Financial software pioneered in Co Down is now helping to identify fraud in Australian markets.
The Australian Securities and Investments Commission (ASIC) regulatory body announced almost a year ago that it was purchasing a custom-built system, based on First Derivatives' Delta Stream technology, allowing it to conduct multi-market supervision in real time.
The market surveillance system has now been implemented and Rob Hodgkinson from First Derivatives said he is very pleased with the way the project has run.
"ASIC now has the tools needed to monitor the market in a very sophisticated way," he said.
"Globally, regulators face issues in being able to keep up with the speed and sophistication of their own markets, which is obviously a huge problem if you're trying to police the market effectively. The system designed for ASIC puts it at the head of the pack in terms of their capabilities as an effective, evidence-based regulator."
ASIC's senior executive leader of market and participant supervision, Greg Yanco, said ASIC's decision to implement the new system had yielded very positive results.
"We made the decision to upgrade our systems in response to new developments in the trading environment," he said.
"Given the dynamism of the market environment, we wanted a system capable of capturing and analysing data from all our participants on all markets in real time.
"With this implementation we can identify questionable activity straight away and act upon it much quicker."