Options IT, the provider of the Options PIPE Private Financial Cloud services platform for the exchange, banking, trading and investment communities, today announced that Redkite Financial Markets, a specialist provider of real-time market surveillance systems, has deployed its flagship market surveillance product, Redkite Surveillance, on the Options PIPE Private Financial Cloud.
Exchanges, sell-side firms and buy-side firms are now able to leverage a fully compliant surveillance solution within days, rather than weeks or months, by establishing a FIX connection to a fully managed Redkite Surveillance installation running on the Options PIPE platform.
Redkite Surveillance enables financial risk and compliance officers to monitor their firm's trading activity in real-time, enabling firms to demonstrate to regulators and corporate governance boards that their risk management and compliance systems are running on the same real-time standard as front-office trading systems.
Redkite's on-demand, private cloud-based solution comes as global financial markets regulators are increasingly calling for real-time oversight of electronic trading strategies. The European Securities and Markets Authority (ESMA) implemented new rules May 1 requiring more strict monitoring controls for automated trading strategies. The U.S. Commodity Futures Trading Commission has also been calling for increased surveillance of high frequency trading systems.
"Risk management and compliance systems have lagged behind the front-office trading systems for some time, which have exposed firms to a higher level of risk, both in the market and from regulatory action," said Justin Amos, co-founder and COO at Redkite. "With Redkite Surveillance we are providing a risk and compliance solution that was built to match the real-time standard long established in the front office. We're happy to be able to provide that to our clients, on-demand, as a fully managed solution running on the Options PIPE Private Financial Cloud."
"As regulators are calling for more strict controls around trading surveillance, firms will need to put robust, cost-efficient solutions in place quickly," said Nigel Kneafsey, CEO at Options IT. "We're delighted to be working with Redkite to provide a solution that helps firms meet regulatory and corporate best-practice requirements."