Stockholm signs up for Oslo Bourse surveillance system
16 August 2001 | 2085 views | 0
The Stockholm Bourse has signed a letter of intent to use the obSurveX market surveillance product developed by neighbouring Oslo Bourse. The Copenhagen and Iceland Stock Exchange are also considering implementation of the system as part of the combined Norex alliance platform.
The obSurveX product is based on an enhanced version of the Smarts surveillance system from the Australian company Computershare Technology Services. ObSurveX comprises a combination of Smarts technology with professional services from Oslo Bourse.
The agreement provides not only for the Stockholm Bourse to use obSurveX, but also for the two exchanges to establish a centre of expertise in market surveillance at Oslo Bourse that will work with the market surveillance departments of the two exchanges. Stockholm Bourse plans to be live on the system before the end of the year.
The market surveillance agreement between Norway and Sweden is seen as an important step towards harmonising the operation of the marketplaces in the respective Norex countries. The Copenhagen Stock Exchange and the Iceland Stock Exchange are currently also considering the use of obSurveX.
Norex is an alliance comprising the exchanges of Norway, Denmark, Sweden and Iceland. The member exchanges will use the same trading system, Saxess from OM, and plan to become a joint marketplace during the first quarter of 2002.