Progress Software Launches Market Surveillance and Monitoring Solution Accelerator in India
Progress Software Corporation, a leading software provider that enables enterprises to be operationally responsive, has further advanced its real-time market monitoring and surveillance capabilities with the launch of a Progress® Market Surveillance and Monitoring Solution Accelerator product. The Market Surveillance and Monitoring Solution accelerator enables financial institutions, exchanges and market regulators to detect patterns of abusive or erroneous trading activity and take corrective action to prevent trading fraud and abuse in real-time. Moreover, the new Solution accelerator automates the steps necessary to manage any subsequent investigation and supports the sophisticated case management of alerts. The Progress® Market Surveillance and Monitoring Solution Accelerator will prove to be an important tool for the Indian Capital Markets where high trading volumes across stock exchanges providing opportunities for fraudulent trading activity.
The new Solution is quite effective in monitoring and surveillance. When an unusual market event occurs – for example, an unusually large or suspected rogue trade – an alert is automatically generated in real-time to signal that there is a potential issue. The rules-based platform allows such alerts to be assigned to specific individuals or groups who are responsible for taking the appropriate actions. For example, if a firm’s trading patterns begin to exhibit behaviour indicative of insider trading, an alert would immediately prompt a compliance officer to notify the trading desk, the market, and regulators of a potential problem, and begin an investigation before more damage is done. The Progress Market Surveillance and Monitoring Solution Accelerator product is non-intrusive and senses, tracks and responds to market events in real-time, without compromising ultra-high frequency execution speed.
The new Market Surveillance and Monitoring Solution accelerator is built on the Progress® Responsive Process Management (RPM) suite which was launched in India last month. The Progress RPM suite brings together real-time visibility, immediate sense-and-respond, and continuous business process improvement capabilities into one unified platform. This Progress RPM™ solution accelerator is a significant advancement to the Progress Apama® Market Surveillance and Monitoring Accelerator product announced last year with enhanced features including improved market abuse pattern detection, integrated workflow, alert management, case management and collaboration.
“The financial trading market carries high risk of fraudulent and erroneous activity which is difficult to control. This is as much a reality in India as in the rest of the global markets. This is primarily because of the massive increase in trading venues and vehicles which has created a fragmented and complex marketplace that is increasingly difficult to regulate”, said Kaushal Mashruwala, Regional Vice President, Progress Software India. “It is imperative to be able to keep a track of these mistakes and frauds before they take place which will otherwise result in market fluctuations. Real-time market surveillance across trading destinations, and across trading firms, helps to anticipate and to prevent these from happening before it is too late.”
Regulators, exchanges, ECNs and MTFs themselves also need to monitor market activity proactively to prevent fraud and ensure compliance. The patterns of trading which are of interest may change rapidly over time as regulations and trading behaviour changes. The Progress Surveillance Accelerator provides sophisticated and easy-to-use tools that address their unique needs, with the power to adjust to different scenarios as the market evolves.
The latest in a series of Progress RPM Solution Accelerators to be announced by Progress, the new Market Surveillance and Monitoring Accelerator harnesses the power of the unique Progress RPM suite – bringing together capabilities of Business Transaction Management (BTM), Business Event Processing (BEP) and Business Process Management (BPM) technologies through a unified, interactive environment, the Progress Control Tower™. The Progress Control Tower technology offers an interactive graphical studio to model, visualize, adjust and control complex business processes, of which market surveillance and monitoring is a prime example.