ASIC to get SMARTS

SMARTS market surveillance is used across the world by thirty other national exchanges and regulators. London stock exchange uses SMARTS platform for monitoring its pan European non display market, Baikal.  Market regulators in Singapore and Hong Kong also use this platform for market surveillance.

Currently, much of ASIC's attention is focused around the mammoth IT project, that involves a whole revamp of its core IT systems. ASIC has selected SMARTS integrity platform at a time when it is just six months away from taking over the role of Australian share market watchdog from Australian Stock Exchange. This move is in alignment with many concerted attempts that ASIC is making in order to be technologically ready for its new responsibility.

ASIC hopes to use the SMARTS market surveillance technology to identify any market manipulation and insider trading. ASIC has entered a $4 million contract with SMARTS market surveillance, which is based in Sydney.

Under the two year contract SMARTS will be responsible for setting up and managing the tool for ASIC. SMARTS CEO Dr Andreas Furche has confirmed the terms of the deal and said that; "Understanding the timeframe for the implementation, SMARTS designed and fully specified the system as part of our tender proposal.

This allowed us to demonstrate our experience and capabilities, as well as giving us a head start for implementation. Now implementation can start immediately which will assist ASIC to meets its important targets."