RIMES, a firm providing managed data services for buy-side financial firms, has launched a solution aimed at businesses grappling with newly-established market abuse regulations in the EU.

US-headquartered RIMES, which offers managed data services for buy-side sectors including wealth management, has rolled out a monitoring and detection solution so that users can honour market abuse regulations, a significant area for compliance.

The new offering is called RegFocus.

Market Abuse Regulation (MAR) are a set of rules that became law across the European Union from 3 July. Firms must operate compliance policies to spot and control cases of market abuse rather than rely on brokers to do these tasks.

RegFocus uses algorithms and analytics so that buy-side compliance teams can review all trading activity, looking at a variety of exchanges, asset classes and sectors such as indices and exchange traded funds.

As part of the launch, RIMES has appointed Jeremy Garland as head of compliance to lead the RegFocus team. Garland was most recently global head of monitoring and surveillance at Macquarie Group, the Australia-based bank. He has also held senior compliance roles at Nomura and Merill Lynch. He reports to Bruno Piers de Raveschoot, chief operating officer of RIMES’ compliance division.