A product made by Newry financial software firm First Derivatives has been chosen as a market surveillance system for the Australian financial regulator.
Delta Stream has been selected by the Australian Securities and Investments Commission (ASIC) for an initial four-year term and will help oversee Australia's licensed financial markets by detecting trading anomalies and irregularities.
The agreement is the first application of a Delta product by a financial regulator anywhere in the world.
Delta Stream is already in use globally at banks, hedge funds and securities companies.
First Derivatives, founded 16 years ago, is listed on the London AIM exchange and currently employs approximately 720 people worldwide with offices in London, New York, Stockholm, Shanghai, Singapore, Toronto, Sydney, Dublin, Newry and Hong Kong.
Chief executive Brian Conlon said that the deal was a breakthrough for the company.
"Delta Stream being selected by ASIC as its chosen platform for market surveillance is a statement of the confidence others place in First Derivatives," he said.
"Delta Stream will allow ASIC to quickly respond to evolving market regulations, the introduction of new products and projected increases in data volumes.
"This is our first application of a First Derivatives product in a regulatory environment and we are encouraged that others will see the robustness and potential of our Delta suite."
In November, First Derivatives issued half-yearly results which showed turnover of £27.6m and a £4.1m operating profit.