Detica confirms FSA market abuse contract

Source: Detica Group

On 15 December 2006 Detica Group plc, the business and technology consulting firm, announced that it had signed a Letter of Intent with the Financial Services Authority ("FSA") to deliver a new intelligence solution designed to assist the FSA in the exercise of its supervisory and regulatory powers under the new Markets in Financial Instruments Directive (MiFID).

The Group can now confirm that it has signed the final contract regarding the provision of this solution.

In line with the guidance given on 15 December 2006, the contract for the provision of this solution is valued at £16.6 million over a seven year period with the majority of the revenue to be recognised over the first three financial years.

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