Detica wins FSA market abuse contract

Detica wins FSA market abuse contract

UK business and technology group Detica has signed a letter of intent with the Financial Services Authority to build a new market abuse intelligence system.

The new system will analyse trading in a diverse range of financial instruments and alert the watchdog to unusual and suspect trading patterns.

The FSA first announced plans to tender for a platform to replace its existing Sabre IT system back in June 2005.

Detica says the prestige contract could be worth £17 million over a seven-year period if the FSA exercises its option to continue.

The FSA system will analyse market activity in real-time and use Detica's NetReveal technology to detect hidden and potentially illegal patterns of trading that develop over extended time periods. The NetReveal product was recently implemented by the UK’s new Insurance Fraud Bureau to detect organised insurance claims fraud.

The latest deal caps a strong year for Detica, which has grown its capital markets business over the past twelve months with the acquisitions of Evolution Consulting Group and

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