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ASIC selects First Derivatives for new Australian market surveillance solution

First Derivatives (AIM: FDP.L, ESM:FDP.I), a leading provider of software and consulting services to global investment banks, brokers, hedge funds and exchanges, has been awarded the tender to deliver the new ASIC multi-market surveillance system for an initial 4 year term using it's Delta Stream™ solution, incorporating an advanced surveillance framework.

First Derivatives' Delta Stream™ will be used by ASIC in meeting its statutory obligation to oversee Australia's licensed financial markets. In particular, Delta Stream™ will be integral to ASIC's market surveillance activities enabling detection of trading anomalies and irregularities that may indicate disorderly or prohibited trading across the range of asset classes and products traded. This ability to monitor various instrument types in differing asset classes like equities and fixed income, highlights the strength of the Delta suite in dealing with large data volumes at high velocity within a single platform, i.e. its ability to address the "big data" challenge.

First Derivatives' Delta Stream™ was chosen by ASIC as the preferred scalable, robust and technologically advanced solution to deal with the ever complex nature of trading which is characterised by faster trade speeds, increased trade and order volumes, and dispersed liquidity. These market features have made detecting and investigating market misconduct increasingly complex.

Delta Stream™ is in use globally at banks, hedge funds and securities companies meeting a range of business challenges including monitoring market-makers at Singapore Exchange (SGX). It is one of First Derivatives' world-class, flagship applications within its Delta suite, a powerful "Big Data" platform, offering capabilities in reference data management, market data management, CEP, algorithmic and high-frequency trading, FX trading, treasury risk management and exchange management and surveillance. Delta Stream™ is powered by the market-leading kdb+ database technology.

First Derivatives' Director APAC, Rob Hodgkinson, said the win reflected both the deep experience of the First Derivatives' Asia-Pacific team, and the importance of an integrated approach to technology.

"Our team includes expertise in both exchange technology and real-time trading, meaning we can apply a holistic, real-world view to solving the very complex issues at play in today's markets," he said. "A key facet of this is integrating exchange databases - a capability that’s been lacking in surveillance systems - whereby modular systems may be 'plugged in' to deliver capabilities around various asset classes, surveillance requirements and trading styles. One such capability to monitor and profile HFT activity was demonstrated in mid 2012 in Delta AlgoLab, built on Delta Stream™."

Commenting on the contract win First Derivatives CEO, Brian Conlon said "We are delighted with the decision by ASIC to use Delta Stream™ as their chosen platform for market surveillance. Delta Stream™ will allow ASIC to quickly respond to evolving market regulations, the introduction of new products and projected increases in data volumes."

ASIC said that the new system would enable its market surveillance team to interrogate very large data sets, and monitor market activity in a manner consistent with the increased use of technology in day-to-day trading.