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Warsaw Stock Exchange Selects SunGard’s Protegent and Valdi for Market Abuse Surveillance

The Warsaw Stock Exchange (WSE), the securities and commodities exchange mandated to organize and manage the trading of securities in Poland, has selected SunGard’s Protegent compliance solution and Valdi electronic trading tools for real-time surveillance and monitoring of trading activity on the exchange. Protegent and Valdi will help enhance the WSE’s ability to supervise members connected to its trading platforms and help improve its capability to manage market-making activity as well as detect potential errant and suspicious trading patterns.

A customer of SunGard’s trading solutions for more than 10 years, the WSE will use SunGard’s Protegent market abuse solution to help enhance its analysis of specific market conditions and trigger alerts in real time, helping the WSE comply with the Market Abuse Directive, including European Securities and Markets Authority’s (ESMA) 2012/122 Guidelines “Systems and controls in an automated trading environment” and Regulation (EU) No. 236/2012 for Short Selling. In addition, Valdi’s “flashback” function will allow the WSE to analyze historical market situations by rebuilding the order book at any point in time, while its historical data will provide insight into trading patterns. Users will be able to analyze orders and trading patterns across individual or multiple asset classes and trading venues via graphical displays and a rules and reports library.

SunGard’s Valdi will give the WSE’s surveillance teams a detailed, real-time view of market data and trading activity regardless of the connectivity tools used by WSE members.

Adam Maciejewski, member of the management board of the Warsaw Stock Exchange, said, “Surveillance tools are an absolute requirement as stock exchanges around the world seek to ensure fair and orderly markets. The WSE selected SunGard’s Protegent because it is an efficient, proven and system-agnostic solution that complements our existing arsenal of market protection capabilities. Valdi will help the WSE improve our ability to monitor exchange trading activity and give our surveillance team enhanced access to real-time data, helping them identify trading patterns that might reveal market abuse.”

Philippe Carré, global head of connectivity for SunGard’s capital markets business, said, “SunGard is a long-time partner of the Warsaw Stock Exchange, and we will now be helping the WSE address a critical concern for stock exchanges worldwide: the accurate, timely monitoring of trading activities. The combination of Valdi’s real-time, pre- and post-trade functionality and flashback function with Protegent’s real-time market abuse rules engine and easy reporting capabilities is helping exchanges like the WSE monitor trading activity and prepare for new regulations.