The NYSE Group has announced that its NYSE Regulation operations has selected Cinnober for its technology provisions as it looks to expand its market surveillance and enforcement program for its exchanges.
NYSE Group is slated to provide enforcement and oversight for its three equity exchanges and two options exchanges, pending the finality of its contract with Financial Industry Regulation Authority (FINRA) on December 31, 2015.
While FINRA will ultimately retain certain cross-market surveillance functions, albeit in a mitigated role, NYSE Regulation will be relying on Cinnober for its development and launch of its fortified surveillance system.
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Cinnober is a financial technology provider for some of the world’s leading exchanges and clearing houses, having partnered deals with the London Metal Exchange (LME) and Johannesburg Stock Exchange (JSE) earlier this year.
According to Michael Grecoff, Head of Sales, Market Surveillance Systems at Cinnober, in a statement on the partnership, “We are very happy to work with NYSE Regulation to build and deploy a state-of-the-art multi-market trade surveillance system.”
“Exchanges are the ultimate gatekeepers with a mandate to ensure market integrity. The Cinnober Surveillance system will play a very important role in assisting NYSE with its duty to the markets,” Mr. Grecoff added.