Deticaâs delivery of this technology comes at a time when incidents of market abuse have been particularly rife and damaging to an already uncertain marketplace. Incidents such as the rogue trading scandal at SociÃ©tÃ© GÃ©nÃ©rale in January this year, and the Financial Services Authorityâs (FSA) recent fining of Credit Suisse due to market abuse in September, stand out as particularly high profile examples.
Detica played a crucial role in enabling Turquoise to pass the FSAâs tough regulatory requirements. Simon Asplen-Taylor, Head of Market and Regulatory Services at Detica, said: âWe are proud to have been involved in facilitating the success of Turquoise, a trading platform which is destined to become a household name like the London Stock Exchange. The introduction of Turquoise as a new trading venue will help improve the resilience of the UK marketplace.â
During the development, Detica also designed and built a special-purpose market surveillance accelerator which is unique in its ability to enable the solution to keep pace with rapid changes in the market. âThe market surveillance system we have developed is truly groundbreakingâ concludes Asplen-Taylor. âIt cuts through market noise to deliver, in real time, a clear picture of what is really happening and the unusual events that are occurring. As an industry initiative, Turquoise provides a real opportunity for investment banks to crack down on fraudulent activity together.â