Over the past year Oslo Børs has signed contracts to supply its market surveillance product to all the other exchanges in the NOREX alliance. Agreements were signed with Stockholmsbörsen and the Copenhagen Stock Exchange in December 2001 and February 2002 respectively. The Iceland Stock Exchange will implement obSurveX in the first quarter of 2003. The decision by the Iceland Stock Exchange to select this system serves to confirm that the market surveillance product offered by Oslo Børs is also recognised as a valuable and important tool for smaller markets.
"It is very pleasing, and indeed very important, that the entire NOREX alliance is to use the same platform for market surveillance. We are confident that we are at the cutting edge for market surveillance even in international terms, and there can be no doubt that the decision by all the member exchanges to adopt this common approach to market surveillance will be beneficial for market recognition of the NOREX concept. This helps to strengthen the Nordic securities market", explains Sven Arild Andersen, President and CEO of Oslo Børs.
Oslo Børs has already established a centre of expertise for market surveillance. Each participating exchange is responsible for the operation of its own market surveillance function, whereas the expertise centre is principally involved in developing surveillance alarms and systems production. The centre also contributes to improving the market surveillance expertise of all the exchanges that use obSurveX.
obSurveX has been developed by Oslo Børs. The product is based on an extended version of the SMARTS surveillance system supplied by the Australian company Computershare Technology Services Ltd. The obSurveX concept comprises a combination of the supply and technical operation of this SMARTS system together with the provision of expertise and specialised services for market surveillance.
