Agreement on a joint approach to market surveillance is recognised as an important step in harmonising market operations between the NOREX countries. The agreement now signed by Stockholmsbörsen and Oslo Børs provides for a centre of market surveillance expertise to be established at Oslo Børs that will work closely with other exchanges that use obSurveX.
"It is very exciting for us that Stockholmsbörsen, with its size and breadth of expertise in operating markets, should decide to use obSurveX. Our Swedish colleagues will contribute extremely useful expertise, and this co-operation will help to ensure that the Nordic markets operate with market surveillance systems that are at the leading-edge of international development," comments Sven Arild Andersen, President of Oslo Børs.
Each exchange will continue to be responsible for the operation of its own market surveillance function. The centre of expertise will be principally involved in developing alarm systems and production, but will also assist the exchanges with advice and support. The team will have particularly strong expertise in the interface between accounting and IT functionality. The Copenhagen Stock Exchange is also considering using obSurveX.
obSurveX is a market surveillance product developed by Oslo Børs. The product is based on an enhanced version of the SMARTS surveillance system from the Australian company Computershare Technology Services Ltd. The obSurveX concept comprises a combination of the supply/operation of SMARTS together with providing expertise in market surveillance and specialised surveillance services.
The agreement with Stockholmsbörsen represents only a limited financial effect for Oslo Børs.
