Archipelago and the Pacific Exchange (PCX) have selected Searchspace Corporation to design the electronic surveillance system for their new exchange.
The surveillance system, which will be based on Searchspace's intelligent Transaction Monitor software (iTM), will be the first application of the London-based vendor's real-time, decision-automation technology to monitor all trading activity for an all-electronic exchange.
Searchspace has been commissioned to manage the installation and implementation of the system, and provide ongoing technical support. The company has implemented similar surveillance systems at the London Stock Exchange, Lloyd's of London and The Bank of New York.
In July, Archipelago and the Pacific Exchange announced that they had closed on a deal to create the first totally open electronic stock exchange in the US.