Caja Madrid checks market abuse with Nice Actimize

Source: Nice Actimize

NICE Actimize, a NICE Systems (NASDAQ:NICE) company and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, today announced that Caja Madrid, one of the largest savings banks in Spain, has deployed its Market Abuse solution to comply with strict requirements imposed by the Spanish regulator Comision Nacional del Mercado de Valores (CNMV) and to better align with the EU market abuse directive. Caja Madrid has implemented NICE Actimize's Market Abuse solution to help it monitor and prevent market manipulation and insider dealing.

Caja Madrid is one of the first savings banks in Spain to adopt this type of solution. The Savings bank has assets of over 191 billion Euros under management. Working alongside Deloitte Espana, NICE Actimize deployed the first phase of its Market Abuse solution, including the bank's high priority models, within three months, and later phased in the full market abuse package to provide Caja Madrid with a complete overview of trading activities with the ability to identify and report suspicious transactions.

"The Actimize Market Abuse solution is a highly flexible and fully scalable product," explained D. Manuel Fernandez Navarro, Director del Area de Cumplimiento Normativo at Caja Madrid. "We set an aggressive deployment timeline and are proud that the first production phase of our compliance program was completed within three months. We were satisfied with the solution and NICE Actimize's deep domain expertise within the brokerage compliance space."

The Actimize Market Abuse solution helps large to mid-sized firms comply with regulatory requirements from all European regulators by monitoring and detecting suspicious transactions and automatically distributing alerts directly to relevant users within an intuitive case management workflow environment. It increases firms' insight into suspicious behaviour and improves risk management and compliance performance.

The Actimize Market Abuse solution uses several analytical methods to assign pnriority scores to alerts, thus improving the efficiency of regulators, trading managers and compliance staff. NICE Actimize's solutions are all built on a single technology platform, which provides lower total cost of ownership (TCO) as compared to siloed solutions and gives firms the flexibility to incrementally add new solutions over time.

"The EU Market Abuse Directive is very detailed, but it is up to each member country to interpret and to take the appropriate steps to adhere to the guidelines, and the Actimize Market Abuse solution has set the standard in Europe, being leveraged by firms and regulators alike," said Bruno Piers de Raveschoot, vice president, Head of Europe and Asia Pacific of NICE Actimize. "Caja Madrid is leading the way in Spain, by using our Market Abuse solution. Working across Europe, NICE Actimize helps its clients comply with the broader EU rules and local interpretations."

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