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 supplying and operation the SMARTS system together with providing expertise in market surveillance and specialised surveillance services. The actual market surveillance will still be operated at the respective exchanges.
The agreement provides not only for Stockholmsbörsen to use obSurveX, but also for the two exchanges to establish a centre of expertise in market surveillance at Oslo Børs that will work with the market surveillance departments of the two exchanges.
NOREX is an alliance comprising the exchanges of Norway, Denmark, Sweden and Iceland. The member exchanges will use the same trading system, SAXESS from OM, and will become a joint marketplace during the first quarter of 2002. The agreement between Oslo Børs and Stockholmsbörsen is seen as an important step towards harmonising the operation of the marketplaces in the respective NOREX countries. The Copenhagen Stock Exchange and the Iceland Stock Exchange are currently also considering the use of obSurveX.
Stockholmsbörsen and Oslo Børs expect to sign a detailed agreement within 1 to 2 months, and Stockholmsbörsen plans to start using obSurveX during the course of the current year.
