FSA signs MiFID policing contract


FSA signs MiFID policing contract

Antony Savvas

The Financial Services Authority has signed a contract with consulting firm Detica to help police the new Markets in Financial Instruments Directive (MiFID).

The new intelligence product supplied by Detica is designed to assist the FSA in the exercise of its supervisory and regulatory powers under the new directive, which aims to help standardise the financial services industry across Europe.

The new system will analyse trading in a diverse range of financial instruments and provide the FSA with intelligence on unusual and potentially unlawful activity, such as market abuse and insider trading.

Detica has already begun work with the FSA on the product, and the final contract could be worth about £17m over seven years, with the majority of the money spent over the first three years.

The new product will analyse patterns of trading in real time. In addition, Detica will be delivering an off-line forensic analysis product to detect hidden and potentially illegal patterns of trading that develop over extended time periods, using its own Netreveal technology, an intelligence tool developed in-house.

The Netreveal product was recently implemented by the UK's new Insurance Fraud Bureau to detect organised insurance claims fraud.

Comment on this article: computer.weekly@rbi.co.uk

Email Alerts

Register now to receive ComputerWeekly.com IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

COMMENTS powered by Disqus  //  Commenting policy