NYSE Group has announced NYSE Regulation will directly perform the market surveillance, investigation and enforcement functions for NYSE Group's three equities exchanges and two options exchanges upon the expiration of the contract with the Financial Industry Regulation Authority (FINRA) on December 31, 2015.
FINRA will retain the cross-market surveillance and investigation functions and will continue to conduct the registration, testing, and examinations of broker-dealer members of NYSE Group’s exchanges.
As an important step in expanding the market surveillance and enforcement program for NYSE Group’s exchanges, NYSE Regulation has selected Cinnober as technology provider for the development and implementation of the enhanced surveillance system. Cinnober is a world-leading supplier of financial technology to trading and clearing venues, including exchanges, clearinghouses, banks and brokers.
“We are very happy to work with NYSE Regulation to build and deploy a state-of-the-art multi-market trade surveillance system,” says Michael Grecoff, Head of Sales, Market Surveillance Systems at Cinnober. “Exchanges are the ultimate gatekeepers with a mandate to ensure market integrity. The Cinnober Surveillance system will play a very important role in assisting NYSE with its duty to the markets.”
Cinnober Surveillance is powered by Scila and tailor-made for marketplaces and includes extensive multi-asset capabilities. Flexible and easy to use, it is able to handle a variety of instruments with short implementation time and open standards technologies. The surveillance system can be easily customized, as shown by its implementation by Deutsche Börse, Eurex and the Stock Exchange of Thailand, among others.