Bats extends Smarts surveillance partnership to Europe

Source: Smarts Group

Smarts Group, the worldwide leader in market surveillance systems today announced the completion of the installation of its leading real-time market surveillance system, Smarts Integrity Platform at Bats Europe, following the implementation of a similar system for US-based Bats Exchange in 2009.

BATS Europe, which currently executes 8-10% of the FTSE 100 and 4-5% of the European market overall, engaged SMARTS to install its new SMARTS-Multilateral Trading Facility (MTF) version of the SMARTS Integrity Platform. The SMARTS solution complements and replaces certain aspects of BATS Europe's existing in-house surveillance capabilities to accommodate the rapid growth of BATS Europe, and provides real-time automated detection of potential breaches of the Code of Market Conduct, alerts managements, order book replay and other analysis tools.

The SMARTS Integrity Platform is an integrated system that is installed at exchanges, trading venues and market regulators to monitor orders, trades and quotes to identify market violations including market manipulation and insider trading. The platform takes a real-time data feed directly from the trading engine of the relevant trading platform, and processes it in real-time, automatically detecting anomalies and producing alerts.

"With its high throughput, pan-European trading platform, BATS Europe presents SMARTS with novel challenges. These types of challenges are proficiently addressed with SMARTS deep expertise and advanced technology including cross market surveillance capabilities which lead the market in breadth and depth," said SMARTS Group CEO, Dr Andreas Furche.

The system was rapidly deployed by SMARTS within the three month project deadline. "With over 40 exchanges customers across 30 countries we called on our deep experience and understanding of the European markets together with our in-depth understanding of the BATS group acquired from the US installation completed early 2009 to roll out a seamless implementation," said Dr Furche.

Commenting on the implementation of SMARTS, BATS Europe COO Paul O'Donnell said, "BATS Europe is committed to maintaining an orderly and fair market. As the market surveillance technology provider for our US-based sister company BATS Exchange, SMARTS has a deep understanding of our business, and thus was the natural choice to provide similar services for us in Europe. We thank the SMARTS team for their professionalism in implementing the SMARTS platform with a very aggressive timeline."

"BATS is a leading innovator in the capital markets and we are delighted to be their surveillance partner helping them to achieve their mission to Make Markets Better," concluded Dr Furche.

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