FSA Picks Up Nasdaqs SMARTS
September 10, 2012
The Financial Services Authority will use Nasdaq OMX Group’s SMARTS Integrity system to help detect market abuses in the United Kingdom. Corvil said it will help electronic trading firms monitor and manage “technology risk in their trading infrastructures.” Rapid Addition said it will launch an alternative network for routing financial trading information in South Africa and across the globe.
NASDAQ OMX GROUP: The United Kingdom’s securities regulator said it will use a Nasdaq OMX system to guard against market abuse.
The Financial Services Authority will use Nasdaq’s SMARTS Integrity system as part of its surveillance of transactions across markets it monitors.
SMARTS Integrity will help the FSA detect abuses in stocks and derivatives, such as option. The product can be extended to meet requirements of European legislation such as the Markets in Financial Instruments Regulation (MiFIR) and Market Abuse Regulation (MAR).
The technology was created by an Australian startup that Nasdaq acquired two years ago.
CORVIL: The provider of technology for measuring and monitoring the speed of trading systems said it will help customers manage risks, as well.
Corvil said it will help electronic trading firms monitor and manage “technology risk in their trading infrastructures.” The service will provide “barriers and check-points against technology-related hazards.
The risk monitoring system will validate that trading behavior is within expected tolerances. When limits are breached, emergency processes can be alerted. This will be done “with no loss of speed.’’
RAPID ADDITION: Rapid Addition said it will launch an alternative network for routing financial trading information in South Africa and across the globe using the FIX industry protocol.
The London-based supplier of trading technology said it will work with Tauri Software Systems, an investment company focused on creating systems and software, to create the network.
The Orb FIX Messaging Network will be based in Neotel’s Midrand data center. International connectivity is being provided through London. Connectivity over the internet via a Virtual Private Network is also possible.
CheetahFIX, another messaging network using Financial Information Exchange communications formatting, will take messages to South Africa.