The Canadian Autorité des Marchés Financiers (AMF), the regulatory and oversight body for Québec's financial sector, has released a Request for Information (RFI), featured on bobsguide on 15 May, which is seeking information from potential suppliers of components for a Market Analysis Platform (MAP) or a MAP in its entirety. Market surveillance vendors should be particularly interested in this RFI.
The open RFI is available for any vendor to pitch against and has been disseminated widely. The call for a Market Analysis Platform provider or supply partner is necessary so that Québec's AMF can comply with the new rules emanating from the Pittsburgh G20 post-crash meeting in 2009, which mandated centralised repositories and more transparency following the financial crisis. Dodd-Frank in the US and the EU’s European Market Infrastructure Regulation (EMIR) are instances are some of the major regional responses, but a generalised desire for improved market surveillance capabilities was also a key consequence of the 2008 crash.
The MAP that AMF is looking to install will need to address three key business requirements, and will potentially offer other Canadian securities authorities’ advantageous data as well. Anyone responding to the RFI will need to prove they can contribute towards:
• The creation of a central data repository: This will hold a wide variety of securities market information required to be available for various regulatory activities, possibly across Canada, and certainly for the AMF.
• The provision of a toolset to populate and interrogate the data repository: This is so that AMF, and possibly others, can analyse and visualise the contents of the data repository. The planned MAP will also assist with the subsequent creation of a variety of functionalities designed to support regulatory activities.
• Utilising the data repository to create specific functionality: This requirement principally refers to the retrospective assessment of market activity and associated data. This is needed to detect and investigate cross-product and cross-venue trading anomalies, in particular for the detection of possible illegal insider trading and market manipulation.
The AMF's requirements and the process for responding to the request are accessible via www.merx.com, the internal Canadian public sector tender website. Interested suppliers will be provided with the AMF's full Request for Information (RFI) after completion of a confidentiality and security undertaking. Members of the global bobsguide online technology community were also privy to the RFI, and were some of the first to receive an alert about its release today.
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