Italy's Società Interbancaria per l'Automazione (SIA) has won a deal to develop and implement a capital markets surveillance system for the Czech Republic's Ministry of Finance.
SIA says it will deliver a system based on its SIA-Eagle market surveillance technology to the ministry's central finance and contract unit, which will be used by capital markets participants in the country. The platform features a number of pre-defined rules which identify irregular market behaviour and also includes offline analysis tools.
The EUR1.25m project is being funded by the European Phare programme, which aims to support countries in Central and Eastern Europe in their preparations for joining the European Union. The vendor says it will work with global law firm Baker&McKenzie to ensure the monitoring system complies with EU regulations.
Tomáš Prouza, deputy minister of finance of the Czech Republic, comments: "The Czech capital market has reached the peak of its development with daily volumes significantly higher than most of the Central European markets. The time has come to implement the top of the range systems for the market development and supervision."
Massimo Armenise, SIA's financial markets division manager, SIA,: "SIA-Eagle can successfully deal with the challenges generated by the European markets integration directives, ranging from the market abuse directive to the major revolution imposed by MiFID."
Implementation of the market surveillance system will start this month and is expected to be completed by mid-2006.