Trading & Execution
Electronic trading, algo workflows, execution quality, routing and venues.
Capital Markets
Risk, Controls & Regulatory Change
Controls calibrated, evidenced and working at the desk's speed.
Overview
Markets businesses carry a dense control load: best execution, trade surveillance, market and counterparty risk, conduct, and the regulatory change that arrives with each revision of the rulebook. Reviews examine calibration and evidence, and controls are expected to work at the desk's speed.
We build and remediate the control environment: surveillance tuned to the firm's market-abuse risk assessment, trading controls with documented calibration, market and counterparty risk measurement the desk trusts, and regulatory change — MiFID II and MiFIR revisions among it — implemented into evidenced operation. The work runs through our Risk & Compliance practices, alongside the Markets & Trading team that knows how desks work.
The delivery record includes remediation of eFX trading controls under an enforceable undertaking and MiFID II implementation across multiple trading venues.
What we do
Surveillance is calibrated against the firm's market-abuse risk assessment: scenario coverage mapped to the risks that apply, thresholds tuned at scenario level with documented rationale, and alert review that stands up to inspection. Precision improves the economics of the function as well as its credibility.
Best-execution monitoring that reflects how the desk actually routes and executes, and desk-level controls — limits, price checks, algo controls — with calibration documented and reviewed. Our delivery record includes remediation of eFX trading controls under an enforceable undertaking.
Risk measurement earns its place when the desk uses it: sensitivities and limits that reflect how positions are actually run, counterparty exposure that updates at a useful speed, and reporting that supports decisions. We build the frameworks, the models and the reporting.
Markets regulation is implemented from interpretation to operation: requirements read against your business, changes built into systems and workflow, and evidence produced by the process itself. Our record includes MiFID II implementation across multiple trading venues.
Supervisory findings are closed with a plan the reviewer can follow: root cause, remediation with owners and dates, and evidence assembled as the work is done. We deliver the change itself alongside the evidence of it.
What to expect
Work starts from your risk assessments, control inventory and any findings on the table, so effort goes to the controls that matter. Calibration decisions are documented as they are made, evidence is produced by the process itself, and the desk is involved throughout so the controls work at trading speed. Where a formal order applies, the plan is built around its milestones and reporting.
Engagements run from a calibration review of a single control to remediation of a full findings portfolio.
01
Assess
Establish the current state, the constraints, the risks and the value at stake.
02
Define
Shape the target model and the business case with the executives who own the outcome.
03
Mobilise
Stand up the team, the plan and the governance around the outcome.
04
Implement
Design, build and test the change, with the business alongside.
05
Sustain
Cutover, hypercare and handover, so the business runs it under its own control.
The same five stages on every engagement, led by senior practitioners end to end. How we work
Insights
Related thinking.
Get in touch
Talk to a Partner about Risk, Controls & Regulatory Change.
Tell us what needs to change and where the pressure or risk is showing.