Credit Suisse Standard Securities (CSSS), a South Africa-based joint venture created by Standard Bank and Credit Suisse, has signed an agreement with Smarts, a provider of market surveillance technology services, for Smarts.broker market surveillance service.
The deal provides surveillance coverage of all products traded on the Johannesburg Stock Exchange. Smarts.broker will provide with a suite of monitoring and alert services to assist the CSSS with their surveillance and compliance requirements.
With Smarts.broker, CSSS will be able to reduce the regulatory and financial risk associated with clients or traders engaging in market abuse. The Smarts.broker trade surveillance service provides real-time alerts identifying trading patterns associated with market manipulation, including wash trades, marking the close, and layering of orders, as well as other forms of market abuse and regulatory breaches, front-running, and trading information reports.
Furthermore, Smarts.broker provides users with access to historic trading data for all listed securities, and a number of graphical tools to assist the user to interrogate the alerts and data. These include a market replay function which allows users to re-create the full order book for a security at any point in time on a trading day.
Andreas Furche, CEO of Smarts Group, said: “Our team of highly trained experts behind Smarts.broker are continually evolving the system to stay ahead of the most complex trading strategies. The advantage of a managed service is the ability for the development and hosting costs which broking firms would normally individually incur to be shared across Smarts customers. Furthermore, Smarts.broker customers gain access to the most advanced hub of market surveillance expertise to ensure that their market surveillance and compliance is global best practice.”
Yushavia Naidoo of CSSS, said: “The appeal of the Smarts.broker solution is its advanced alert engine, user friendly interface and the ability for the system to detect the most subtle of trading irregularities. Smarts demonstrated that they understood what we required and are able to deliver a solution with no hardware or software requirements from our end. This suited our requirements of obtaining a comprehensive surveillance system which can be set up quickly and which requires little or no IT resources on our side to run or maintain.”