Detica Group plc (DCA.L), the specialist business and technology consultancy, and Progress Software Corporation (NASDAQ: PRGS), the global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, yesterday jointly announced the launch of the Detica Market Surveillance Accelerator powered by the Progress® Apama® Complex Event Processing (CEP) platform.
The Detica Market Surveillance Accelerator enables financial institutions and exchanges to monitor trading activity and identify suspicious transactions, including market manipulative behavior such as ‘front-running’, ‘painting the tape’, ‘washing’ and ‘ramping’. The Accelerator takes Detica’s expert industry knowledge and deep technical understanding of trade surveillance and encapsulates this within pre-built Apama technology. The Accelerator can then be deployed and calibrated to meet client-specific requirements. In addition to the market surveillance business logic, pre-built — and fully customizable — dashboards are also offered for trade and market surveillance monitoring.
The Detica Market Surveillance Accelerator brings together the technical know-how, market leadership and experience arising from the Detica and Progress Apama partnership that has already delivered major market surveillance projects at organizations such as the FSA and Turquoise.
Simon Asplen-Taylor, Head of Market and Regulatory Services at Detica, commented: “Market surveillance is all the more challenging due to demands of algorithmic trading and the availability of complex derivatives, cross-border trading and other market factors. The ability to understand what is happening in the market as it happens, and respond quickly enough to pre-empt market abuse, are important factors in building and sustaining market confidence. This partnership combines our knowledge of market behavior and the Apama platform in a way that can deliver that confidence.”
Dr. John Bates, founder and general manager, Apama Division, Progress Software, commented: “Market surveillance will be an increasingly critical requirement in establishing confidence within markets. Recent events are ample testimony to the need to be vigilant in monitoring trading activities. Failure to quickly detect suspicious behaviour will risk wreaking havoc in the markets, impair market confidence and injure firm reputations. We are delighted to have a partner that is so knowledgeable about the intricacies of surveillance and can apply the power of the Apama platform to address those requirements. Partners with domain knowledge are a significant component of the Apama growth strategy.”
