The Securities and Exchange Commission‘s use of analytics and cloud tools to organize massive trading data is saving the agency more than $3 million each year, Federal News Radio reported Thursday.
Nicole Ogrysko writes the SEC has realized annual cost savings after modernizing its web portal that gives agency staff and the public access to U.S. stock exchange trader reports.
Laura Egerdal, digital strategy director at SEC’s Office of Public Affairs, worked with other agency personnel to build a visualization platform code, according to the station.
SEC’s Market Information Data Analytics System is designed to examine and gather up to 1 billion financial records a day, Ogrysko writes.
“The idea is that it would reach much more people, engage more people in a conversation and ultimately be a much more efficient way to get this information online,” Egerdal told the radio station.
Ogrysko reports that Erozan Kurtas, an SEC assistant regional director, oversaw the development of the agency’s National Examination Analytics Tool.
NEAT is built to automatically collate transactional records and analyze where, when and how trading companies raise money, according to the station.
“It saves [us] thousands of hours, maybe tens of thousands of hours, but the other issue is NEAT allows us to do better exams, more sophisticated exams,” Kurtas said, according to Ogrysko’s report.
“This increases the possibility of catching violations, which is the important part of our job,” he added.