Market Segment - Financial Industry

Client

Data Interaction’s client is the largest non- government securities regulator for all firms doing business in the United States. Overseeing the activities of 7,000 brokerage firms, 100,000 branch offices, and more than half a million registered brokers, they provide a critical layer of independent regulation between the Securities Exchange Commission (SEC) and the nations securities industry. They oversee and regulate trading in commodities, equities, bonds, futures, and options markets and operate one of the largest securities dispute resolution forums in the world, processing arbitrations and mediations.

Project Background

Before brokers can work in the securities industry they must have training and complete a series of exams. The registration process requires brokers answer questions about their background, prior employment, criminal history, consumer complaints, and judiciary actions taken against them.

This information is stored in a licensing database operated by the client and used by state and federal regulators, and other industry personnel. Our client wanted to replace their antiquated system with a

web based information system solution.

Solution

The application worked to define the clients business processes using an Internet based licensing and registration information system. Brokers who meet who have met all the regulatory requirements are permitted to sell securities to the public. The information system maintains the employment and qualification history of more than half a million register brokers that are authorized to trade and sell securities in U.S. markets.

The new information system now includes business process solutions for organization and individual processing, form filing, accounting, regulatory notifications, annual license renewals, electronic filing, and disclosure mediation and review.

Following the initial implementation a document management system was added by Data Interaction that provided full text searching capabilities on member firm brochures that are distributed to the public. Storing of these documents allows regulatory authorities the ability to hold firms accountable for information provided to the general public.