Nasdaq Launches Compliance Tool
March 16, 2009
Nasdaq Stock Market has introduced a compliance tool designed to help firms' traders, back-office analysts and compliance personnel monitor activity on the exchange operator's trade reporting facilities.
Nasdaq says the tool, InterACT, will assist market makers and order-entry firms in complying with the 90-second reporting requirement and Regulation National Market System's trade-through rules, along with other mandates. With "more and more attention to regulation these days, we thought it would be good for users," said Brian Hyndman, Nasdaq's SVP of transaction services.
InterACT, which is an add-on to the Nasdaq Workstation trading interface and WeblinkACT trade reporting and clearing system, gives clients "a consolidated dashboard where they can view real-time stats on, for instance, the number of unmatched trades," explained Hyndman. "If someone put a trade up to ACT that they have to match up, they will have this viewer up and can see in real time" how long they have to get it done. "They'll know exactly what they have to do so they don't get any fines in the future for not comparing these trades."
The system is available in a free beta version until April 30. As of March 11, 109 subscribers had signed up for InterACT, which ultimately will include historical reports and trend analysis and peer and industry comparisons.
