Today, regulators around the world demand more from financial institutions when monitoring and investigating insider trading and market abuse. They increasingly require identification of relevant phone calls, in addition to the existing transactional surveillance requirements, such as the Market Abuse Directive (MAD), MiFID and upcoming new requirements from the UKâs FSA. The solution monitors, for the first time, not only the trading transactions but also related voice conversations. Using the new Trading Interaction Surveillance Solution, compliance officers will be able to improve processes and achieve broader and more effective cross-channel surveillance and investigations.
To achieve more effective cross-channel surveillance, they will be able to monitor market abuse or other activities such as conflict of interest, by automatically receiving alerts on the contents of calls relating to a specific trade, which can now be integrated with the transactional alerts that are already provided today by the Actimize Market Abuse Surveillance Solution.
To improve investigation processes, compliance officers will be able to identify suspicious trades and immediately locate those calls relating to specific trades or incidents. Once the required call is identified, they can automatically listen to the relevant part and look for certain key words and phrases as part of the investigation process. Prior to this new solution, analysts had to invest up to hundreds of hours per investigation in listening to and transcribing calls to be able to prepare a draft case which is ready for submission. The new solution enables tying together the transactional data with the data provided by the contents of the call.
The benefits of this innovative, solution are reduced risk, more effective use of labor and other resources, cost savings, and significant reduction in the time needed to respond to regulatory inquiries. As regulations demand greater oversight of multi-channel trading activities â phone calls and trades â this new solution offers a more elegant, comprehensive, and effective answer to those needs.
âThe need to meet regulatory requirements and fight financial crime continues to be relevant and even critical in these volatile times," said David Sosna, CEO of Actimize, a NICE Company. âClients have been telling us that this unique offering can help them improve research and surveillance processes, enhance operational efficiency, and reduce costs. The product received positive feedback at our recent Client Forums in New York and London where we showcased this integrated solution for the first time.â