The Copenhagen Stock Exchange has signed an agreement to use the obSurveX market surveillance product developed by Oslo Børs. The system was endorsed by the Stockholm Bourse last summer as part of a combined Norex alliance platform.
The obSurveX product is based on an enhanced version of the Smarts surveillance system supplied by the Australian company Computershare Technology Services Limited. ObSurveX comprises a combination of the supply and technical operation of Smarts, together with professional services from Oslo Børs.
Under the agreement, a centre of expertise in market surveillance will be established at Oslo Børs that will work with the participating exchanges. Each exchange will also continue to carry out market surveillance in its own right. The new centre of expertise will principally be involved in systems production and the development of alarm features.
The joint commitment to market surveillance is seen as an important step towards harmonising the operation of the marketplaces in the Nordic regions.
Sven Arild Andersen, president of Oslo Børs, says: "A co-ordinated focus on the prevention of market abuse will further strengthen the Norex alliance, and will lead to a better market for Nordic securities."