Smarts, the global leader in market surveillance systems and services, has been selected by leading US-based global futures and OTC markets operator, IntercontinentalExchange (ICE) to install its market surveillance platform, Smarts Integrity Platform to complement ICE's existing market monitoring activities across ICE's global futures exchanges.
ICE will be SMARTS' largest derivatives exchange customer and the 2nd largest exchange customer by market capitalization. SMARTS will partner with ICE to implement an advanced surveillance platform with a full suite of standard and customized trading alerts.
ICE, which hosts trading in half of the world's crude and refined oil futures, selected the SMARTS Integrity Platform through a global competitive tender. SMARTS prevailed due to its experience and the technical solution fit. The SMARTS Integrity Platform is the most advanced and widely used market surveillance technology and will assist ICE with the detection of prohibited trading activity determined pursuant to US Commodities Futures Trading Commission (CFTC) and UK Financial Services Authority (FSA) regulations.
"ICE heralds a new generation of global customer for SMARTS with its venues across the world and 24 hour trading. SMARTS' unique global presence and understanding of the various jurisdictions and regulations enables us to develop and implement a distinct solution that complements ICE's advanced global technology trading platform," said SMARTS CEO, Dr Andreas Furche.
"SMARTS delivers added confidence for participants to the markets which we monitor. Our solutions are globally regarded for their ability to detect even the most subtle of prohibited trading behaviors. We work extensively to ensure our systems are 'one step ahead' of prohibited market activity. SMARTS partners with multinational and multi regional exchange customers to understand current trading behaviors and bring our customers best practice in market monitoring and detection," said Dr Furche.
Commenting on the selection of the SMARTS system, Mayur Kapani, VP of Trading Technology at ICE said, "We conducted extensive market scoping and selected SMARTS due to their ability to offer comprehensive solutions based upon their deep understanding of the characteristics of derivatives markets and futures tres trading. Their experience was evident through the procurement process. Their existing customer base also contributed to our selection of the SMARTS system."
The installation of SMARTS' exchange solution at ICE will soon be complemented by the impending launch of SMARTS' leading trade surveillance solution for stock broking firms SMARTS.broker with coverage of ICE markets. Planned for an August release, the new product will provide in-depth surveillance services across all futures and options instruments traded on ICE's global futures markets which are based in the US, Europe and Canada.
SMARTS continues to grow its footprint in the US. ICE is SMARTS' third US exchange customer and now its largest derivatives exchange customer. "As the capital markets globalize, facilitated by advanced technology trading platforms such as ICE's platform, SMARTS ensures we are in a position to partner with exchanges so that they are able to focus on their core trading platform while we provide the specialized solution of global surveillance," concluded Dr Furche.