in immersion with you and guide the process from start to finish.​
Our promise: some executable data pipeline running based on your model by the end of the workshop.

… Which you can deploy within your organisation

All it takes is a cross-functional team of developers and non-developers, who is open to a fresh (and fun!) approach.​
The buck doesn’t stop there. That team is now empowered to carry that project forward and build model-based pipelines for your organisation.
Contact us