Czech capital markets implement SIA market surveillance software

Source: SIA

SIA closes with success and within the deadline, the project for the implementation of an information system (ISB) for Czech Capital Markets, assigned to her in 2005. The project was launched for the Central Finance and Contract Unit (CFCU) at Czech Republic Ministry of Finance (MOF).

Compliant to the European Directives and IOSCO standards, the system realised by SIA will improve the efficiency and the transparency of negotiation of the whole Czech Republic Capital Markets, today considered the second market for volumes traded in Central Europe (+120% of growth in the last 12 months).

The project is based on SIA-EAGLE, the proprietary solution for market abuse surveillance and the management and monitoring of execution strategies MiFID wise. With SIA-EAGLE, SIA has been the first to launch on market a technological platform able to supporting the intermediaries during the financial markets European Directives implementation process, from the Market Abuse Directive to MiFID.

To Banca Akros, the first Italian Bank who adopted SIA-EAGLE solution in November 2005, add up other five important Italian financial institution: Sanpaolo IMI, Banca Generali, Fondiaria SAI, Gruppo BPU e Gruppo Bpi.

"These results" - says Massimo Armenise, SIA Markets Director – "confirm that Italian and European financial sector understand the value of our solutions aiming to ease for the intermediaries the evolution process towards future standards. We foresaw times bearing in mind the goal of creation of a easing single European market where principles of transparency, integrity and regularity of negotiations would be guaranteed".

SIA-EAGLE is enhanced today with a new module able to support financial structures in conforming to European rules. The Module Insider List (Modulo Registro Soggetti Informati), of SIA-EAGLE Intermediaries solution, meet the obligation to identify all those subjects who have access to privileged information, on wealthy regular or occasional basis.

Starting from 1 April 2006, the listed issuers and those related to them by control relationship have the obligation to:

- Set up and adjourn the register of people with access to privileged information;

- Communicate the trade transactions performed by relevant subjects and by people strictly connected to them.

The SIA-EAGLE Intermediaries Insider List creates, manages and adjourns the Register, until now managed through home-made solutions scarcely adequate to guarantee the registration and management of privileged information, in compliance with law requirements. Furthermore it automatically notify via mail or letter, based on a pre-defined text, to alle parties every time a variation occur.

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