Automation is often an effective and cost saving means of standardizing, what would otherwise be bureaucratic and painstaking procedures. The method by which national financial markets regulatory authorities conduct compliance checks and routine inspections relating to the conduct of market participants, is a case in point.
Today, financial surveillance system provider b-next, has announced that it is to provide surveillance, insider dealing and compliance software to Russian company BCS Financial Group (BCS).
In certain cases, particularly in the Asia-Pacific region, regulatory authorities have invested in surveillance systems, as in the case of Australian regulator ASIC, which operates the First Derivatives Delta Stream system, which is in the process of being rolled out, alongside its existing SMARTS system in order to conduct real-time monitoring of firms activities.
In this particular case, it is the company itself which has invested in the b-next CMC:Suite monitoring software, in order to bring to the firm’s attention any instances of market abuse and insider dealing, as part of its expansion into the UK, where it will offer a full suite of investment banking activities, and trading across a wide range of asset classes.
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The b-next CMC:Suite will monitor a range of scenarios over BCS’s orders and execution flow, performing analysis across multi asset classes including, equities, derivatives, and bonds. The b-next system will provide BCS’s compliance team with a worldwide surveillance system that can be centrally managed. Recently granted UK regulatory authority by the Financial Conduct Authority (FCA), BCS are now able to operate in the UK with b-next integrated into their internal trading systems.
BCS Chief Regulatory Officer, Wendy Langridge made a public statement regarding the implementation of the CMC:Suite”Our recent approval by the FCA, positions BCS well to expand into an international market. Quality is of the upmost importance to us, and we are committed to building a robust and transparent European business.”
“To further enhance our compliance surveillance, we have chosen to work with b-next, one of the leading systems in this field, to ensure that we are proactive in improving compliance and the quality of our market abuse monitoring” concluded Ms. Langridge.
“Russian firms, in line with all other international operations, are under pressure to adhere to tight market abuse guidelines and regulations in the EU in order to operate in the UK and across Europe. Firms like BCS are looking to market surveillance firms to ensure that they have systematic tools to allow them to monitor and identify complex, dangerous trends and suspicious patterns” stated Martin Porter, Global Sales Director, b-next in a corporate statement.
“BCS has extensive expertise in developing systems which can provide clients with efficient execution. We are delighted to be integrating into their internal trading systems to provide required high standards of market surveillance.”